siamterm,
Balancing the rotating parts of a pump is dependant on the type of pump. For example:
Many ANSI (Typical Chemical Processing Pumps)are single plane balanced (also known as static balance). This can be done by placing the impeller on a shaft and mounting this between two free rotating wheels.
API (Refinery Pumps) are generally two plane balanced. The impeller installed on a shaft is spun at high rpm, and imbalance is monitored in two planes. The imbalance tolerance should be specified based on ISO 1940 Standards.
Multi-Stage Process Pumps are balanced in many different ways. Some will have each impeller independantly balanced, then all impellers assembled with the job shaft and coupling half (with key) and then balanced as a complete assembly.
Tolerances depend on the reliability requirement of the pump, the pump speed (rpm), and the general design of the pump. Manufacturers should be consulted on their standard balancing procedures.
Regards,
Richard