I. Introduction
Technological development resulted in increased complexity in both industrial machinery and production systems. The modern industry is constantly demanding for work at high reliability, low environmental risks, and human safety while operating their processes at maximum yield. Therefore, prevention of failures and early detection of incipient machine and systems problems increase the useful operating life of plant machinery. Fault detection and diagnosis in the early stages of damage is necessary to prevent their malfunctioning and failure during operation. This will reflect in substantial benefits achieved through the use of optimization techniques in plant operations by improving the resource utilization at different levels of decision-making process. The premise of condition based maintenance is that regular monitoring of the actual mechanical condition of equipment and operating efficiency of process systems will ensure the maximum interval between repairs; minimize the number and cost of unscheduled outages created by machines failures and improve the overall availability of operating plants [1]. One of the most cost effective maintenance techniques is condition based maintenance.