A system and method for utilizing reliability data from a plant to dynamically calculate an expended life for a selected part. A system is provided that includes a central database for storing service data for different parts of a unit within the plant, wherein the service data includes installation data and a service history of the different parts; a data collection engine for dynamically collecting operational data from the plant in a near real-time manner, wherein the operational data is collected, processed and stored independently from the central database; and a lifetime calculation engine for implementing a lifetime calculation equation for the selected part, wherein the lifetime calculation equation utilizes the service data and the operational data to determine the expended life of the selected part.