Method for assessing health conditions of industrial equipment (S), said equipment having one or more determined failure modes (F1, . . . , FN), each of said failure modes having one or more determined failure causes (FCD1, . . . , FCDK) and/or one or more undetermined failure causes (FCU1, . . . , FCUM), further comprising: acquiring input data (DIN) related to said equipment; calculating failure mode assessment data (RFi, RULFi, AFi, RSKFi, POFFi) for each failure mode (Fi) determined for said equipment, wherein the calculation of said failure mode assessment data comprises: if said failure mode (Fi) has one or more determined failure causes (FCD1, . . . , FCDK): executing a first calculation procedure to calculate failure cause assessment data (RFCj, RULFCj, AFCj) for each failure cause (FCDj) determined for said failure mode, said failure cause assessment data being calculated on the basis of said input data (DIN); calculating said failure mode assessment data on the basis of the failure cause assessment data (RFCj, RULFCj, AFCj) calculated for each failure cause (FCDj) determined for said failure mode; if said failure mode (Fi) has one or more undetermined failure causes (FCU1, . . . , FCUM), executing a second calculation procedure to calculate said failure mode assessment data, said failure mode assessment data being calculated on the basis of said input data (DIN); calculating a system assessment data (RS, RULS, AS, RSKS, POFS) for said equipment, said system assessment data being calculated on the basis of said failure mode assessment data (RFi, RULFi, AFi, RSKFi, POFFi).