Pacific Northwest National Laboratory personnel have developed a cost-effective solution for implementing the use of advanced technologies for monitoring the condition and performance of aging industrial facilities. A combination of operations and maintenance (O & M) know-how together with Laboratory technical capabilities have been used to develop and demonstrate the effectiveness of a condition monitoring software system. Already proven in a moderate size pilot heating plant, the system is expected to pay large dividends in the reduction of O & M costs in an aging cogeneration facility. Additional projects are currently underway to develop this technology to its full potential. This advanced architecture was designed to provide each segment of the plant operations and maintenance (O & M) team with understandable information for making safe, cost-effective life-cycle operating decisions. The software will provide plant operators, maintenance technicians, engineering staff and administrators with on-target, on-line information that enables high process efficiency simultaneously with cost- effective, life cycle oriented, capital equipment management. This infrastructure information becomes increasingly critical as the equipment, systems, and the facility itself become older. The result of this research provides the O & M practitioner with the ability to intelligently select the asset management course of action that minimizes both the cost and risk engendered by the operation and maintenance of aging process facilities.