Techniques for predicting failure mode specific reliability characteristics of tangible equipment using parametric probability models are disclosed. In some example embodiments, a computer system receives a model training configuration entered via a user interface, trains a failure curve model for a selected failure mode of a selected equipment model based on the model training configuration at a time indicated by training schedule data, generating, and generates analytical data for the selected failure mode of the selected equipment model using the trained failure curve model. The failure mode corresponds to a specific way in which the equipment model is capable of failing. In some example embodiments, the training of the failure curve model comprises determining a shape parameter and a scale parameter for the failure curve model based on a fitting of failure event data to a continuous probability distribution, and storing the parameters for use in generating the analytical data.