Abstract: The present disclosure provides a method and a system for monitoring operation of an asset and creating a condition based preventive and predictive maintenance process for the individual asset and overall system. The method and system employ a configuration of sensors within the asset for monitoring physical operating parameters of the asset. In addition, the method and system employ a server arrangement which is operable to receive the sensor signals in substantially real-time. The server arrangement includes processing hardware for processing the sensor signals and is operable to execute one or more software products including computer readable instructions. The software products are operable to analyse the sensor data for determining an aggregate efficiency of operation of the asset based upon a weighted combination of contributions from one or more apparatus of the asset and for providing one or more recommendations for improving the efficiency of operation of the asset.