A computer implemented method for performing prognostics and health monitoring, the method comprises: generating a series of histograms, wherein each of the histogram comprises a plurality with the same number of buckets, each of the bucket representing a range of values for the operational usage data; generating the series of histograms comprising the steps of: generating a first histogram in the series of histograms to track the operational usage data; detecting operational usage data for a line replaceable unit, LRU; aggregating the operational usage data with previous operational usage data during a period of time; determining a total value for the aggregated operational usage data for the period of time; responsive to expiration of the period of time, adding a count to a bucket of the plurality of buckets of the first histogram corresponding to the total value for the aggregated operational data for the period of time; tracking a total energy value of the first histogram based on the counts in the plurality of buckets of the histogram over multiple periods of time; comparing the total energy value of the first histogram to a histogram energy threshold value; in response to the total energy value of the first histogram exceeding the histogram energy threshold value, generating a subsequent histogram in the series of histograms to continue tracking the operational usage data of the LRU; and otherwise, continue monitoring the operational usage data of the LRU with the first histogram; the method further comprising: storing the series of histograms for the LRU; comparing a corresponding bucket count in each histogram in the series of histograms to determine an abnormal condition; and generating an alarm based on comparing the corresponding bucket count in each histogram. generating a series of histograms, wherein each of the histogram comprises a plurality with the same number of buckets, each of the bucket representing a range of values for the operational usage data; generating the series of histograms comprising the steps of: generating a first histogram in the series of histograms to track the operational usage data; detecting operational usage data for a line replaceable unit, LRU; aggregating the operational usage data with previous operational usage data during a period of time; determining a total value for the aggregated operational usage data for the period of time; responsive to expiration of the period of time, adding a count to a bucket of the plurality of buckets of the first histogram corresponding to the total value for the aggregated operational data for the period of time; tracking a total energy value of the first histogram based on the counts in the plurality of buckets of the histogram over multiple periods of time; comparing the total energy value of the first histogram to a histogram energy threshold value; in response to the total energy value of the first histogram exceeding the histogram energy threshold value, generating a subsequent histogram in the series of histograms to continue tracking the operational usage data of the LRU; and otherwise, continue monitoring the operational usage data of the LRU with the first histogram; the method further comprising: storing the series of histograms for the LRU; comparing a corresponding bucket count in each histogram in the series of histograms to determine an abnormal condition; and generating an alarm based on comparing the corresponding bucket count in each histogram. generating a first histogram in the series of histograms to track the operational usage data; detecting operational usage data for a line replaceable unit, LRU; aggregating the operational usage data with previous operational usage data during a period of time; determining a total value for the aggregated operational usage data for the period of time; responsive to expiration of the period of time, adding a count to a bucket of the plurality of buckets of the first histogram corresponding to the total value for the aggregated operational data for the period of time; tracking a total energy value of the first histogram based on the counts in the plurality of buckets of the histogram over multiple periods of time; comparing the total energy value of the first histogram to a histogram energy threshold value; in response to the total energy value of the first histogram exceeding the histogram energy threshold value, generating a subsequent histogram in the series of histograms to continue tracking the operational usage data of the LRU; and otherwise, continue monitoring the operational usage data of the LRU with the first histogram; the method further comprising: storing the series of histograms for the LRU; comparing a corresponding bucket count in each histogram in the series of histograms to determine an abnormal condition; and generating an alarm based on comparing the corresponding bucket count in each histogram. storing the series of histograms for the LRU; comparing a corresponding bucket count in each histogram in the series of histograms to determine an abnormal condition; and generating an alarm based on comparing the corresponding bucket count in each histogram.