Usually this operation is done through a FMEA (Failure Mode Effects Analysis). By statistically going through the form you can set up your modes of failure.
You should have certain criteria that your component(s) should meet for acceptable performance. It is up to your observations whether the components are acheiving its goal.
You may want to do a search on "FMEA".
You will get some pretty in depth explanations from the Internet. Now it is up to you, that is if you want to spend the money on a book, but you should be able to find the books you are looking for on the SPE website.
I have found a book called
Failure of Plastics by Brostow/Corneliussen
Published by Hanser Publishers.
It has an SPE logo on the cover, so I guess it can be bought through them
I got mine at a "K" fair in the mid 90's
