A computing device predicts a probability of a transformer failure. An analysis type indicator defined by a user is received. A worth value for each of a plurality of variables is computed. Highest worth variables from the plurality of variables are selected based on the computed worth values. A number of variables of the highest worth variables is limited to a predetermined number based on the received analysis type indicator. A first model and a second model are also selected based on the received analysis type indicator. Historical electrical system data is partitioned into a training dataset and a validation dataset that are used to train and validate, respectively, the first model and the second model. A probability of failure model is selected as the first model or the second model based on a comparison between a fit of each model.