1. A process for creation of an equipment health monitoring (EHM) tool, comprising: providing definition of functional requirements for a proposed EHM tool in a structured hierarchical format; generating an outline model for a plurality of functions of the proposed EHM tool according to a model template, wherein the outline model is captured as one or more graphical representations, each graphical representation automatically including at least one component representative of a defined EHM functional requirement; generating source code for the proposed EHM tool based upon the graphically represented model; and, compiling a deployable EHM tool from the source code by applying a compilation strategy dependent on an intended mode of operation for said EHM tool.