Determining a corrective action based on economic calculation

A computer-implemented method is provided for determining a corrective action. The method may include obtaining diagnostic data and calculating, using the diagnostic data, a prognostic. The method may also include retrieving, when the prognostic is above an alarm level, historical records and calculating a Bayesian posterior probability using the diagnostic data and the historical records. Further, the method may include calculating a prognostic prescience metric using the diagnostic data and the historical records and determining, based on the Bayesian posterior probability, the prognostic prescience metric, and an economic calculation, the corrective action.