The present invention provides a method to implement prognostics and health management (PHM) in individual electronic products (such as parts, components, boards, assemblies, devices, systems, and systems of systems). The PHM algorithm is performed during product screening tests, diagnostic processes, or after the manufacturer process. Certain performance, signal values and parameters, environmental and operational loads, or their correlations are recorded, extracted, and stored in electronic memory for that particular product. The stored data represents a the healthy baseline reference of that particular product at the initial point of its life. In one embodiment, where the healthy baseline is stored in the product, it can be updated according to different usage conditions. In one embodiment with the data is stored within the product, the PHM analysis can be performed in the field under conditions of use. In another embodiment the healthy baseline can be stored elsewhere and the product returned to the company storing the healthy baseline data, for PHM analysis.