If you have any kind of functional physical model of part where and eventual failure, you have a huge head start. That said, there can be a pretty big gap betw

If you have any kind of functional physical model of part where and eventual failure, you have a huge head start. That said, there can be a pretty big gap between detecting individual sensor anomalies (undergrad homework) and predicting component failure (build an entire business around it). I have never regretted starting a data project with a small, easy task, and ramping up from there. Whereas I have definitely regretted starting a data project with big goals and/or fancy techniques at the beginning. Set clear incremental goals, and use the early prototyping phases to explore the data and develop a good understanding for what might or might not be possible to accomplish with it.