In accordance with an embodiment of the present invention, a method of processing large volumes of data to allow for real-time reservoir management is disclosed, comprising: a) acquiring a first data series from a first reservoir sensor; b) establishing a set of criteria based on reservoir management objectives, sensor characteristics, sensor location, nature of the reservoir, and data storage optimization, etc.; c) identifying one or more subsets of the first data series meeting at least one of the criteria; and optionally d) generating one or more second data series based on at least one of the subsets. This methodology may be repeated for numerous reservoir sensors. This methodology allows for intelligent evaluation of sensor data by using carefully established criteria to intelligently select one or more subsets of data. In an alternative embodiment, sensor data from one or more sensors may be evaluated while processing data from a different sensor.