Managing performance of assets in industrial facilities

A system for managing performance of assets involved in an industrial process, the system comprising:

• a processor to:
• for a component or a subsystem of an asset, determine a first severity index of a first symptom of a fault associated with the component or the subsystem based on an amount of deviation in value of a first operating parameter of the component or the subsystem from a corresponding predefined mean value indicative of acceptable values of the first operating parameter;
• determine a second severity index of a second symptom of the fault based on an amount of deviation in value of a second operating parameter of the component or the subsystem from a corresponding predefined mean value indicative of acceptable values of the second operating parameter;
• calculate a fault severity indicator for the fault associated with the component or the subsystem by integrating the first severity index and the second severity index using data fusion operations;
• and
• cause an alert notification to be generated based on the fault severity indicator of the fault.

A non-transitory computer-readable medium comprising instructions executable by a processing resource to:

• for a component of an asset:
• detect a first fault based on a symptom of the first fault associated with the component, and a second fault based on a symptom of the second fault associated with the component, the symptom of a fault being a deviation in value of an operating parameter of the component from corresponding predefined mean value, the mean value being indicative of normal operational behavior of the component of the asset;
• calculate a fault severity indicator for the first fault based on a severity index of the symptom of the first fault and for the second fault based on a severity index of the symptom of the second fault, the severity index of a symptom of a fault being based on an amount of deviation in value of the respective operating parameter from the corresponding predefined mean value;
• determine a component level degradation indicator for the component, by integrating the fault severity indicators of the first fault and the second fault using data fusion operations;
• and
• cause an alert notification to be generated based on the component level degradation indicator.