A method for predicting a time to failure of a component in a system is presented. The method comprises obtaining a set of data measurements related to the component. The set of data measurements are representative of a plurality of parameters including a plurality of leading parameters. The method comprises generating a prediction model based upon the leading parameters considered in combination. The prediction model is then used to predict the time to failure of the component based on a set of real-time measurements, wherein the plurality of parameters are processed to predict the time to failure for the component. Finally, a confidence level for the predicted time to failure is determined based upon the plurality of parameters.