Monitoring system for estimating useful life of a machine component

A method of estimating a health of a machine, comprising:

• collecting first operational data from a first machine;
• determining a measured health value based on the first operational data;
• comparing the measured health value to a predicted health value generated by a first prediction model;
• determining an error based at least in part on the comparison of the measured health value to the predicted health value;
• in response to the error exceeding a predetermined threshold, defining a second prediction model based on the first operational data;
• and
• replacing the first prediction model with the second prediction model.

A computer program product for estimating a health of a machine, comprising:

• a non-transitory computer-readable storage medium;
• and
• program code stored on the non-transitory computer-readable storage medium that, when executed by one or more processors, causes the one or more processors to:
• collect first operational data from a first machine;
• determine a measured health value based on the first operational data;
• compare the measured health value to a predicted health value generated by a first prediction model;
• determine an error based at least in part on the comparison of the measured health value to the predicted health value;
• in response to the error exceeding a predetermined threshold, define a second prediction model based on the first operational data;
• and
• replace the first prediction model with the second prediction model.