With the passage of time, any processing machine develops degraded effectiveness, marked by reduced mean time between failure (MTBF) and the reduction in the value of reliability. Even periodic preventive maintenance is not enough to restore reliability to its original value. Many a times even predictive preventive maintenance may require changed system of condition monitoring. Based on failure modes effect and criticality analysis (FMECA) and risk priority number (RPN) and comparing the thresholding value of the each component, it is possible to classify the critical components in regard to risk and hazards and losses involved in case of repair and maintenance. This requires determining the likelihood coefficient (LC) of each failure mode and the same for threshold values. In this paper, the author like to discuss and critically analyse the system, taking a case from the industry involving reliability based condition monitoring of Turbo Blower.