Industries need for an optimal preventive maintenance strategy integrated with health monitoring technique of plant and machinery system has led to the concept of relevant condition predictor (RCP) based maintenance system. The purpose of this concept is to prevent the failure of the plant and machinery system for improving their reliability and availability leading to effective strategic engineering asset management. This is achieved through relevant health monitoring of the critical plant and machinery system considering the application and cost-effectiveness of the monitoring technique. A review of the relevant health monitoring based maintenance is undertaken in this paper for achieving an effective strategic engineering asset management system.