Concept inventories hold tremendous promise for promoting the rigorous evaluation of teaching methods that might remedy common student misconceptions and promote deep learning. The measurements from concept inventories can be trusted only if the concept inventories are evaluated both by expert feedback and statistical scrutiny (psychometric evaluation). Classical Test Theory and Item Response Theory provide two psychometric frameworks for evaluating the quality of assessment tools. We discuss how these theories can be applied to assessment tools generally and then apply them to the Digital Logic Concept Inventory (DLCI). We demonstrate that the DLCI is sufficiently reliable for research purposes when used in its entirety and as a post-course assessment of students' conceptual understanding of digital logic. The DLCI can also discriminate between students across a wide range of ability levels, providing the most information about weaker students' ability levels.