A process plant management system with asset health normalization and aggregation. Aspects of the system include asset monitoring components that sense operating parameters and determine the condition of assets using a number of disparate asset condition assessment methodologies based on those parameters. The system calculates normalized component health scores from the reported asset condition information and evaluates the normalized component health scores to produce an overall asset health score for each asset. The system maintains a hierarchical representation that organizes assets using physical and logical relationships. The system generates virtual health scores for parent objects in the hierarchy from the health scores of the children of each parent object.