jnaneshwars, contrary to Ray's comments, this is not my approach. I borrowed it, copied it, stole it, whatever you prefer but I did not invent it. It is not mine.
Michael Reichmann for one says there is no difference between film and digital when determining DoF. I happen to agree with him, but if you don't, take it up with Michael Reichmann, not me.
Contrary to Ray's comments, one does not have to find a subject at the hyperfoacal distance or even the focus distance. For example, I might want to make an image with an in-focus bush on this side of a canyon, and an in-focus bush on the other side - nothing in between. Nothing in between to focus on where I might like to focus.
It matters not whether I can measure the focus or hyperfoacal distance or not. It might be in the middle of the Grand Canyon. I may have to estimate, or guess where to focus. But even if I can't measure the focus distance and have to estimate it on my lens, it is far better, in my opinion, to know (even precisely ?) I am trying to focus at precisely 122.3 feet, rather than simply take a flyer - try to focus at a guessed distance that I have no idea what it is, except perhaps it is between this bush and thta one.
You still need a CoC to determine the hyperfocal distance and DoF, whether you can measure them or not.