Personally, I always like to have a set of drawings the same scale/size as the model. I find that makes it much easier to visualize exactly how the finished product is supposed to look. I know how to take dimensions off a drawing and convert them to model scale all right, but I find it easiest just to transfer the dimensions directly from the drawing with a pair of dividers.
If you're working from a kit (and don't want to modify it drastically), and if you have an all-in-one inkjet printer/copier, you can reduce or enlarge a set of published drawings to match the size of your model.
Caveats: one - the drawing you're copying has to be no bigger than the sheet of glass on your printer/copier. (If it's not much bigger, you may be able to get away with copying it in two or more sections. I once reduced some pieces of a 1/48 scale drawing of the U.S.S. Yorktown to 1/700, but it took about a dozen shots and the lettering wound up illegible.) Two - your copier/printer has to have a reducing/enlarging function. (Every one I've ever encountered does. But if yours doesn't, you can do the job yourself at a copy center like Kinko's.)
Then do a little arithmetic. Let's say some feature on the drawing is 2 1/2" long, and on your model you want it to be 1 1/2". Set up a simple equation: 1.5 / 2.5 = x / 100. (The 100 is relevant because we're trying to figure a percentage.) Do the math on your pocket calculator, by cross-multiplying and dividing: 1.5 x 100 = 150, and 150 / 2.5 = 60. Lay the drawing flat on the glass, key 60 into the printer as the reduction percentage, make the print, and voila! You've got a copy of the drawing that should match your model.
None of this really has anything to do with scale per se. If you want to, though, you can find out how close to the stated scale any part of the model is. Say a prototype airplane has a wingspan of 47' 8", and your model is on 1/72 scale. Divide 47'8" by 72, and you get 7.94" (or 7 15/16"). That should be the wingspan of your model. But don't be surprised if it's a little off.
Once you get the hang of it, that math is childishly simple. If it wasn't, I wouldn't be able to do it. I haven't taken a math course since I graduated from high school, in 1969. If I can work a problem, anybody can.
To my eye (caveat: I primarily build ships, so I'm biased), the precise scale of the model is less important than that every part of the model be proportional to the other parts. If a supposed 1/700-scale model is actually 1/715, I'm not going to worry about it. But if the island of an aircraft carrier is too narrow in proportion to the rest of the ship (do you hear me, Tamiya?), it'll bug me.
One tool that I recommend every modeler have in his/her arsenal is a calculator that works in feet, inches, and fractions of an inch. With that instrument, you can key in 27' 14 7/16", and divide it by 72 to get 2 7/16", without bothering to convert decimals to fractions. Or, if you like, you can work the whole problem on the metric system. The calculator I use for that purpose is a Radio Shack "Decimal Yard-Foot-Inch calculator" that I bought for $35 about 25 years ago, and still works as good as new. (I gave one like it to my father, an architect, for Christmas; he thought he was in seventh heaven, having spent decades converting decimals to fractions in his head.) Nowadays you can pick up a perfectly good one for less than $10 at Lowe's or even Wal-Mart.
Hope that helps.