Miss rate curves are constructed in a resource-efficient manner so that they can be constructed and memory management decisions can be made while the workloads are running. The resource-efficient technique includes the steps of selecting a subset of memory pages for the workload, maintaining a least recently used (LRU) data structure for the selected memory pages, detecting accesses to the selected memory pages and updating the LRU data structure in response to the detected accesses, and generating data for constructing a miss-rate curve for the workload using the LRU data structure. After a memory page is accessed, the memory page may be left untraced for a period of time, after which the memory page is retraced.