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An alternative degradation reliability modeling approach is presented in this paper. This approach extends the graphical approach used by several authors by considering the natural ordering of performance degradation data using a truncated Weibull distribution. Maximum Likelihood Estimation is used to provide a one-step method to estimate the model's parameters. A closed form expression of the likelihood function is derived for a two-parameter truncated Weibull distribution with time-independent shape parameter. A semi-numerical method is presented for the truncated Weibull distribution with a time-dependent shape parameter. Numerical studies of generated data suggest that the proposed approach provides reasonable estimates even for small sample sizes. The analysis of fatigue data shows that the proposed approach yields a good match of the crack length mean value curve obtained using the path curve approach and better results than those obtained using the graphical approach.