Thnaks MP for the clarifications on wet bulb control,
Bluerhino, the system described by MP is what's called "Chiller plant Optimization".
I think that you would use the scheme described by MP if your HX is sized for the laod of at least one chiller, AND the economizer water flow should be compared to CHW delta/CHW flow to determine the building load and verify if the heat exchanger water flow will be adequate before switching to economizer.
The other thing is: Is wet bulb control really reliable? never relied on it myself, I would like to hear news about it if you have any.
A variety of optimizations can be programmed in "what if's", say if you have a screw chiller at 0.77 KW/ton sized at 125 ton with two 250-ton centrifugals (at 0.56 KW/ton), your DDC will compare Amp draw of screw chiller at full load and centrifugal at part load and/or vice versa to see which combination will do you the most good.
But I admit, it appears that MP understood you question best.