A computer implemented method for predictive reliability mining in a population of connected machines, the method comprising: identifying sets of discriminative Diagnostic Trouble Codes (DTCs) from DTCs generated preceding failure, the sets of discriminative DTCs corresponding to associated pre-defined parts of the connected machines; generating a temporal conditional dependence model based on temporal dependence between failure of the pre-defined parts from past failure data and the identified sets of discriminative DTCs; and predicting future failures based on the generated temporal conditional dependence model and occurrence and non-occurrence of DTCs; and performing root cause analysis of the predicted future failures for predictive reliability mining, wherein the step of performing root cause analysis comprises identifying a subset of the population with a possible anomaly when an early warning is not generated at the population level comprises: (i) defining an anomaly score for each of the connected machines; (ii) associating each of the connected machines with a record comprising a set of pre-defined features and the defined anomaly score; (iii) discretizing the defined anomaly score into either a pre-defined high level or a normal level; (iv) performing association rule mining to identify association rules with the high level anomaly score; (v) clustering the identified association rules using a density based technique to form rule clusters; (vi) selecting one or more rules from each of the rule clusters that have high support and confidence; and (vii) identifying the subset of the population with the high level anomaly score based on antecedents of the selected one or more rules that are indicative of potential reasons for the high level anomaly score. identifying sets of discriminative Diagnostic Trouble Codes (DTCs) from DTCs generated preceding failure, the sets of discriminative DTCs corresponding to associated pre-defined parts of the connected machines; generating a temporal conditional dependence model based on temporal dependence between failure of the pre-defined parts from past failure data and the identified sets of discriminative DTCs; and predicting future failures based on the generated temporal conditional dependence model and occurrence and non-occurrence of DTCs; and performing root cause analysis of the predicted future failures for predictive reliability mining, wherein the step of performing root cause analysis comprises identifying a subset of the population with a possible anomaly when an early warning is not generated at the population level comprises: (i) defining an anomaly score for each of the connected machines; (ii) associating each of the connected machines with a record comprising a set of pre-defined features and the defined anomaly score; (iii) discretizing the defined anomaly score into either a pre-defined high level or a normal level; (iv) performing association rule mining to identify association rules with the high level anomaly score; (v) clustering the identified association rules using a density based technique to form rule clusters; (vi) selecting one or more rules from each of the rule clusters that have high support and confidence; and (vii) identifying the subset of the population with the high level anomaly score based on antecedents of the selected one or more rules that are indicative of potential reasons for the high level anomaly score. (i) defining an anomaly score for each of the connected machines; (ii) associating each of the connected machines with a record comprising a set of pre-defined features and the defined anomaly score; (iii) discretizing the defined anomaly score into either a pre-defined high level or a normal level; (iv) performing association rule mining to identify association rules with the high level anomaly score; (v) clustering the identified association rules using a density based technique to form rule clusters; (vi) selecting one or more rules from each of the rule clusters that have high support and confidence; and (vii) identifying the subset of the population with the high level anomaly score based on antecedents of the selected one or more rules that are indicative of potential reasons for the high level anomaly score.