What are you trying to do? Articulate your objectives using absolutely no jargon.
We want to be able to detect, diagnose, and locate electrical faults in aircraft wiring and interconnection systems. We can do this today (but the system would be best if integrated into the system at the design stages. We would like to expand this to use with batteries and electrical storage systems. In addition, we want to be able to predict (prognose) electrical problems in advance of them becoming catastrophic failures.
How is it done today, and what are the limits of current practice?
Today, this could be done with spread spectrum time domain reflectometry (SSTDR) IF it can be integrated with the aircraft (generally from the design stage). It can also be used after market, but has more limitations that way.
What is new in your approach and why do you think it will be successful?
SSTDR can test on electrical systems while they are live / energized and fully functional without requiring turning the system off and disconnecting the loads.
Who cares? If you are successful, what difference will it make?
This could greatly improve aircraft (and other types of) electrical maintenance.