PARC is a wholly owned subsidiary of Xerox and an integral part of Xerox's strategy for long-term research investment. Founded in 1970 as part of Xerox Research, PARC was incorporated in 2002 as an independent center for commercial innovation.

Today, PARC is a center for commercial innovation. PARC works closely with clients to discover, test, and deliver new business opportunities. Global enterprises and early-stage entrepreneurs can gain new insights into customer needs, extend technical capabilities, and acquire valuable new technology assets.

The PHM Group in the Center for Advanced Life Cycle Engineering (CALCE) at the University of Maryland has a multi-faceted approach to PHM focused on demonstrating that health monitoring can be implemented using a variety of methodologies, tools, and analyzing techniques for effective prognostics.