Environmental stress tests, or accelerated life tests, apply stresses to electronic packages that exceed the stress levels experienced in the field. In theory, these elevated stress levels are used to generate the same failure mechanisms that are seen in the field, only at an accelerated rate. The methods of assessing reliability of electronic packages can be classified into two categories: a statistical failure based approach and a physics of failure based approach. This research uses a statistical based methodology to identify the critical factors in reliability performance of a flip chip on board component level assembly and a physics of failure based approach to develop a low cycle strain based fatigue equation for flip chip component level assemblies. The critical factors in determining reliability performance were established via experimental investigation and their influence quantified via regression analysis. This methodology differs from other strain based fatigue approaches because it is not an empirical fit to experimental data; it utilizes regression analysis and least squares to obtain correction factors, or correction functions, and constants for a strain based fatigue equation, where the total inelastic strain is determined analytically. The end product is a general flip chip on board equation rather than one that is specific to a certain test vehicle or material set.