1. A system for monitoring equipment performance and predicting failures, the system comprising: a data historian that stores historical data for a piece of equipment and designates the historical data with at least two input tags; at least one sensor that gathers new data from the piece of equipment corresponding to the at least two input tags; and a matrix model builder application that allows a user to select a first time span for the at least two input tags from the historical data, that generates a regression model including an expected output tag for the at least two input tags, that allows a user to select a second time span for the at least two input tags from the new data, and that compares the second time span with the new data to the expected output tag to determine whether the new data is within a normal operating range.