1. A computer-implemented method for generating a set of Analytical Redundancy Relations representing a system with which a plurality of sensors is associated for the observation of variables indicative of operating conditions and adapted to enable detection and isolation of faults, the system being describable by a model based on the arrangement of components of said system, including a set of Primary Relations between inputs and outputs of each component, indicative of its operating function, wherein each Analytical Redundancy Relation represents the logical relations between a subset of observable variables of the system and a corresponding subset of support components of the system, including: a) the generation of a complete set of Analytical Redundancy Relations for the system, in implicit form; b) the determination of an original binary Fault Signature Matrix associated with said complete set of Analytical Redundancy Relations having size m×n where m is the power of the complete set of Analytical Redundancy Relations and n is the number of the system components; c) the determination of at least one submatrix of said original signature matrix, having a minimal subset of rows of the original matrix such that said submatrix has the same number of non-zero columns and the same number of distinct columns as the original matrix; and d) the generation of a subset of Analytical Redundancy Relations of said complete set, including the Analytical Redundancy Relations associated to the rows of the signature submatrix determined in step (c).