According to one example embodiment, a method of assessing use of an aircraft component installed on an aircraft includes receiving, from one or more sensors installed on the aircraft, one or more measurements representative of at least one load applied against the aircraft component; selecting at least one usage model from a plurality of usage models, each usage model of the plurality of usage models relating aircraft loads with received sensor data; determining at least one load value based on the selected at least one usage model and the received one or more measurements; and calculating, based on the determined at least one load value, an amount of change in probability of failure caused by application of the at least one load against the aircraft component.