System on Chip architectures have traditionally relied upon bus based interconnect for their communication needs. However, increasing bus frequencies and the load on the bus calls for focus on reliability issues in such bus based systems. In this paper, we provide a detailed analysis of different kinds of errors and the susceptibility of such systems to such errors on various components that the bus comprises of. With elaborate experiments we determine the effect of a single bit error on the bus system during the course of different transactions. The work demonstrates the fact that only a few signals in a bus system are really critical and need to be guarded. Such transaction based analysis helps us to develop an effective prediction methodology to predict the effect of a single bit error on any application running on a bus based architecture. We demonstrate that our transaction based prediction scheme works with an average accuracy of 92% over all the benchmarks when compared with the actual simulation results.