LIFE-TIME MANAGEMENT OF DOWNHOLE TOOLS AND COMPONENTS

Systems, methods and devices for evaluating a condition of a downhole component of a drillstring. Methods include estimating a value of a tool parameter of the component at at least one selected position on the drillstring; and using the estimated value to evaluate the condition of the downhole component. The estimating is done using a trained artificial neural network that receives information from at least one sensor that is positionally offset from the selected position. The method may further include creating a record representing information from estimated values of the tool parameter at the at least one selected position over time. The at least one selected position may include a plurality of positions, such as positions at intervals along the component, including substantially continuously along the component.