Cost-driven system and method for predictive equipment failure detection

An apparatus comprising:

• at least one processing device configured to:
• identify costs associated with different outcomes of a failure prediction algorithm, the failure prediction algorithm configured to predict one or more faults with at least one piece of industrial equipment, the different outcomes including both successful and unsuccessful predictions by the failure prediction algorithm;
• identify a threshold value for the failure prediction algorithm using the costs, the threshold value used by the failure prediction algorithm to identify whether maintenance of the at least one piece of industrial equipment is needed;
• and
• provide the threshold value to the failure prediction algorithm;
• wherein the at least one processing device is configured to select the threshold value such that a net positive economic benefit is obtained from use of the threshold value with the failure prediction algorithm.

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

• identify costs associated with different outcomes of a failure prediction algorithm, the failure prediction algorithm configured to predict one or more faults with at least one piece of industrial equipment, the different outcomes including both successful and unsuccessful predictions by the failure prediction algorithm;
• identify a threshold value for the failure prediction algorithm using the costs, the threshold value used by the failure prediction algorithm to identify whether maintenance of the at least one piece of industrial equipment is needed;
• and
• provide the threshold value to the failure prediction algorithm;
• wherein the threshold value is selected such that a net positive economic benefit is obtained from use of the threshold value with the failure prediction algorithm.