A Bayesian Nonparametric System Reliability Model which Integrates   Multiple Sources of Lifetime Information
  We present a Bayesian nonparametric system reliability model which scales well and provides a great deal of flexibility in modeling. The Bayesian approach naturally handles the disparate amounts of component and subsystem data that may exist. However, traditional Bayesian reliability models are quite computationally complex, relying on MCMC techniques. Our approach utilizes the conjugate properties of the beta-Stacy process, which is the fundamental building block of our model. These individual models are linked together using a method of moments estimation approach. This model is computationally fast, allows for right-censored data, and is used for estimating and predicting system reliability. 
Richard L. Warr, Jeremy M. Meyer, Jackson T. Curtis
stat.ME