Disclosed are systems and methods for prognostic health management (PHM) of electronic systems. Such systems and methods present challenges traditionally viewed as either insurmountable or otherwise not worth the cost of pursuit. The systems and methods are directed to the health monitoring and failure prediction of electronic systems, including the diagnostic methods employed to assess current health state and prognostic methods for the prediction of electronic system failures and remaining useful life. The disclosed methodologies include three techniques: (1) use of existing electronic systems data (circuit as a sensor); (2) use of available external measurements as condition indicators and degradation assessor; and (3) performance assessment metrics derived from available external measurements.