WTF is a DMM? I hate when poeple invent acronyms.
EDIT: based on my search at acronymfinder, I'm gonig to take a wild guess and say that out of the dozen lsited "DMM"s, you mean Digital MulitMeter.
In that case, no, it's not. It measures voltages and continuity and current and things, it doesn't say "this video card is bad". A multi meter can be sueful in diagnosing problems on simpler electronics... but only if you're an experienced electrical engineer and you have a schematic of the part you're working on.