Accurate timing analysis is key to efficient embedded system synthesis and integration. Caches are needed to increase the processor performance but they are hard to use because of their complex behavior especially in preemptive scheduling. Current approaches use simplified assumptions or propose exponentially complex analysis algorithms to bound the cache related preemption delay at a context switch. Existing approaches consider only direct mapped caches or propose non conservative approximation for set associative caches.In this paper we propose a novel cache related preemption delay analysis for set-associative instruction caches where the designer can adjust the analysis precision by scaling the problem complexity. Furthermore, this precise preemption delay analysis is integrated into a scheduling analysis to determine the response time of tasks accurately. In experiments we evaluate this tradeoff between analysis precision and analysis time. The results show an improvement of 22%-71% in analysis precision of cache related preemption delay and 5%-21% in response time analysis compared to previous conservative approaches.