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The field of prognostics and health management provides quantitative methods for monitoring and predicting the health of physical systems. Prognostics algorithms are useful in that they can be employed to assess the current state of a system, propagate the system state throughout time, and predict potential anomalies or failures that may occur. However, effective prognosis can be challenging to achieve in resource-constrained settings due to computational limitations and high computational latency, leading to obsolete predictions. Thus, computationally efficient and accurate algorithms are necessary for some prognostics applications. In this work, we implement three new algorithmic approaches to prediction (sampling methods, variable prediction time step, variable prediction sample size) with the goal of improving computational efficiency while minimizing decrease in model accuracy. To quantitatively analyze our results, we examine a use-case of degradation of a Lithium-ion battery. Notably, through this work it was found that none of the sampling approaches had a significant impact on computational efficiency or model accuracy in predicting EOD of the battery. However, our results show that prediction accuracy is highly dependent on the time step used, and that an appropriate time step can optimize both model accuracy and simulation efficiency. Finally, implementing a variable sample size also affected prediction, and our results show that tuning both the magnitude and timing of the sample size adjustment in an application-specific manner may prove useful in some applications. Taken together, our findings highlight the challenge of performing prognostics in resource-constrained settings, and illustrate the potential of developing new prediction algorithms to improve computational efficiency of prognosis.