Steps of Calibration

After you have done all the mechanical tweaking

Most important is temperature. If you have a slicer that will allow different temps at different heights, print a hollow tower (use Vase mode) and alter the temps from High to lower every 10 or so layers, it will give you a visual indication of what temperature range will work with that particular roll of filament. I use this one:
http://www.thingiverse.com/thing:137424
Alter the temperature about 5°C between sections, and you will be able to narrow down the range. It will be plainly evident.

After this is extrusion multiplier, you use this to fine tune the amount of filament it extrudes on a per layer basis. Using a smaller tower or cube. I do not recommend the hollow cubes as they are slightly dependent on how they are modeled. Use a solid cube, it can be rather small. Again print it in vase mode. Make sure that any extrusion width adjustments are set to automatic. Many slicers will tell you exactly what width the wall is at the beginning of the resultant gcode. If it matches what is printed, you are golden. If not adjust extrusion multiplier until the wall thickness printed matches the gcode.

After these comes speed, I always start at the slowest speed I have seen posted, but since I have an LCD controller, I can ramp up the speed rate while printing. I just keep upping the feedrate until it starts to under extrude or cause other problems. You could do the same if you are tethered to a PC. Once you have a feedrate that works, just multiply your speed by that percentage and use that as the new speed setting. Don't forget to change the feedrate back to 100 before printing any other models.

All this gets you in the ballpark and is a quick way to dial in a filament choice. Of course you could fine tune for every roll, get your temps down to a +- 1°, speed within a few mm/s, feedrate down to multiple decimal places (I use 2 only). If you want to try to perfect it. Just bare in mind that every single roll of filament will act differently and if you go to this effort, you will drive yourself crazy doing it for every roll you buy.