A system capable of monitoring a replaceable component thereof, the system comprising: (a) a controller for controlling operation of the system; (b) programming instructions operably associated with the controller according to which the system is configured to (i) accept input of a viable life for a replaceable component of the system; (ii) calculate, using at least an algorithm comprising a model descriptive of material degradation of the replaceable component, an accumulated amount of distress experienced by the replaceable component based on each set of previously collected use data associated with each previous use of the replaceable component by the system; and (iii) calculate an estimated amount of additional distress that would be experienced by the replaceable component based on estimated use data associated with a planned use (iv) determine, based on the accumulated amount of distress and the viable life of the replaceable component, a used portion of the viable life that the replaceable component has experienced as a result of the previous use or uses thereof and an unused portion of the viable life; (v) determine, based at least on the accumulated amount of distress and the estimated amount of additional distress, whether the unused portion of the viable life is sufficient for performing the planned use; and (vi) prevent performing the planned use if the unused portion of the viable life is insufficient for performing the planned use; and (c) a visual and/or audio feedback device configured to provide to an operator of the system an indication of at least one of the unused and used portions of the viable life of the replaceable component. (a) a controller for controlling operation of the system; (b) programming instructions operably associated with the controller according to which the system is configured to (i) accept input of a viable life for a replaceable component of the system; (ii) calculate, using at least an algorithm comprising a model descriptive of material degradation of the replaceable component, an accumulated amount of distress experienced by the replaceable component based on each set of previously collected use data associated with each previous use of the replaceable component by the system; and (iii) calculate an estimated amount of additional distress that would be experienced by the replaceable component based on estimated use data associated with a planned use (iv) determine, based on the accumulated amount of distress and the viable life of the replaceable component, a used portion of the viable life that the replaceable component has experienced as a result of the previous use or uses thereof and an unused portion of the viable life; (v) determine, based at least on the accumulated amount of distress and the estimated amount of additional distress, whether the unused portion of the viable life is sufficient for performing the planned use; and (vi) prevent performing the planned use if the unused portion of the viable life is insufficient for performing the planned use; and (i) accept input of a viable life for a replaceable component of the system; (ii) calculate, using at least an algorithm comprising a model descriptive of material degradation of the replaceable component, an accumulated amount of distress experienced by the replaceable component based on each set of previously collected use data associated with each previous use of the replaceable component by the system; and (iii) calculate an estimated amount of additional distress that would be experienced by the replaceable component based on estimated use data associated with a planned use (iv) determine, based on the accumulated amount of distress and the viable life of the replaceable component, a used portion of the viable life that the replaceable component has experienced as a result of the previous use or uses thereof and an unused portion of the viable life; (v) determine, based at least on the accumulated amount of distress and the estimated amount of additional distress, whether the unused portion of the viable life is sufficient for performing the planned use; and (vi) prevent performing the planned use if the unused portion of the viable life is insufficient for performing the planned use; and (c) a visual and/or audio feedback device configured to provide to an operator of the system an indication of at least one of the unused and used portions of the viable life of the replaceable component.