Is there a formula for amalgamating speed and accuracy into a single variable?

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I am performing a cognitive study in which I wish to examine the effect of an independent variable on an individual's computation accuracy and speed. Let's say the test is to have them solve a set of problems; when they are done, I am given two dependent variables: the time in which they solved the problems and the accuracy with which they did so (number correct). Is there a relatively simple and reliable formula or model for merging both of these variables into a single value for comparison? I have heard of the Linear Ballistic Accumulator model as one possibility, but am not sure exactly what it is or how to use it. Any help will be appreciated.

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There are lots of formulas. You have to decide what you want out of the single number. One standard way is to add an amount of penalty time for each error and compare the adjusted times. Is one error worth five seconds, five minutes, or five hours? That sounds silly, but it is what you are asking. Should I rush and not check my work to turn in the best time, or should I be more careful? Different environments have different priorities.