Since the Industrial Revolution, maintenance of engineering systems has been a continuous challenge. Although impressive progress has been made in maintaining equipment in the field, maintenance of equipment is still a challenging issue because of various factors including complexity, cost, and competition. Each year billions of dollars are spent on engineering equipment maintenance worldwide, and it means there is a definite need for effective asset management and maintenance practices that can positively influence success factors such as quality, safety, price, speed of innovation, reliable delivery, and profitability.