Yes - first you must determine the equipment you're dealing with... Then you form a Trouble Statement - What is wrong with What?
What does the equipment do that it should not do -or- what does the equipment not do that it should?
At what point in the equipment's operation does the fault appear. Does it always happen or is it random? Is there any pattern or dependency that seems to impact on the fault?
Then you need to think about what things might be working correctly - to gain a better picture of the things that might be faulty.
Then you need to form a hypothesis of the Most Probable Cause consistent with the picture you have constructed. Then perhaps the next two most probable causes. Decide how easy (cheap) it will be to eliminate any of the probable causes on the list - test for the easiest, cheapest, quickest first - work through the list.
As you gain new information you are permitted and even encouraged to review the data collected and form a new hypothesis about the cause of the problem as new evidence becomes available.
Where a "system" is failing a good technique is to look at the half-way-point in the system to see which side the fault lies - and by elimination you can narrow the area of possible failue.
I assume it's a boiler - do you have the make and model and a Trouble Statement?
Peccavi, September 2009