A power distribution network includes a plurality of power source nodes and component nodes, which direct power from the plurality of power source nodes to a plurality of load nodes; a plurality of sensors positioned to sense power flow information for the plurality of power source and component nodes; and a data warehouse housing the power flow information and diagnostic data for the plurality of power source and component nodes. The power distribution network also includes a control system configured to retrieve the power flow information and the diagnostic data; generate stress and health indices and compute a criticality for each of the power source and component nodes; and generate a risk index for each of the power source and component nodes based on their respective stress index, health index, and criticality. The risk index of each node represents the risk the node poses to the power distribution network.