A method to determine a risk of failure for a machine including: generating a first value for a risk of failure of the machine, wherein the first value is determined by a first model receiving as an input a condition of the machine and the first model includes a relationship derived from historical machine failures and correlating the input condition of the machine to a value for the risk of failure; generating a second value of the risk of failure of the machine, wherein the second value is determined by a second model receiving as an input information regarding wear or degradation of the machine and the second model includes a relationship correlating the input information regarding wear or degradation to a value for the risk of failure, and determining a total risk of failure based on the first and second values of the risk of failure.