Fault Management (FM) is a key requirement for safety, efficient onboard and ground operations, maintenance, and repair. QSI's TEAMS Software suite is a leading facilitator diagnostic and FM modeling, and performing various FM-related functions. Through this effort, QSI proposes to introduce capabilities to TEAMS that would significantly Reduce diagnostic model development cost and time, Enhance analytic capabilities for aiding model evaluation, and, Improve FMECA Process. These issues are of critical importance in developing and maintaining diagnostic models in a cost and time efficient manner and utilizing those for analyses related to diagnostic designs, models and overall scheme evaluation. The capabilities and features targeted in this effort are of high importance to develop and mature diagnostic schemes for systems in design phase as well as fielded systems. High-value assets such as NASA's space vehicles; Department of Defense's vehicles (Military aircraft, ships, and ground vehicles) whose underlying systems are designed with the philosophy to serve multiple types of mission involving different phases (or regimes) of operation. From that perspective, the outcome capabilities of this effort could also aid in developing diagnostic models and schemes for large and complex industrial installations.