A system and method for fault management in a computer-based system are disclosed herein. A system includes a plurality of field replaceable units (“FRUs”) and fault management logic. The fault management logic is configured to collect error information from a plurality of components of the system. The logic stores, for each component identified as a possible cause of a detected fault, a record assigning one of two different component failure probability indications. The logic identifies a single of the plurality of FRUs that has failed based on the stored probability indications.