1. A method of performing a verification of satisfaction of requirements of a prognostic algorithm requirements statement to monitor management of component part replacement for a device, the method comprising the steps of: receiving field data indicating a number of component failures of a preselected component contained in each of a plurality of like devices occurring prior to replacement as part of a maintenance program implementing one or more time-to-maintenance measures provided by a corresponding one or more prognostic algorithms designed to satisfy requirements indicated in the prognostic algorithm requirements statement, and indicating a total number of replacements of the preselected component for each of the plurality of devices; responsive to the field data, determining a confidence value indicating a level of confidence that failure avoidance requirements provided in the prognostic algorithm requirements statement are being met; and responsive to the determined confidence value, verifying whether or not the prognostic algorithm requirements provided in the prognostic algorithm requirements statement are being satisfied according to a minimum of a preselected level of confidence.