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A system and a method determine movement of a drilling component, such as, for example, a tool, a drill bit or other wellbore device, within a wellbore. The system and method may process information obtained from the wellbore by using, for example, a numerical processing algorithm. The information m

A system and a method determine movement of a drilling component, such as, for example, a tool, a drill bit or other wellbore device, within a wellbore. The system and method may process information obtained from the wellbore by using, for example, a numerical processing algorithm. The information may be data acquired during drilling of the wellbore. Rig surface data recording systems may track the position of the drill bit, the BHA and/or other component of the drill string during the time the component is within the wellbore. Downhole measuring devices may record data at various positions along the BHA and above the drill bit as a function of time.

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1. A method for determining movement of a drill bit in a wellbore to identify and correct drilling hazards, the method comprising: (a) selecting a plurality of depth intervals within the wellbore to generate a data matrix wherein time is added to the matrix for each depth interval as the drill bit,

1. A method for determining movement of a drill bit in a wellbore to identify and correct drilling hazards, the method comprising: (a) selecting a plurality of depth intervals within the wellbore to generate a data matrix wherein time is added to the matrix for each depth interval as the drill bit, bottom hole assembly, sensor or other component of a drill string passes the depth interval;(b) generating depth measurements for a drill bit over a time period;(c) determining a transit value for each depth interval over the time period based on the depth measurements of the drill bit wherein each of the transit values indicates a number of movements of the drill bit through a corresponding one of the depth intervals;wherein the transit value further comprises at least one of a number of lateral shocks experienced through each of the depth intervals, delta pressure applied to the wellbore through each of the depth intervals, a number of pump cycles and total side forces applied to a wall of the wellbore through each of the depth intervals;(d) transforming sensor data from a time index to a depth index;(e) pairing the data matrix with sensor data;(f) identifying one or more drilling hazards based on the transit values whereby corrective action is taken wherein the correction action comprises at least one of the following steps: (1) replacing the drill bit, a component of the bottom hole assembly, a portion or all of the bottom hole assembly, or a portion or all of the drill string, or (2) positioning a wireline and logging device or wellbore telemetry device into the wellbore; and(g) continuing steps a through f until drilling is complete. 2. The method of claim 1 wherein the time period is a total amount of time lapsed since initiation of drilling. 3. The method of claim 1 wherein the time period is based on a predetermined start time and a predetermined end time. 4. The method of claim 1 further comprising: establishing a predetermined condition wherein the depth measurements associated with the drill bit moving during the predetermined condition are not used to determine the transit values. 5. The method of claim 1 further comprising: establishing a predetermined distance wherein the depth measurements associated with the drill bit moving a distance less than the predetermined distance are not used to determine the transit values. 6. The method of claim 1 further comprising: measuring data using tools adjacent to the drill bit wherein the data is associated with the transit values. 7. The method of claim 1 further comprising: generating a graph having a first plot of the depth measurements as a function of time and a second plot of the transit values as a function of the time. 8. The method of claim 1, wherein the depth interval is in a range from about 0.1 to about 0.5 feet. 9. The method of claim 1, wherein each of the transit values further comprises a number of revolutions through which the drill bit has rotated in the corresponding intervals, the number of revolutions computed from the rate of rotation of the drill bit and the rate of penetration of the drill bit during drilling and reaming operations. 10. A method for determining movement of a drill bit in a wellbore to identify and correct drilling damage, the method comprising: (a) selecting a plurality of depth intervals in the wellbore to generate a data matrix wherein time is added to the matrix for each depth interval as the drill bit, bottom hole assembly, sensor or other component of a drill string passes the depth interval;(b) generating depth measurements for a drill bit over a time period;(c) determining a transit value for each depth interval over the time period based on the generated depth measurements, the transit values indicating a number of times the drill bit moved through each of the depth intervals and a number of revolutions of the drill bit through each of the depth intervals wherein the transit value further comprises at least one of a number of lateral shocks experienced through each of the depth intervals, delta pressure applied to the wellbore through each of the depth intervals, a number of pump cycles and total side forces applied to a wall of the wellbore through each of the depth intervals;(d) transforming sensor data from a time index to a depth index;(e) pairing the data matrix with sensor data;(f) correlating wellbore mechanical damage with the transit values whereby the damage is corrected; and(g) continuing steps a through f until drilling is complete. 11. The method of claim 10 further comprising: transmitting the measurements to a terminal using wired drill pipe which has wired drill pipe segments that form at least a portion of the drill string wherein the terminal determines and visually indicates the wellbore stability for each of the plurality of depths. 12. The method of claim 10 further comprising: generating the measurements at a plurality of times. 13. A method for determining movement of a drill bit in a wellbore to identify and correct drilling hazards, the method comprising: (a) selecting a plurality of depth intervals in the wellbore to generate a data matrix wherein time is added to the matrix for each depth interval as the drill bit, bottom hole assembly, sensor or other component of a drill string passes the depth interval;(b) generating depth measurements for a drill bit over a time period, wherein the depth measurements cumulatively comprise a BIT transit counter, cumulative revolutions, cumulative pressure cycles, cumulative pump cycles, cumulative shock cycles and cumulative side force events;(c) reviewing the depth measurements to eliminate small changes in the drill bit travel direction;(d) analyzing the depth measurements to determine a transit value for each depth increment over the time period based on the depth measurements of the drill bit wherein each of the transit values indicates a number of movements of the drill bit through a corresponding one of the depth increments;(d) transforming sensor data from a time index to a depth index;(e) pairing the data matrix with sensor data;(f) identifying one or more drilling hazards whereby signals transmitted from a terminal correct the hazard; and(g) continuing steps a through f until drilling is complete. 14. The method of claim 13, wherein reviewing the depth measurements comprises establishing a predetermined distance wherein the depth measurements associated with the drill bit moving a distance less than the predetermined distance are not used to determine the transit values. 15. The method of claim 13, wherein each of the transit values further comprises a number of revolutions through which the drill bit has rotated in the corresponding intervals, the number of revolutions computed from the rate of rotation of the drill bit and the rate of penetration of the drill bit during drilling and reaming operations. 16. The method of claim 13, further comprising correlating wellbore mechanical damage with the transit values.