1. A computer-implemented method for configuring an instrument to perform measurement functions, wherein the instrument includes a programmable hardware element, the method comprising: creating a graphical program, wherein the graphical program implements a measurement function; the a computer system estimating one or more of size and cost of a hardware implementation of the graphical program; and the computer system displaying one or more of the size and cost of the hardware implementation of the graphical program to a user; generating a hardware description based on at least a portion of the graphical program, wherein the hardware description describes a hardware implementation of the at least a portion of the graphical program; configuring the programmable hardware element in the instrument utilizing the hardware description to produce a configured hardware element, wherein the configured hardware element implements a hardware implementation of the at least a portion of the graphical program; the instrument acquiring a signal from an external source after said configuring; and the programmable hardware element in the instrument executing to perform the measurement function on the signal.