This paper describes the theory and considerations in the application of model-based techniques to assimilate information from disjoint knowledge sources for performing NASA's Fault Management (FM)-related activities using the TEAMS® toolset. FM consists of the operational mitigation of existing and impending spacecraft failures. NASA's FM directives have both design-phase and operational-phase goals. This paper highlights recent studies by QSI and DST of the capabilities required in the TEAMS® toolset for conducting FM activities with the aim of reducing operating costs, increasing autonomy, and conforming to time schedules. These studies use and extend the analytic capabilities of QSI's TEAMS® toolset to conduct a range of FM activities within a centralized platform.