A method and test system for fast determination of parameter variation statistics provides a mechanism for determining process variation and parameter statistics using low computing power and readily available test equipment. A test array having individually selectable devices is stimulated under computer control to select each of the devices sequentially. A test output from the array provides a current or voltage that dependent on a particular device parameter. The sequential selection of the devices produces a voltage or current waveform, characteristics of which are measured using a digital multi-meter that is interfaced to the computer. The rms value of the current or voltage at the test output is an indication of the standard deviation of the parameter variation and the DC value of the current or voltage is an indication of the mean value of the parameter.