1. A computer-implemented method for selecting a drill bit, comprising: entering, using an input device of a computing device, filtering criteria into a filtering criteria worksheet, wherein the filtering criteria comprises a selected time parameter and a component condition parameter; filtering, using a processor of the computing device, bit run records to identify desired drill bit records based on the filtering criteria; calculating, using the processor, a predicted effective life for a plurality of drill bits based on data from the desired records, wherein the predicted effective life is calculated by determining a reliability value at each of a plurality of time values in which the component condition parameter is indicated as failed based on data in the desired records, and wherein the reliability values at each of the plurality of time values is used to plot a reliability curve for each of the plurality of drill bits; and graphically displaying, on a display associated with the computing device, the reliability curve to determine the predicted effective life for the drill bits.