Boreholes are drilled into earth formations for various purposes such as hydrocarbon production, geothermal production and carbon dioxide sequestration. The boreholes may be drilled with drilling system components that are subject to mechanical stress, pressure, and temperature. As the drilling system components are subject to varying operating conditions such as alternating stress cycles and may be used over and over again to drill many boreholes, these components may be subject to damage from fatigue. If any of these components fail during operation, then drilling operations may be shut down while the failed component is retrieved from the borehole and repaired or replaced resulting in increased drilling costs. Hence, apparatus and method to forecast and prevent potential problems with drilling system components would be well received by the drilling industry.