SYSTEM AND METHOD FOR CORRECTING OPERATIONAL DATA

A method implemented using a processor based device for generating a corrected data for deriving a decision related to a data source includes receiving measurement data representative of an operational parameter from the data source. The operational parameter includes a monotonous time series data. The method also includes identifying an event based on the measurement data and determining an event category based on the identified event. The method further includes processing the measurement data using a statistical data correction technique, based on the determined event category, to generate the corrected data for deriving the decision related to the data source.