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The tool developed through this work merges information from the electric propulsion system design phase with diagnostic tools. Information from the failure mode and effect analysis (FMEA) from the system design phase is embedded within a Bayesian network (BN). Each node in the network can represent either a fault, failure mode, root cause or effect, and the causal relationships between different elements are described through the connecting edges. This novel approach can help Fault Detection and Isolation (FDI), producing a framework capable of isolating the cause of sub-system level fault and degradation. This system: Identifies and quantifies the effects of the identified hazards, the severity and probability of their effects, their root cause, and the likelihood of each cause; Uses a Bayesian framework for fault detection and isolation (FDI); Based on the FDI output, estimates health of the faulty component and predicts the remaining useful life (RUL) by also performing uncertainty quantification (UQ); Identifies potential electric powertrain hazards and performs a functional hazard analysis (FHA) for unmanned aerial vehicles (UAVs)/Urban Air Mobility (UAM) vehicles. Despite being developed for and demonstrated with an application to an electric UAV, the methodology is generalized and can be implemented in other domains, ranging from manufacturing facilities to various autonomous vehicles.