A mass flow controller and method for operating the same is disclosed. The mass flow controller includes a mass flow control system to control the mass flow rate of a fluid, and a data logging component that obtains snapshots of condition-specific-data for each of a plurality of reoccurring condition types, and reduces each snapshot of condition-specific-data to functional parameter values that characterize each snapshot of condition-specific-data, and the data logging component generates statistical values that are stored in a short term data store that characterize multiple functional parameter values that are obtained during each separate occurrence of a specific condition type. A diagnostics component diagnoses failures using current functional parameter values and the statistical values stored in the short-term memory, and a prognostics component predicts failures based upon a collection of data sets that are stored in the long-term memory.