A built-in self-test (BIST) mechanism within an integrated circuit (IC) is a function that verifies all or a portion of the internal functionality of the IC. For example, a BIST mechanism is provided in advanced fieldbus systems to verify functionality.
At a high level this can be viewed similar to the PC BIOS's Power-On Self-Test (POST) that performs a self-test of the RAM and buses on power-up.Alternative definition can be Built-in Self...
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http://en.wikipedia.org/wiki/BIST
9/9/2008