1. A method for managing a plurality of instrumented function components, the method comprising: receiving, from an online safety availability application, operating information about the plurality of instrumented function components; updating, within an asset management database, status information for the plurality of instrumented function components based upon the operating information; determining, by a computer, a probability of failure on demand, at time of receiving the operating information, for the instrumented-function based upon the operating information; comparing, by a computer, the probability of failure on demand with a designed probability of failure on demand for the instrumented function to establish a variance; and managing the plurality of instrumented function components based on the status information and at least in part on the variance.