Methods for verifying satisfaction of prognostic algorithm requirements for a component of a certain device of interest are provided. A method according to an example of an embodiment of the invention can include providing a prognostic algorithm requirements statement for a preselected component contained in each of a plurality of a certain type device, receiving field data indicating a number of premature component failures and a total number of replacements including both due to premature failures and scheduled maintenance, determining a probability density function providing a probability of failing to replace the prematurely failed components, determining a confidence value indicating a level of confidence that failure avoidance requirements provided in the prognostic algorithm statement are being met, and verifying whether or not the prognostic algorithm requirements provided in the prognostic algorithm requirements statement are being satisfied according to a preselected minimum level of confidence.