The document discusses various issues related to risk minimization and prognostics and health management (PHM) technologies. It covers key drivers of risk like safety, reliability and cost. It also discusses integrated logistics support (ILS), performance-based logistics (PBL) and reliability-availability-maintainability (RAM) approaches. Barriers to effective condition-based maintenance include incomplete failure analysis and a lack of standardized failure taxonomy. Model-based failure analysis can help enhance prognostics and health management systems.