I've got some data from an experiment in which participants were asked to complete a task (i.e. placing a group of objects onto a target using a tool) as fast as they could with the minimum number of errors (dropping the objects). As time is dependant on error (dropped objects cannot be picked up again, so the experiment terminates earlier than if all objects were placed without error) I would like to combine the time and error data into a single figure by creating a time penalty for each error, but I do not want to arbitrarily select this number. Are there any classic methods for determining what value this penalty should be? I imagine it will be a combination of maximum / minimum / average time and errors.
Any suggestions appreciated.