A data modeling studio provides a structured environment for graphically creating and executing models which may be configured for diagnosis, prognosis, analysis, identifying relationships, etc., within a process plant. The data modeling studio includes a configuration engine for generating user interface elements to facilitate graphical construction of a model and a runtime engine for executing data models in, for example, an offline or an on-line environment. The configuration engine includes an interface routine that generates user interface elements, a plurality of templates stored in memory that serve as the building blocks of the model and a model compiler that converts the graphical model into a data format executable by the run-time engine. The run time engine executes the model to produce the desired output and may include a retrieval routine for retrieving data corresponding to the templates from memory and a modeling routine for executing the executable model.