The aim of this paper is to provide a fatigue life prediction method which can concurrently approximate both SN behavior as well as the inherent variability of fatigue efficiently with a limited number of experimental tests. The purpose of such a tool is for the quality assessment and verification of components using Additive Manufacturing (AM) processes and other materials with a limited knowledgebase. Interest in AM technology is continually growing in many industries, such as aerospace, automotive, or biomedical. But components often result in highly variable fatigue performance. The determination of optimal process parameters for the build process can be an extensive and costly endeavor due to either a limited knowledgebase or proprietary restrictions. Quantifying the significant variability of fatigue performance in AM components is a challenging task as there are many causes including machine to machine differences, recycles of powder, and process parameter selection. Therefore, a life prediction method which can rapidly determine the fatigue performance of a material with little or no prior information of the material and a limited number of experimental tests is developed as an aid in process parameter selection and fatigue performance qualification. This is performed by using a previously developed and simplistic energy based fatigue life prediction method, or Two Point method, to predict the inherent variability associated with fatigue performance. The proposed approach is verified by using predicted distributions of stress and cycles to failure and comparing with experimental data at 104 and 106 cycles to failure. SN life prediction is modeled via a modified Random Fatigue Limit (RFL) model where the two RFL model parameters are evaluated using Bayesian statistical inference and stochastic sampling techniques for distribution estimation. This is performed in a dynamic way such that the life prediction model is continually updated with the generation of experimental data.