System and a method for recommending feature sets for a plurality of equipment to a user

A method for recommendation and reengineering of feature sets and labelled data for an equipment, the method comprising:

• creating, by a feature set library and recommendation engine, a library of contextual and preprocessed feature sets in a hierarchical manner and for recommending features from generated feature sets to a user based on a problem statement/hypothesis to be solved as defined by the user;
• compiling, by a feature set creation module, a plurality of hierarchical feature sets with a last feature set in a hierarchy being generated using an output of a service actionable (SACT) module, and wherein the feature set creation module incrementally adds the generated feature sets using an output of an insight indices generation module, a classification module and a characterization module to the feature sets generated by the SACT module;
• validating the generated feature sets to remove errors present in the generated feature sets;
• and
• using the validated feature sets as labelled data for previous feature sets in the hierarchy of processing and using a plurality of pre-defined and user-configurable attributes to categorize the labelled data corresponding to the contextual and pre-processed feature sets.

A computer readable medium comprising one or more processors and a memory coupled to the one or more processors, the memory storing instructions executed by the one or more processors, the one or more processors configured to:

• create, by a feature set library and recommendation engine, a library of contextual and preprocessed feature sets in a hierarchical manner and for recommending features from generated feature sets to a user based on a problem statement/hypothesis to be solved as defined by the user;
• compile, by a feature set creation module, a plurality of hierarchical feature sets with a last feature set in a hierarchy being generated using an output of a service actionable (SACT) module, and wherein the feature set creation module incrementally adds the generated feature sets using an output of an insight indices generation module, a classification module and a characterization module to the feature sets generated by the SACT module;
• validate the generated feature sets to remove errors present in the generated feature sets;
• and
• use the validated feature sets as labelled data for previous feature sets in the hierarchy of processing and using a plurality of pre-defined and user-configurable attributes to categorize the labelled data corresponding to the contextual and pre-processed feature sets.