Data-driven condition-based maintenance models

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Manufacturing, service, and process-oriented companies can spend 25% to 50% of their total cost of operations on maintenance of critical equipment. Examples of these include mining companies, steel producers, airlines, pulp mills, oil producers, as well as many others. The unavailability of a critical piece of equipment when it is needed can result in severe financial loss to the company. Condition-based maintenance (CBM) is one of the key maintenance tactics employed within organizations with the goal of obtaining as much life out of the equipment as is economically justifiable before making the decision to replace or repair it.