How to Calibration

Because you care about the exact OD, after you finish the axis calibration you must measure the cut width in whatever material you’re using and either offset the hole diameter or apply kerf compensation to the layer.

A convenient kerf measurement tool:

However, a laser-cut hole does not make a particularly good bearing, as the side walls are not smooth and the hole is not cylindrical. You may want to cut the hole slightly undersize and ream it for a good fit.