Summary: Process variation is becoming a primal concern in timing closure of LSI (Large Scale Integrated Circuit) with the progress of process technology scaling. To overcome this problem, SSTA (Statistical Static Timing Analysis) has been intensively studied since it is expected to be one of the most efficient ways for performance estimation. In this paper, we study variation of output transition-time. We firstly clarify that the transition-time variation can not be expressed accurately by a conventional first-order sensitivity-based approach in the case that the input transition-time is slow and the output load is small. We secondly reveal quadratic dependence of the output transition-time to operating margin in voltage. We finally propose a procedure through which the estimation of output transition-time becomes continuously accurate in wide range of input transition-time and output load combinations.