A system comprising: one or more processors; and one or more non-transitory computer-readable media maintaining executable instructions, which, when executed by the one or more processors, program the one or more processors to perform operations comprising: - receiving a physical model of an equipment including a brake; - generating simulated data corresponding to braking times for the brake based on the physical model, the simulated data including a plurality of probability distributions of a plurality of degrees of failure, respectively, for at least one failure mode of the brake; - determining a difference (Δ) between the simulated data corresponding to braking times for the brake based on the physical model and historical data corresponding to the brake; - receiving sensor data including at least one measured metric indicating a condition of the brake; - normalizing the received sensor data based on the difference (Δ) between the simulated data and the historical data; - comparing the normalized sensor data with the simulated data to determine a failure mode and a degree of failure of the brake, and - sending a control signal for controlling the equipment based at least in part on a determined failure mode and degree of failure of the brake. one or more processors; and one or more non-transitory computer-readable media maintaining executable instructions, which, when executed by the one or more processors, program the one or more processors to perform operations comprising: - receiving a physical model of an equipment including a brake; - generating simulated data corresponding to braking times for the brake based on the physical model, the simulated data including a plurality of probability distributions of a plurality of degrees of failure, respectively, for at least one failure mode of the brake; - determining a difference (Δ) between the simulated data corresponding to braking times for the brake based on the physical model and historical data corresponding to the brake; - receiving sensor data including at least one measured metric indicating a condition of the brake; - normalizing the received sensor data based on the difference (Δ) between the simulated data and the historical data; - comparing the normalized sensor data with the simulated data to determine a failure mode and a degree of failure of the brake, and - sending a control signal for controlling the equipment based at least in part on a determined failure mode and degree of failure of the brake. - receiving a physical model of an equipment including a brake; - generating simulated data corresponding to braking times for the brake based on the physical model, the simulated data including a plurality of probability distributions of a plurality of degrees of failure, respectively, for at least one failure mode of the brake; - determining a difference (Δ) between the simulated data corresponding to braking times for the brake based on the physical model and historical data corresponding to the brake; - receiving sensor data including at least one measured metric indicating a condition of the brake; - normalizing the received sensor data based on the difference (Δ) between the simulated data and the historical data; - comparing the normalized sensor data with the simulated data to determine a failure mode and a degree of failure of the brake, and - sending a control signal for controlling the equipment based at least in part on a determined failure mode and degree of failure of the brake.