1. A smart cord reel system including a maintenance prediction mechanism for anticipating and predicting the need for replacement, the system comprising: a) a cord reel assembly, including a housing having a spool and a cord that is retracted and extended from the cord reel assembly, a first sensor for measuring each complete rotation of the spool within the housing and a second sensor for measuring the voltage of the cord; b) at least one memory located within the cord reel assembly for receiving an input from the first sensor correlating to each complete rotation of the spool within the housing and keeping count of the sum of such rotations and receiving an input from the second sensor representative of at least one of the electrical resistance of the cord, the voltage level of the cord or the current received through the cord; and c) a processor electrically connected to the at least one memory for comparing the sum of rotations for the electric cord reel assembly against predetermined limits and providing a status signal therefrom to indicate whether the replacement of the electric cord reel assembly is required, and the processor further connected to the at least one memory for comparing the input from the second sensor representative of the electrical resistance of the cord against predetermined limits prestored in memory and generating a status signal therefrom to indicate whether replacement of at least a portion of the cord reel assembly is required prior to occurrence of a malfunction.