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SPICE is a circuit simulator which predicts node voltages and currents as a function of time from device model parameters. Model parameters are determined by the manufacturing process, but process-induced variations in these parameters occur within a chip or from chip to chip. Values for the model parameters used in simulators are usually obtained from measurements on test structures along the periphery of the circuit or in test chips located at several sites on the product wafer. This paper presents examples of how well model parameters extracted from a test chip can predict the AC response of a dynamic circuit element (MOS ring oscillator) on the same wafer. Simulation results show which model parameters are critical to performance. A comparison between measurement and simulation results is given and the importance of intrachip and intrawafer parameter variations is discussed. For the samples tested, the polysilicon gate linewidth variation was determined to be the primary cause of the ring oscillator frequency variation.