According to one aspect, data identifying a component is received, wherein the component is part of a system associated with a wellhead. A location at which the component is positioned relative to one or more other components is identified. The useful remaining operational life of the component is predicted based on at least an operational parameter specific to the location, and the operational history of the component or one or more components equivalent thereto. According to another aspect, a model representing at least a portion of a proposed system associated with a wellhead is generated, the model comprising a plurality of objects, each of which has a proposed location and represents an existing component. The useful remaining operational life for each object is predicted based on an operational parameter at the corresponding proposed location, and data associated with the respective operational history of the existing component.