1. A method for predicting the failure of a component, the method comprising: obtaining a Finite Element Model (FEM) of a component; analyzing said FEM to obtain stresses at nodes of said FEM; identifying a subset of said nodes as significant nodes based on said stresses; determining a Representative Volume Element (RVE) for at least one of said significant nodes; developing an RVE microstructure-based failure model for at least one said RVE; simulating a component life using at least one RVE microstructure-based failure model, said simulating producing a result related to said component life; performing said simulating a plurality of times to produce results related to component life; preparing statistics using said results; and comparing said statistics to a probability of failure (POF) criteria to determine whether said performing predicted failure for said component.