I endorse Bob Michaels' "using my brain" method. If you have time, you are smarter than the camera.
I can only comprehend exposure as the light amplitude recorded by the sensor when the shutter is open. ISO has no affect on exposure because ISO does not alter the sensors' sensitivity to light. Only the shutter time and lens aperture determine exposure.
For me the metered value is just a useful initial guess. What you do with this guess depends on the metering mode discussed in previous posts.
Then I think about how to maximize exposure using the lowest possible ISO.
There are the three steps to maximize exposure.
First, select the aperture to obtain the depth-of-field required for the photograph you envision.
Second, select a shutter speed that freezes either camera and, or subject motion as needed. Electronic stabilization or a tripod provide more shutter time flexibility when photographing static subjects.
Third, fine tune either aperture or shutter time to retain
only the interesting or important highlights in all three channels. This means some highlights may intentionally be overexposed. If every highlight must be recorded, the shadow regions' signal-to-noise ratio will suffer whenever the range of light intensity exceeds the sensor's inherent analog dynamic range.
As increase in ISO increases the flexibility in selecting aperture and shutter parameters used to achieve the best possible SNR (exposure). This is why SNR performance at high ISO is important. The sensor noise remains constant but the signal (light) is lowered. It turns out for many CMOS sensors raising the ISO (to a point) improves the shadow SNR, once the first twos exposure steps are decided. At the same time the higher ISO can make the last step difficult to achieve. Decreasing the shutter time while keeping the aperture constant reduces the shadow regionSNR. Reversing the roll of the shutter time and aperture have the same effect. In both cases less light reaches the sensor and the SNR is reduced.
Maximizing exposure also maximizes the analog dynamic range recorded by the sensor.
This is not ETTR, instead it is deliberately maximizing the data's SNR. The resulting exposure will often resemble a ETTR histogram, but the similarity ends there.
I first learned the maximize exposure strategy by reading posts from Prof. Emil Martinec. The theory and empirical data for the physics that support his approach are described in the following technical article:
http://theory.uchicago.edu/~ejm/pix/20d/tests/noise/
When time is of the essence, relying on automation is more important than maximizing exposure. Content trumps doubling or even quadrupling the shadow-region SNR. In bright light (fast shutter times) automatically bracketing exposures provides a certain level of insurance against over exposure.