A single finite element mesh is generated for predicting performance of an integrated circuit design. A plurality of sample points are identified for conducting a variability study on at least one parameter associated with the integrated circuit design. The sample points are selected to predict performance of the integrated circuit design when subject to variations in the at least one parameter due to variations in manufacturing processes to be used to manufacture the integrated circuit design. A parameterized netlist is generated corresponding to each of the sample points. A technology computer aided design (TCAD, e.g., finite element) simulation is run for each of the parameterized netlists, using the single finite element mesh for each of the parameterized netlists, until convergence is achieved, to obtain, for each of the parameterized netlists, at least one metric indicative of the performance of the integrated circuit design. A predicted design yield is developed for the integrated circuit design, based on the at least one metric determined for each of the parameterized netlists. In at least some instances, an importance sampling technique is tightly integrated with the TCAD process.