1. A system for use in analyzing an operation of process plant control equipment within a process plant while the process plant control equipment is operating on-line within the process plant to implement an industrial process, comprising: a data collection device, coupled to the process plant control equipment to collect process variable data from the process plant control equipment as determined or measured within the industrial process while the industrial process is operating on-line; a process logic engine communicatively coupled to the data collection device that operates on a computer processor to simulate a portion of the operation of the industrial process using the collected process variable data to produce one or more further process variable values; and a process analytic engine communicatively coupled to the process logic engine, including; one or more stored data analytic models that statistically model the operation of the process; and a data analytics execution engine that executes a data analytic routine using the one or more data analytic models while the industrial process is operating on-line to determine a predicted process variable for the industrial process using some of the process variable data and the one or more further process variable values while the industrial process is operating on-line.