Hi Tim:
Isn't it interesting how different instructors approach the grading for lab sessions?
Of course, there is no correct answer for use in every setting. So that is going to require the instructor to evaluate what learning outcomes are important or essential to the learning experince. Sometimes, this takes some thought and planning.
I could argue that if just doing the lab meets the desired learning objectives then full credit could be awarded.
However, in my experience, there are usually systematic steps, operations, analysis, and conclusions that are associated with a lab assignment. That is where the quality of the learning is assessed. And from that, points assigned based on components of the lab experience.
Always bring it back to what is the desired learning outcome.
Regards, Barry Westling