Abstract: Through the methods of this invention, prognostics tools are provided to more efficiently and more accurately predict when a component product may fail. In a first embodiment a method is described whereby a number of environmental factors are monitored, the provided sensors obtaining raw data, variations in said raw data measured, the parameters of interest extracted and binned according to predetermined criteria, with the raw data thereafter discarded. In a second embodiment of the invention, the same sensor readings are recorded along with the performance characteristics for the component/product and compared to estimated performance for the product. The performance drift is then observed, whereby in monitoring said drift, trends may be determined and time or cycles to failure predicted.