Systems and methods to evaluate and reduce outages in a power plant including components and at least one sensor. The process of evaluating and reducing outages in a power plant comprises acquiring analytical data for a power plant and its components, acquiring failure modes regarding power plants, identifying and categorizing the acquired failure modes in association with the components of the power plant at various levels, evaluating and ranking the significance of each of the identified failure modes based on the analytical data, evaluating and ranking the analytical coverages of the identified failure modes based on the analytical data, and ranking and evaluating the components based on the significance and the analytical coverages of their associated failure modes. Based upon the determined significance and analytical coverages of identified failure modes, a power plant owner is able to evaluate the performance of a power plant at various levels, identify analytical gaps in reducing outages of the power plant, and enhance the performance of the power plant by strategically investing on the identified analytical gaps.