1. A method of configuring a cache, comprising: (a) identifying a plurality of cache configurations of a configurable cache for a processor- executable application unit, wherein each configuration has an associated error rate; (b) selecting a selected configuration based at least in part on the associated error rate, wherein the associated error rate is exclusive of cache misses; and (c) configuring the configurable cache in accordance with the selected configuration for execution of the application unit, wherein the cache is configurable for storing specified types of information in defined areas of the cache, and wherein an error management for a given area is determined by the type of information specified for the given area.