EDIT
Check out the new version of this tool at: http://www.thingiverse.com/thing:1982686
The new version is easier to measure, and the new spreadsheet will account for both shrinkage and radial compensation error.
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I've started using this thing to work out how much my materials are shrinking.

I'll run this part first on a new type of filament, plug the results into a google spreadsheet that averages out the error a bit, and get a scaling factor for my slicer (S3D for me) for all future projects that use that filament.

You can infer from the measurements where scaling is the issue, and where over/under extrusion is the issue, but I pretty much just use this for scaling.

Edit: Here is a sample of the Google Sheet shown in the images:
https://docs.google.com/spreadsheets/d/10CFMUAD_AnwwSmPPas5jzBKnKitHYHFE8xMZLkSgMfo/edit?usp=sharing

Flashforge Creator Pro

No

No

Whatever you will be printing at.

Shells=however you print. Infill=doesn't matter.