One of the most important aspects of many process control implementation efforts is ensuring an adequate measurement system. Our literature study indicates that two important questions are still unanswered. First, most of the previous studies on measurement systems are mainly concerned with how to evaluate and analyze the adequacy of measurement procedures during a manufacturing stage. Although the issue of the adequacy of measurement procedures at this point is clearly important, many production processes may better benefit from designing enhanced measurement procedures during a design stage. Second, the majority of previous studies do not incorporate possible economic impacts of measurement precision and errors when measurement procedures need to be designed. To address these two issues, this paper first examines how the measurement precision and operating cost are related, and then discusses how economic impacts of measurement errors are captured. By incorporating the notion of adequate selection of a measurement device and optimal number of repeated measurements, the paper proposes an optimization scheme for economic design of measurement procedures. A numerical example along with sensitivity analysis demonstrates the applicability of the proposed model.