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This paper describes a framework for developing an Integrated Electrical Power System (EPS) Health Management System. The framework is based on the perspective that health management, unlike other capabilities, is not a self-contained, stand-alone system, but is rather an integral part of every aircraft subsystem, system, and the entire platform. Ultimately, the objective is to improve the entire maintenance, logistics and fleet operations support processes. This perspective requires a new mindset when applying systems engineering design principles. The paper provides an overview description of the framework, the potential benefits of the approach and some critical design and implementation issues based on current development efforts.