Calibration technique for rules used with asset monitoring in industrial process control and automation systems

An apparatus comprising:

• at least one processing device configured to:
• identify a statistical performance of a monitoring rule associated with an asset monitoring system, the monitoring rule comprising logic configured to identify one or more faults with at least one asset, the statistical performance comprising an effectiveness of the monitoring rule in identifying the one or more faults;
• identify an economic performance of the monitoring rule, the economic performance based on costs associated with different outcomes of the monitoring rule;
• and
• update or replace the monitoring rule based on the economic performance.

A non-transitory computer readable medium containing computer readable program code that, when executed by at least one processing device, causes the at least one processing device to:

• identify a statistical performance of a monitoring rule associated with an asset monitoring system, the monitoring rule comprising logic configured to identify one or more faults with at least one asset, the statistical performance comprising an effectiveness of the monitoring rule in identifying the one or more faults;
• identify an economic performance of the monitoring rule, the economic performance based on costs associated with different outcomes of the monitoring rule;
• and
• update or replace the monitoring rule based on the economic performance.