A process for creation of an equipment health monitoring (EHM) tool, including defining functional requirements for a proposed EHM tool in a structured hierarchical format. The functional requirements definition is used to generate an outline model for a plurality of functions of the proposed EHM tool according to a model template, wherein the outline model is captured as one or more graphical representations. Each graphical representation includes at least one component representative of a defined EHM functional requirement. Source code for the proposed EHM tool is automatically generated based upon the graphically represented model and then compiled to create a deployable EHM tool from the source code by applying a compilation strategy dependent on an intended mode of operation for said EHM tool. An EHM generation tool and associated data carrier are also recited.