A method for controlling a drilling rig based on a smart historian module. The smart historian module is configured to store equipment events, measurements or operating parameters as historic records. As the amount of information to be stored increases as the equipment on a rig is increasingly monitored, the smart historian examines the manner in which this increasing amount of information is to be stored and how it can be utilized in the drilling operation and maintenance of the equipment. The smart historian includes a fast loop component in the high frequency events environment to record the resultant measurement of key metrics and performance functions, hence reducing the size of recorded information, and enhancing the value of the dataset.
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