A method and apparatus is provided for the implementation of a process monitor vehicle (PMV) for memory cells. The memory cell PMV is useful in characterizing drive strength of the N-type and P-type field effect transistors (FETs) that are used to implement the memory cell. The memory cell PMV may be used, for example, to measure the amount of margin available for memory cell flips and how process variation affects the memory cell write margin. The memory cell PMV is implemented as a plurality of shift register bits interconnected as a ring oscillator, where each shift register bit is comprised of a memory cell. By adjusting the drive current for each memory cell and measuring the resultant change in oscillation frequency of the ring oscillator, information may be obtained concerning process variation and its effect on memory cell performance.