Test tools are an unnecessary luxury since all we need are a few good pokes. The cost of finding and correcting errors is always higher as the time between fault injection and detection increases. The lowest cost results when you prevent errors. If a fault goes unnoticed, it can easily take hours or days of debugging to diagnose, locate, and correct after the component is in widespread use. Failures in operational systems can cause severe secondary problems.
Proper testing is very cheap by comparison, even when done manually.
Efficient testing requires automated support. The typical testing tool pays for itself after one or two projects by either increasing the number of tests that can be run with a given budget or reducing the cost to achieve a reliability goal. Reduction of testing due to schedule slippage is a frequent problem. The fact that it happens does not mean that testing is unwise. This kind of schedule compression can usually be avoided by starting test activities earlier in the project.