4 Data Analytics

DOI: 10.1201/9781003208686-4

4.1 Data-Driven and Model-Driven Approaches

Enhanced analytics, based on a combination of data-driven and model-driven approaches, aims to bring insight into asset management by enabling the capability of nowcasting and forecasting (Figure 4.1).

FIGURE 4.1 AI factory’s concept of enhanced analytics.
  • Nowcasting aims to provide understanding of the current situation and the asset’s current condition by providing insight into (Karim et al., 2016):
    1. What happened in the past?
    2. Why did something happen?
  • Forecasting aims to provide understanding of the future situation and the asset’s estimated condition ...

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