Abstract: A method for assembling condition monitoring histories of same-type machines that have lived in same-type environments and have failed as a result of the same failure mode, estimating the remaining life with confidence bounds in an operating machine that presents a set of condition symptoms over time and that is diagnosed with a pending failure mode, and deciding when to replace/repair an operating machine (diagnosed with a specific failure mode condition) based on the cost of its estimated performance over its predicted remaining life.