A system and method for managing operating parameters within a system for optimal power and reliability are described. A device includes a functional unit and a corresponding reliability evaluator. The functional unit provides reliability information to one or more reliability monitors, which translate the information to reliability values. The reliability evaluator determines an overall reliability level for the system based on the reliability values. The reliability monitor compares the actual usage values and the expected usage values. When system has maintained a relatively high level of reliability for a given time interval, the reliability evaluator sends an indication to update operating parameters to reduce reliability of the system, which also reduces power consumption for the system.