A method and system of managing a configuration of mechanical equipment provides a structured procedure for managing information on parameters of the mechanical equipment to facilitate the maintenance of safety, legal compliance, performance, and reliability of the mechanical equipment. A desired configuration of the mechanical equipment is defined based on a design objective, such as safety, reliability, performance, or any combination of the foregoing objectives. An actual configuration of the mechanical equipment is determined based on an evaluation of the mechanical equipment. Upgrade requirements are planned for upgrading the actual configuration to the desired configuration if the actual configuration is noncompliant with the desired configuration.