According to one example embodiment, a method of assessing reliability of an aircraft component includes identifying, aboard an aircraft, a first probability of failure of the aircraft component installed on the aircraft. One or more measurements representative of at least one load applied against the aircraft component are received. Determined, aboard the aircraft, is a second probability of failure of the aircraft component based on the first probability of failure and the received one or more measurements representative of the at least one load applied against the aircraft component, the second probability of failure representing a probability of failure of the aircraft component after application of the at least one load.