A system for determining the amount of life consumed for a tool includes at least one sensor associated with the tool for generating observation data, a memory in operable communication with the at least one sensor, the memory including a database for storing the observation data generated by the sensor, and a processor in operable communication with the memory. The processor includes a model generator that generates a current model for a current run of the tool. The current model includes parameters of a functional approximation of the observation data. The processor also includes a classifier that classifies the current model and a current run estimator that determine the amount of life consumed based on the classification of the current model and a time of use associated with the current run.