Modern engineering systems are becoming increasingly complex, sophisticated, demanding and globally distributed. Maintaining and sustaining such systems healthy, reliably, safely wherever and whenever needed efficiently and economically is a challenging task facing the 21 st century. It is gratifying to note that significant advances are being made by researchers from academia, public and private R & D establishments, hardware/software vending organizations, professional and ISO to resolve a number of problem areas facing industrial sectors in maintaining their valuable assets. This paper presents some of the recent trends in the fast-growing holistic, proactive-based and topical area of systems performance monitoring and failure diagnosis.

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