Here is one more angle to the whole story of measuring batsman's performance:
I have a specially designed ‘score card’ which , although difficult to maintain, may throw some more light on how a particular batsman is fairing in batting job. One can think of keeping record in this fashion from now on, forgetting what has happened in the past (in addition to existing statistics). We argue many times on who is performing better than whom, and thus who should be selected above whom, etc. Such score card is a detailed synthesis of an innings the batsman plays. So far we count only balls faced and runs scored. Then we work out AVG and SR as two parameters for evaluation. But there are lot more things which can be minutely observed and recorded.
See what are the possibilities in which a batsman REACTS when a ball is bowled at him.
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FOR WICKET:
1. WKT+ Out to ball in a conventional manner, No extraordinary catch or runout by fielder. A regulation wicket 1.00
2. WKT- Out to a ball due to extraordinary catch or extraordinary runout or similar event where he is out without a serious mistake. 0.80
( The number of times a batsman is out is multiplied by this factor. Every times when a batsman is out, it will count either 1 (pure out) or 0.7 ( ‘slightly less than out’ ). So suppose it happens on 4 out of 20 times he is out, then he is considered as out for (16+4*0.7=18.

18.8 times instead of 20 times! Some credit regained from a wicket.
( and why not because suppose one player is out to a genuine mistake and other is out to an extraordinary effort by fielder, there should be some distinguishion in the two dismissals which is currently not existing.)
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OTHER THAN WICKET: GRADE
1. BEAT+ Beaten to a delivery where he attempted a stroke. 0.05
2. BEAT- Beaten to a delivery because could not read it well. 0.00
3. DEF+ Defensive stroke to ball which needs only defense. 1.00(good)
4. DEF- Defended a ball which was scorable (eg. Overpitch, longhop, fulltoss) 0.50
5. STR++ Stroke to a ball as intended by batsman and earn runs. 1.00(good)
6. STR+ Stroked a ball as intended by batsman but no runs due to good fielding. 0.90
7. STR-- Stroked a ball but straight to a fielder. 0.70
8 STR Stroked a ball but straight to a fielder and he misfields but no run.0.70
9. STR- Stroked a ball but straight to a fielder and he misfields, gives run. 0.70(RNC)
10 STR-ED Stroked a ball, an Easy catch straight to a fielder who Drops 0.25
11 STR-DD Stroke to a ball, a Difficult catch to a fielder who Drops 0.30
12 EDGE Edged a ball without run. 0.20(bad)
13 EDGE Edged a ball but got runs. 0.20(RNC)
14 EDGE-ED Edged a ball as an easy catch but dropped 0.10(bad)
15 EDGE-DD Edged a ball as difficult catch and dropped 0.15(bad)
16 LEFT No intention/ no need/ not possible to play 1.00(good)
17 INNOV An innovative and improvised stroke ( for all STRs above ) extra 0.05
RNC = RUNS NOT TO BE COUNTED
Explanation:
Ideally speaking, suppose a batsman faces ‘n’ balls, (and he is ideal) so all these balls will be either DEF+ or STR++ or LEFT category as stated above. But nobody is perfect and hence there is variation. As per the amount of incorrectness in reacting to a ball, the action is given a grading out of 1. Thus eg. Edging a ball is a rather disqualifying attempt (hence 0.20) and scoring on that is a ‘shame!’ hence runs not to be counted ie. Separate record of such runs should be kept. Thus edging a ball for a catch is a ‘crime’ and being dropped is a ‘shamefull escape’ hence 0.1 grading for that. Likewise defending a ball which is a scorable like fulltoss, longhop, overpitch etc is also a disqualification (so 0.5) but still not as bad as edging which is 0.2 Being beaten all end up amounts to 0.00!! and why not?
Thus every ball is not just counted like today but categorized in this manner such that at the end when a batsman faces say 100 balls and if this total of grading comes to 80 that means his EFFICIENCY is 80%.
The current measurement of performance is in the form of AVG which measures a runs scoring ability but not the manner in which it is scored. There is SR also which measures quickness in scoring. To this now the efficiency factor can be added. Moreover there can be a thought of combining all these three ie. AVG, SR and now EFF to arrive at some sort of quotient.
eg. BATSMANSHIP FACTOR (BF) = ( AVG + 0.5 x SR ) x EFF
Thus somebody having more conventional figures like AVG = 35, SR = 76 and EFF = 75 has BF as
BF = (35 + 0.5 x 76 ) x 0.75 = 54.75
Another more conventional but with more luck factor will have less EFF value say 0.5 instead of 0.8 above. Thus will have BF = 36.5
A slogger with AVG = 25, SR = 100 and EFF = 40 ( being a slogger will be low on efficiency scale) has BF = (25 + 0.5 x 100) x 0.4 = 30
A genius with AVG = 45, SR = 85 and EFF = 85 will have BF = 74.8
Note: Here avg is calculated using (1) excluding lucky runs as stated above (2) with revised ‘number of times out’ as stated above where out with bad luck is counted not 1 but 0.8.
A score card may be designed where such a detailed response of a batsman may be marked and a statistics can be built which might be useful to analyze who is performing how much as compared to other.
It may be noted that it can still not be a 100% measurement of performance since factors such as opponent’s quality, pitch condition, match situation etc, are also some of the vital factors which play some role in performance. Further efforts can be taken to include this and some other possibilities as well !!