We've sat beside a child and have coded each error, correction, omission, and insertion. Kids are often painfully aware that their oral reading is being scrutinized. That's what my teacher thinks is most important. We must be careful not to over-emphasize precision and correctness in oral reading. Another common practice associated with running records is over-administering this diagnostic, evaluative tool.
Some teachers attempt to complete running records as often as each week.
Kids just don't change that often in their fluency level or in their application of reading strategies. These teachers are working way too hard and, most likely, for little if any benefit. Don't get me wrong, though. Running records are great and can provide much useful documentation for students' growth and for planning more effective lessons for individuals and for the whole class. Some kids actually don't understand that their minds need to be engaged as the call the words.