What lab result correlates best with the severity of dehydration in children?

Severe dehydration is a common finding in sick children. It is either due to a decreased intake of water, since children commonly refuse to drink in this situation or due to increased losses of water due to sweating, polyuria e.g. in diabetes mellitus, or losses by diarrea or vomiting in gastrointestinal infections. (Question of the Week, 21.3.2011)