MITRE Least Cost Test Method

In independent identical testing of a pass/fail requirement, in a limiting sense, there is one testing problem to be done: least cost testing for the sign of a one dimensional diffusion. There is a single least cost test stopping strategy. MITRE’s least cost test methodology provides an alternative to deterministic stopping that fixes, not the number of tests, but the expected number of tests to be done.
 
Using the least cost stopping strategy, for fixed expected cost of test, decreases probability of decision error relative to deterministic stopping. For bulk testing, with many independent test sequences to run, the cost of testing is approximated by the expected cost of testing. For fixed probability of pass/fail decision error, with bulk testing, significant cost savings accrue using the least cost testing strategy instead of deterministic stopping.

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