The unconstrained optimization model applying to radial deviation measurement is established for assessing coaxality errors by the positioned minimum zone method. The properties of the objective function in the optimization model are thoroughly researched. On the basis of the modern theory of convex functions, it is strictly proved that the objective function is a continuous and non-differentiable and convex function defined on the four-dimensional Euclidean space R4. Therefore, the global minimal value of the objective function is unique and any of its minimal point must be its global minimal point. Thus, any existing optimization algorithm, as long as it is convergent, can be used to solve the objective function to get the wanted values of coaxality errors by the positioned minimum zone assessment. An example is given to verify the theoretical results presented.