System and method for analysing a system of assets

An asset monitoring system for monitoring a system of physical assets. The monitoring system configured to: collect data 210 relating to at least part of the system of assets; implement one or more deterioration models 340, each of the one of the one or more deterioration models being configured to model deterioration of at least one asset of the system of assets; implement a set or pre-set barrier model 345, the barrier model modelling a resistance to the deterioration of the at least one asset; apply the data to the one or more deterioration models and the one or more barrier models in order to determine a condition or degradation related parameter 225 of the at least one asset; and take an action based on the determined condition or degradation related parameter of the at least one asset. The system include a predictive model which determines a remaining life of the asset based on the parameter.