A method includes obtaining data associated with operation of equipment in an industrial process and identifying training data and evaluation data in the obtained data. The method also includes, during each of multiple training periods, identifying one or more models and one or more first statistical values using at least some of the training data and determining a threshold value using the one or more first statistical values. The one or more models represent the operation of the equipment. The method further includes, during each of multiple evaluation periods, determining one or more second statistical values using at least some of the evaluation data and the one or more models, comparing the one or more second statistical values to the threshold value determined in a preceding one of the training periods, and determining whether the equipment is suffering from at least one specified condition based on the comparison. In addition, the method includes, in response to determining that the equipment is suffering from the at least one specified condition, generating an alert identifying the at least one specified condition.