A system for predicting events by associating time series data with other types of non-time series data can include a processor configured to receive a data stream including time series data transmitted from a sensor configured to measure an operating parameter of a component being monitored. The processor identifies sequences of interest in the time series data having predictive value. The processor compares the real-time data stream to a set of pre-existing event data that act as effective leading indicators of different alarms and events. The processor extracts any identified sequences of interest from the time series data as an extracted event. The processor quantifies the relationship between the data of the extracted event and the known historical pattern by calculating a confidence level to denote a probability of occurrence of the event by comparing how closely the new time series data matches the data patterns associated with known events.
Please help me write a proper abstract based on the patent claims. CLAIM: 1. A method for associating time series data to pre-existing discrete data to predict future events, the method comprising: receiving at a processor a data stream transmitted from a sensor configured to measure an operating parameter of a component being monitored, wherein the data stream comprises at least time series data; correlating relevant time series data to pre-existing event data to detect extracted time series events; identifying each occurrence of the relevant time series data in the data stream, extracting the identified relevant time series data and marking the relevant time series data as an extracted time series event; inspecting event data that chronologically follows the relevant time series sequence for each occurrence of the extracted time series event to identify positive cases and negative cases to calculate a measure of predictive power of the time series sequence; training a prediction algorithm using training samples to identify the positive cases and ignore the negative cases of the relevant time series sequence; storing time series data patterns for the relevant time series sequences having a high predictive value; and performing data mining on historical data within a database to create new templates for the time series sequences having high predictive value. 2. The method of claim 1, further comprising analyzing incoming new time series data arriving in the data stream to determine pattern matches with the time series templates to predict an occurrence of an event. 3. The method of claim 2, further comprising assessing a likelihood of occurrence of the event by determining whether the new time series data is a strong match to the pattern of one or more templates. 4. The method of claim 3, further comprising taking preventative actions on the component to prevent a future event when the likelihood of the occurrence of the event is a strong match. 5. The method of claim 1, wherein the relevant time series data indicates an alarm event. 6. The method of claim 1, wherein the relevant time series data indicates a failure event. 7. The method claim 1, wherein an identification of a positive case indicates a predicted event occurs following the time series sequence and an identification of a negative case indicates the predicted event does not occur following the time series sequence. 8. The method of claim 1, wherein the prediction algorithm comprises a genetic algorithm. 9. A system for associating time series data to pre-existing discrete data to predict future events, the system comprising: at least one processing unit and at least one database; a plurality of sensors in communication with the at least one processing unit; wherein the at least one processing unit is configured to: receive at a processor a data stream transmitted from a sensor configured to measure an operating parameter of a component being monitored, wherein the data stream comprises at least time series data; correlate relevant time series data to pre-existing event data to detect extracted time series events; identify each occurrence of the relevant time series data in the data stream, extract the identified relevant time series data and mark the relevant time series data as an extracted time series event; inspect event data that chronologically follows the relevant time series sequence for each occurrence of the extracted time series event to identify positive cases and negative cases to calculate a measure of predictive power of the time series sequence; train a prediction algorithm using training samples to identify the positive cases and ignore the negative cases of the relevant time series sequence; store time series data patterns for the relevant time series sequences having a high predictive value; and perform data mining on historical data within a database to create new templates for the time series sequences having high predictive value. 10. The system of claim 9, wherein the processing unit is configured to analyze incoming new time series data arriving in the data stream to determine pattern matches with the time series templates to predict an occurrence of an event. 11. The system of claim 10, wherein the processing unit is configured to assess a likelihood of occurrence of the event by determining whether the new time series data is a strong match to the pattern of one or more templates. 12. The system of claim 11, further comprises a predictive system configured to take preventative actions on the component to prevent a future event when the likelihood of the occurrence of the event is a strong match.