A method of monitoring a gas turbine engine includes the steps of: (a) receiving information from actual flights of an aircraft including an engine to be monitored, and including at least one of the ambient temperature at takeoff, and internal engine pressures, temperatures and speeds; (b) evaluating the damage accumulated on an engine component given the data received in step (a); (c) storing the determined damage from step (b); (d) repeating steps (a)-(c); (e) recommending a suggested future use for the component based upon steps (a)-(d). A system is also disclosed.