An assessment has been undertaken to identify the state-of-practice for prognostics and health management of electronics. Based on a review of the prognostic approaches, case studies, publications, and the extent of intellectual property of numerous organizations, I identified the companies, universities, and government branches that are currently researching, developing, and/or implementing prognostics for their products and systems. Next, I developed a sensor selection process such that an optimal sensor system can be chosen prior to in-situ life cycle monitoring of electronic products and systems. I developed a questionnaire that can be used to understand the monitoring requirements of a particular PHM application, and identified criteria that one needs to consider in the sensor selection process in order to make the relevant tradeoffs. Finally, I provided guidelines on sensor selection to help a user validate their final selection. The process was demonstrated for two circuit card assemblies inside an avionics unit.