There are several ways to look at this, including possible VDBC and IDBC expenses, hotel, meals, aircraft positioning, disruption of crew schedules, etc. My point was just that it is possible that it could sometimes be more advantageous to cancel a flight other than the one with the absolute lowest load factor.

How sophisticated their procedure in practice may be in making such a decision I don't know. It could be that it is simply based on an individual making the call based on whatever they think most important at the moment.