This paper describes the results of the author’s independent research on a Prognostics and Health Management (PHM) effort. Currently, the health assessment of any relatively complex electronic equipment is usually based on in-situ environment monitoring and the associated reliability computations of the failures experienced. Many complex systems incorporate a Power-On Self-Test (POST), or Built-In-Test (BIT), which tests most of the internal functionality and health of the Unit Under Test (UUT). For this paper, POST and BIT are synonymous and only BIT will be used. An innovative use of PHM techniques is discussed in this paper as a potential solution to help acquire specific raw test data in sufficient quantity and quality on any complex system or Wooden Round UUT that runs BIT. This Prognostics and Health Management Built-In-Test (PHMBIT) method can be implemented on any system that executes BIT during the various system development stages, or even on fielded production units without any additional hardware (H/W) or embedding of sensors.