Prognostics is an engineering discipline focused on predicting the future condition of a component and/or system of components. The science and technology of prognostics is based on the analysis of failure modes, detection of early signs of wear and aging in complex systems and components, and correlation of these signs with an aging profile (or model). Potential uses for prognostics include estimation of remaining useful life (RUL) and condition-based maintenance (CBM).

The discipline that links studies of failure mechanisms to system lifecycle management is often referred to as Prognostics and Health Management (PHM). Technical approaches to prognostics can be categorized broadly into data-driven approaches, model-based approaches, and hybrid or fusion approaches. Many leading companies in the world have been applying PHM from product design to supply chain management in the last few years and have already achieved a fruitful Return-on-Investment (ROI).