A method includes identifying a statistical performance of a monitoring rule associated with an asset monitoring system. The monitoring rule includes logic configured to identify one or more faults with at least one asset, and the statistical performance includes an effectiveness of the monitoring rule in identifying the one or more faults. The method also includes identifying an economic performance of the monitoring rule, where the economic performance is based on costs associated with different outcomes of the monitoring rule. The method further includes updating or replacing the monitoring rule based on the economic performance.