Abstract: In an embodiment of an Fast Fail Rate method, a failure rate is determined for a population of pieces of equipment in use over a period of time. The method comprises selecting a period of time, segmenting the period of time into multiple time intervals; obtaining data for the population of pieces of equipment, the data broken down over the time intervals; and computing a life data distribution for the data, the life data distribution being associated with a given time, and being based on the obtained data for time intervals prior to the given point in time.