A system and method for assessing failure of fuel rods are disclosed. The method may include monitoring fuel rod operational conditions, comparing the fuel rod parameters to parameters limits, calculating the fuel rod performance parameters to determine the likelihood of failure of individual fuel rods, and updating plant operating parameters based on the calculated fuel rod parameters. The system may input the calculated fuel rod parameters into a fuel failure model to assess the probability of failure, and predict the probability of failure of individual fuel rods based on fuel rod parameters in the fuel failure model.