1. A method of forecasting remaining useful life of an asset, comprising: identifying peer units of the asset from a set of potential peer units by using selected criteria and performing a search for the peer units based upon the selected criteria; using a first evolutionary algorithm for processing a defined degree of closeness between said peer units and said asset; constructing local predictive models using the peer units; estimating the remaining useful life of the asset based upon the local predictive models; and updating the local predictive models to reflect at least one change in the criteria using a second evolutionary algorithm.