The measurement model is a part of the model that represents relationship between the latent variables and their measures (manifest variables).
The basis for determining these relationships is measurement theory.
In short, measurement model assessment aims at ensuring construct validity & reliability.
Validation of the measurement models is a requirement for assessing the structural model.
Xm : Value as measured
Xt : True value
ε : Error terms
εr : Random error
εs : Systematic error
Thus, the main objective of measurement model assessment is to reduce the effect of measurement errors in a data-set.