Robotic workcell design is a complex process, especially in case of flexible (e.g., bin-picking) workcells. The numerous requirements and the need for continuous system validation on multiple levels place a huge burden on the designers. There are a number of tools for analyzing the different aspects of robotic workcells, such as CAD software, system modelers, or grasp and path planners. However, the precision aspect of the robotic operation is often overlooked and tackled only as a matter of manipulator repeatability. This paper proposes a designer tool to assess the precision feasibility of robotic pick-and-place workcells from the operation point of view. This means that not only the manufacturing tolerances of the workpiece and the placing environment are considered, but the tolerance characteristics of the manipulation and metrology process (in case of flexible applications) as well. Correspondingly, the contribution of the paper is a novel tolerance modeling approach, where the tolerance stack-up is set up as a transformation chain of low-order kinematic pairs between the workpiece, manipulator, and other workcell components, based on manipulation, seizing, releasing, manufacturing, and metrology tolerances. Using this representation, the fulfillment of functional requirements (e.g., picking or placing precision) can be validated based on the tolerance range of corresponding chain members. By having a generalized underlying model, the proposed method covers generic industrial pick-and-place applications, including both conventional and flexible ones. The application of the method is presented in a semi-structured pick-and-place scenario.