A device for diagnosis of an electronic based product in industrial plants/systems, the device comprising: a plurality of sensors coupled with the electronic based product for monitoring a plurality of parameters associated with the electronic based product, each sensor configured to generate at least one of an analogue signal and a digital signal upon monitoring of a parameter; a plurality of converters coupled to the plurality of sensors for converting analogue signals generated from the plurality of sensors to digital signals; a processing module coupled to the plurality of sensors via the plurality of converters for determining abnormal parameter conditions based at least on comparing the digital signals to threshold parameter values, each abnormal parameter condition corresponding to a parameter being determined based on comparison of a digital signal associated with the parameter and a threshold parameter value corresponding to the parameter; a memory module coupled with the processing module, the memory module configured to store information associated with the abnormal parameter conditions; a communication interface configured to provide the information associated with the abnormal parameter conditions to at least one external device (160, 170) for diagnosis of one or more faults in the electronic based product, the device being integrated in a hosting module of the electronic based product, characterized in that the memory module being configured to store a timestamp information associated with each abnormal parameter conditions; the processing module is configured to compute a time duration associated with the parameter; count a number of occurrences of the parameter; and compute a mathematical modelling associated with the parameter based on at least one of the time duration associated with the parameter, the number of occurrences of the parameter and a historical information associated with the parameter; the processing module is further configured to determine each abnormal parameter condition based on the time duration associated with the parameter, the number of occurrences of the parameter, and the mathematical modelling. a plurality of sensors coupled with the electronic based product for monitoring a plurality of parameters associated with the electronic based product, each sensor configured to generate at least one of an analogue signal and a digital signal upon monitoring of a parameter; a plurality of converters coupled to the plurality of sensors for converting analogue signals generated from the plurality of sensors to digital signals; a processing module coupled to the plurality of sensors via the plurality of converters for determining abnormal parameter conditions based at least on comparing the digital signals to threshold parameter values, each abnormal parameter condition corresponding to a parameter being determined based on comparison of a digital signal associated with the parameter and a threshold parameter value corresponding to the parameter; a memory module coupled with the processing module, the memory module configured to store information associated with the abnormal parameter conditions; a communication interface configured to provide the information associated with the abnormal parameter conditions to at least one external device (160, 170) for diagnosis of one or more faults in the electronic based product, the device being integrated in a hosting module of the electronic based product, characterized in that the memory module being configured to store a timestamp information associated with each abnormal parameter conditions; the processing module is configured to compute a time duration associated with the parameter; count a number of occurrences of the parameter; and compute a mathematical modelling associated with the parameter based on at least one of the time duration associated with the parameter, the number of occurrences of the parameter and a historical information associated with the parameter; the processing module is further configured to determine each abnormal parameter condition based on the time duration associated with the parameter, the number of occurrences of the parameter, and the mathematical modelling.