There is a generic form for a figure of merit that is used for experiments which use polarized beams:
FOM = P2I
where P is the degree of polarization of the beam, and I is the beam current. As defined here, the FOM is only a relative measure; the absolute scale is arbitrary. This form is used by parity-violation experiments, but it is not limited to that particular case. The the basic argument is that the statistical error on a measured asymmetry goes like 1/P and like 1/&sqrt;N. These factors are squared in forming the FOM so that a comparison of FOM factors can be used to estimate cost or savings in beam time.
For a derivation of this form for the FOM in the case of linearly polarized photons in peripheral photoproduction, see hand-written note. For plots of the FOM for varying conditions in GlueX, see the plots below.