The precision and efficiency of a cognitive test constructed by three different methods of item analysis was compared, using the verbal aptitude subtest of the Florida Twelfth Grade Test. Classical item analysis, factor analysis and the Rasch logistic model were used in the construction of 15 and 30 item subtests and replicated for samples of 250, 500, and 995 high school seniors. The study was designed in three phases: (1) item selection: (2) double cross-validation of the selected items: and (3) statistical analyses of the test and item characteristics. The results of the analysis showed that there were no apparent differences in the types of tests produced by the three methods of item analysis with regard to the precision of measurement. However, in terms of test efficiency, the results indicated substantive differences in the tests produced by the three methods of item analysis for students with varying ability levels. (Author/CTM)