A real-time system and method for monitoring the status of process equipment are extremely necessary for the refining and petrochemical industry, where equipment failures can drastically reduce unit throughput and thus refinery and petrochemical operating margins. Equipment monitoring includes collecting information from the real-time data historian about the critical process equipment, analyzing and comparing it with predetermined set values such as design or previous best. One or more KPIs indicating the overall health of equipment and status can be developed to track performance and lead to sustained operations.