A system and method for managing faults in a computer-based system are disclosed herein. For example, a system includes fault management logic, and a plurality of field replaceable units (“FRUs”). In response to a detected fault in the system, the fault management logic is configured to identify each FRU of a sub-plurality of the FRUs as a possible root cause of the fault. The fault management logic is further configured to store information, including an acquittal policy, that individually specifies for each identified FRU whether to dismiss the identified FRU from the sub-plurality based on detection of an event corresponding to the identified FRU.