We adopt and expand McDonald's (2011) regression framework for measurement precision, integrating two key perspectives: (a) reliability of observed scores and (b) optimal prediction of latent scores. Reliability arises from a measurement decomposition of an observed score into its true score and measurement error. In contrast, proportional reduction in mean squared error (PRMSE) arises from a prediction decomposition of a latent score into its optimal predictor (the observed expected a posteriori [EAP] score) and prediction error. Reliability is the coefficient of determination obtained by two isomorphic regressions: regressing the observed score on its true score or on all the latent variables. Similarly, PRMSE is the coefficient of determination obtained from two isomorphic regressions: regressing the latent score on its observed EAP score or all the manifest variables. A key implication of this regression framework is that both reliability and PRMSE can be estimated using a Monte Carlo (MC) method, which is particularly useful when no analytic formula is available or when the analytic calculation is involved. We illustrate these concepts with a factor analysis model and a two-parameter logistic model, in which we compute reliability coefficients for different observed scores and PRMSE for different latent scores. Additionally, we provide a numerical example demonstrating how the MC method can be used to estimate reliability and PRMSE within a two-dimensional item response tree model. (PsycInfo Database Record (c) 2025 APA, all rights reserved).