In this article, we derive a simple and accurate expression for the change in timing yield due to a change in the gate delay distribution. It is based on analytical bounds that we have derived for the moments of the circuit and path delay. Based on this, we propose computationally efficient algorithms for (1) discrete gate sizing and (2) simultaneous gate sizing and threshold voltage (VT) assignment so that the circuit meets a timing yield specification under parameter variations. The use of this analytical yield gradient within a gradient-based timing yield optimization algorithm results in a significant improvement in the runtime as compared to the numerical method, while achieving the same final yield. It also allows us to explore a larger search space in each iteration more efficiently, which is required in the case of simultaneous resizing and VT assignment. We also propose heuristics for resizing/changing the VT of multiple gates in each iteration. This makes it possible to optimize the timing yield for large circuits. Results on ITC '99 benchmarks show that the proposed multinode resizing algorithm results in a significant improvement in the runtime with a marginal average area penalty and no cost to the final yield achieved. © 2016 ACM.