A method for benchmarking diagnostic algorithms for a particular application is provided. The diagnostic algorithms are rank ordered based on a specified criterion so as to weed out weak algorithms, selecting more robust algorithms, defined in some sense, for deployment. This is realized by evaluating various parameters subsequently mentioned. A normalized product entropy ratio parameter is obtained. A performance parameter vector is fixed to define a plurality of sensitivity parameters including a plurality of threshold parameters and a plurality of data parameters. The plurality of threshold parameters and the plurality of data parameters are perturbed to obtain a threshold sensitivity parameter and a data sensitivity parameter.