Along with increasing product complexity and quality requirements, the consistent consideration of inevitable production-induced variations within the product development process becomes a decisive factor for the market success of products. Consequently, various tolerancing approaches have emerged over the last few decades. However, tolerancing is considered complex in education, research, and industry, as it is a highly interdisciplinary task that takes place at different levels of detail, ranging from Robust Design to tolerance specification to manufacturing process design. This contribution proposes a novel approach that allows a holistic and structured description of tolerancing and fosters a common understanding among all involved stakeholders from design, manufacturing, and inspection. This is achieved by categorizing it into several distinct elements: activities, methods, tools, models and data, information, and knowledge. This ensures clarity and supports the utilization of existing approaches. While this contribution focuses on tolerancing in product design, the linkage to subsequent product realization stages and further engineering domains is also addressed in the proposed description scheme. An exemplary classification of research papers and a description of a practical development process of a technical system with its different tolerancing activities illustrate the benefits of the proposed description scheme.