Abstract

Artificial Intelligence (AI) is playing a dominant role in the 21 st century. Organizations have more data than ever, so it's crucial to ensure that the analytics team should differentiate between Interesting Data and Useful Data. Amongst the important aspects in Machine Learning are "Feature Selection" and "Feature Extraction". We are now witnessing the emerging fourth industrial revolution and a considerable number of evolutionary changes in machine learning methodologies to achieve operational excellence in operating and maintaining the industrial assets efficiently, reliably, safely and cost-effectively. AI techniques such as, knowledge based systems, expert systems, artificial neural networks, genetic algorithms, fuzzy logic, case-based reasoning and any combination of these techniques (hybrid systems), machine learning, biomimicry such as swarm intelligence and distributed intelligence. are widely used by multi-disciplinarians to solve a whole range of hitherto intractable problems associated with the proactive maintenance management of industrial assets. In this paper, an attempt is made to review the role of artificial intelligence in condition monitoring and diagnostic engineering management of modern engineering assets. The paper also highlights that unethical and immoral misuse of AI is dangerous.