Topshot,
In a nutshell, it's nothing more than firing the bullet in question over a measured distance and determining the drag deceleration over that span. The rate at which the bullet sheds (or retains) its velocity is compared against a standard bullet for whichever drag model you're using. In most cases in the industry, this will be the well known G1 model. Thanks to Bryan's efforts, and the support thrown to his ideas by Berger, we're now seeing the G7 model (far better suited to many of today's very streamlined boattail bullets) used on a regular basis. Using a better suited model to derive a BC results in notably more accurate long range predictions in computer programs and the like. As I said, that's the Reader's Digest version. There's a range of considerations that goes into this process, including the distance over which the measurments are taken, velocity ranges the bullets are fired, and as we've mentioned, sometimes twist rates involved. We would normally shoot 50-60 rounds at various velocites, going from extremely high velocity, to loads that were on the verge of going transonic within the span we were measuring. You see some interesting results. And, just like velocity, BCs will show Highs, Lows, Extreme Spreads and Standard Deviations within such testing. The BCs that are eventually published by the maker are roughly the average of this testing.
The other way of doing this is the method that Lapua now uses; Doppler radar tracking of bullets. This results in absolute "true" data, and allows the ballistician to see what the bullet is doing throughout its flight, not just a snapshot of it as it passes the two known reference points (skyscreens) in the straight TOF method. While the data is far better, as you can imagine, the equipment isn't available to the average reloader. The units themselves cost several million dollars and an extensive support team to operate. I've been priviliged to shoot data this way at Yuma Proving Grounds, but outside of military facilities, there's not many private concerns that could ever fund this sort of thing.
An abbreviated version here, but I hope it helps!
Kevin Thomas
Lapua USA