A method of assaying work of an earth boring bit of a given size and design including establishing characteristics of the bit of given size and design. The method further includes simulating a drilling of a hole in a given formation as a function of the characteristics of the bit of given size and design and at least one rock strength of the formation. The method further includes outputting a performance characteristic of the bit, the performance characteristic including a bit wear condition and a bit mechanical efficiency determined as a function of the simulated drilling.