1. A system for determining an amount of life consumed for a tool, the system comprising: at least one sensor associated with the tool for generating observation data; a memory in operable communication with the at least one sensor, the memory including a database for storing the observation data generated by the at least one sensor; and a processor in operable communication with the memory, the processor including: a model generator that generates a current model having a failure time for a current run of the tool, the current model including parameters of a functional approximation of the observation data; a classifier that classifies the current model; a current run estimator that determines the amount of life consumed based on the classification of the current model and a time of use associated with the current run by dividing the time of use by the failure time of the current model; and a total lifetime calculator that adds the amount of life consumed by the current run to a running total of life consumed by prior runs of the tool to produce a total life consumed.