Methods and system for implementing Condition Based Maintenance (CBM) of downhole systems and equipment, including drilling tools, wireline tools and production tools is presented in this disclosure. The presented CBM-based approach combines the use of a tool life distribution with a life-stress acceleration model and a cumulative damage model to account for varying stress levels during a tool operation. The CBM methodology presented herein provide for a more effective maintenance system based on direct utilization of field data so that an appropriate maintenance can be performed at an appropriate time, thereby optimizing a frequency of performing maintenance.
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