A method implemented using a processor based device for simulation based testing of materials, includes selecting a first set of points from a data generated from a design space and generating a stochastic metamodel based on the first set of points. The method also includes determining an uncertainty value based on the stochastic metamodel. The method also includes identifying a second set of points different from the first set of points, from the data generated from the design space, based on the uncertainty value. The method further includes combining the second set of points with the first set of points to generate a third set of points, assigning the third set of points to the first set of points. The method also includes iteratively generating, determining, identifying, combining, and assigning steps till the uncertainty value is less than or equal to a predetermined threshold value.