Improved condition monitoring of production equipment enhances process safety and the ability to prepare maintenance, to perform maintenance efficiently, and thus reduce downtime and associated costs. Currently, there is a somewhat limited focus on condition monitoring of static equipment, such as heat exchangers and separators. This is due to organizational barriers, available technology, and budget constraints at management level. The objective of this article is to present a three-step approach that supports the decision-maker in the selection of condition monitoring methods for production equipment. The approach is exemplified by a heat exchanger and the focus is on condition monitoring in the operational phase, including assessment of life cycle costs (LCC).