Although dynamic program slicing was first introduced to aid in user level debugging, applications aimed at improving software quality, reliability, security, and performance have since been identified as candidates for using dynamic slicing. However, the dynamic dependence graph constructed to compute dynamic slices can easily cause slicing algorithms to run out of memory for realistic program runs. In this paper we present the design and evaluation of a cost effective dynamic program slicing algorithm. This algorithm is based upon a dynamic dependence graph representation that is highly compact and rapidly traversable. Thus, the graph can be held in memory and dynamic slices can be quickly computed. A compact representation is derived by recognizing that all dynamic dependences (data and control) need not be individually represented. We identify sets of dynamic dependence edges between a pair of statements that can share a single representative edge. We further show that the depen...