Residual life is that time period during which a material especially an engineering material shall retain the fitness characteristics that are important for its services. Residual life assessment studies are generally conducted for aircrafts components, power plant components and several other machines which are frequently subjected to fatigue and creep loading conditions. For conducting rla studies, the methods and techniques should be selected carefully. Identification of the failure prone areas and their treatment is very essential for preventing accidents. The equipments which need rla studies include boilers, piping, pressure vessels, storage tanks, pumps, turbines, compressors, etc.