Systems such as satellites, airplanes, cars and air traffic controls are becoming more and more complex and/or highly integrated. These systems integrate several technologies inside themselves, and must be able to work in very demanding environments, sometimes with few, or none, maintenance services, because of their severe conditions of work. To survive to such severe work conditions, the systems must present high levels of reliability, which are achieved through different approaches and processes. Therefore, it is necessary that the processes of decision analysis and making are progressively improved, taking into account experiences collected before by several technological communities, and then propose efficient modifications in the local processes. These experiences influence the proposition and improvement of several Reliability Standards Series taken by four different approaches and several technological communities. The first and second approaches were already discussed in a previous paper. So, in this work we discuss the fault correction and the fault prediction approaches for improving the reliability of aerospace and automotive systems. To do that, we review the basic concepts and literature, the items and necessary analyses on a reliability analysis document by those approaches, allowing the assessment of the reliability of the same subsystem for different mission times, and examples to illustrate them. The results obtained so far suggest that they can contribute to improving the reliability of aerospace and automotive systems.