In this paper, the conventional Extended Kalman Filter (EKF) algorithm has been systematically extended to the estimated measurement (EKF-EM) paradigm. The derivation of the EKF-EM state and state error estimates establishes the relation of the robustness and sensitivity metrics to the measurement projected Kalman gain. Recently, these metrics are being used ad-hoc for obtaining desired EKF performances in various signal processing applications. The EKF-EM is used to develop a process noise adjustment algorithm to tune the EKF for balanced performances. This proposed method is applied and validated in 3 diverse applications:(a) ensure convergent comparable filter performances for an originally divergent EKF in the 3D Lorenz attractor problem, (b) obtain spectral and audio improvement of a practical noise corrupted speech signal and (c) determine a suitable process model out of several options for balanced filter performances in a realistic 2D ballistic target tracking scenario.