1. A system, comprising: at least one memory that stores computer-executable instructions; at least one processor configured to access the at least one memory, wherein the at least one processor is configured to execute the computer-executable instructions to: receive at least one life-span model comprising a life-span model parameter associated with power systems equipment and store the at least one life-span model in the at least one memory, wherein the at least one life-span model comprises a complete-censored model, a right-censored model, a left-censored model, or an interval-censored model; determine an accuracy of the at least one life-span model based at least in part on a statistical analysis; determine a stability of the at least one life-span model, wherein the determination of the stability comprises comparing a Beta value of the life-span model parameter to one or more actual power systems equipment failure times; generate a failure time for the power systems equipment; determine an outage distribution based at least in part on at least one of the data or the generated failure time; and generate an outage time for the power systems equipment.