This paper presents an NI LabVIEW-based Watchdog Agent[○!R] Toolkit developed by the NSF Center for Intelligent Maintenance Systems (www.imscenter.net) at the University of Cincinnati. It is a systematic reconfigurable platform that accelerates the Prognostics and Health Management (PHM) process through simplification of PHM design, modeling, and evaluation. A practical and systematic framework for PHM applications is introduced with comprehensive detail. National Instruments (NI) hardware and LabVIEW software toolkit are used to develop a reconfigurable prognostic platform for rapid deployment and realization of a predictive system. The LabVIEW-based toolkit consists of several key PHM algorithms for health assessment, diagnosis, and prediction. Specifically, the integrated toolkit includes most frequently-used algorithms such as Logistic Regression, Self-Organizing Map, Neural Network, Support Vector Machine and others, To facilitate the use of the toolkit, some integrated (express VI) functions and graphical user interface were also developed to accelerate the process of signal processing, sensor fusion, health diagnosis and prognosis with minimum analyst manipulation and less external knowledge input. The prognostic platform can be easily configured and integrated into the enterprise asset management system to deliver information for maintaining optimal performance of the system.