This paper introduces a failure analysis procedure that underpins real-time fault prognosis. In the previous study, we developed a systematic eventization procedure which makes it possible to reduce the original data size into a manageable one in the form of event logs and eventually to extract failure patterns efficiently from the reduced data. Failure patterns are then extracted in the form of event sequences by sequence-mining algorithms, (e.g. FP-Tree algorithm). Extracted patterns are stored in a failure pattern library, and eventually, we use the stored failure pattern information to predict potential failures. The two practical case studies (marine diesel engine and SIRIUS-II car engine) provide empirical support for the performance of the proposed failure analysis procedure. This procedure can be easily extended for wide application fields of failure analysis such as vehicle and machine diagnostics. Furthermore, it can be applied to human health monitoring & prognosis, so that human body signals could be efficiently analyzed.