A method is provided for dynamically determining measurement uncertainty (MU) of a measurement device for measuring a signal output by a device under test (DUT). The method includes storing characterized test data in a nonvolatile memory in the measurement device, the characterized test data being specific to the measurement device for a plurality of sources of uncertainty; receiving a parameter value of the DUT; measuring the signal output by the DUT and received by the measurement device; and calculating the measurement uncertainty of the measurement device for measuring the received signal using the stored characterized test data and the received parameter value of the DUT.