1. A method of evaluating a part characterized by:
obtaining data representing a distress rank model (DRM) for the part;
ascertaining a DRM value for the part;
obtaining data representing a cumulative damage model (CDM) for the part;
ascertaining a CDM value for the part;
determining whether the DRM value is at or above at least one predetermined DRM threshold;
determining whether a CDM value is at or above at least one predetermined CDM threshold; and
if either the DRM value or the CDM value is at or above the at least one respective threshold, then generating an action related to the part.
2. The method as claimed in claim 1 wherein the generated action includes at least one of a notification, an inspection, a reminder, a replacement, or a repair.
3. The method as claimed in claim 2 wherein if both the DRM value and the CDM value are at or above the at least one respective threshold, then raising the urgency of the generated action.
4. The method as claimed in claim 1 wherein if both the DRM value and the CDM value are at or above the at least one respective threshold, then requiring repair or replacement of the part.
5. The method as claimed in claim 1 wherein ascertaining the DRM value is based at least in part on an observation of the part.
6. The method as claimed in claim 5 wherein the observation includes at least one of visual inspection, photographic, radiometric, or other observation of the part.

7. The method as claimed in claim 5 wherein the observation includes at least one environmental measurement.
8. The method as claimed in claim 5 wherein the observation includes at least one unmeasured but estimated measurement.
9. The method as claimed in claim 1 wherein ascertaining the CDM value is based at least in part on measuring of a physical parameter or finite element analysis or predictive algorithms associated with the part.
10. The method as claimed in claim 9 wherein the physical parameter includes at least one of temperature, pressure, time, cycles, weather and environmental data.
11. The method as claimed in claim 1 comprising generating and monitoring feedback from which the DRM and the CDM can be improved.
12. The method as claimed in claim 1 comprising predicting when the part will require repair or replacement based on both the DRM and CDM values.
13. The method as claimed in claim 1 wherein the DRM includes a regression model.