Which caveat is NOT associated with a performance measurement system?

The correct answer highlights that measuring a process can actually enhance its effectiveness, contradicting the caveats typically associated with performance measurement systems. While it's true that measurement is crucial for improvement and understanding effectiveness, the concept of "enhanced effectiveness" suggests a positive outcome from measurement that is not necessarily a warning or limitation of the measurement system itself.

A performance measurement system aims to track and evaluate how well investment strategies align with the defined objectives. However, it is important to implement the measurement system thoughtfully. A hastily chosen system can lead to inconclusive or misleading results, while aligning the system with the investment objectives ensures relevance and utility. Additionally, being mindful of overmeasurement is critical; too many metrics can overwhelm stakeholders and dilute focus on key performance indicators.

In this context, the emphasis on enhancing effectiveness through measurement aligns with the purpose of performance measurement systems rather than serving as a caveat, making it the option that does not fit with the others.