Use PI to measure OEE?

I wonder if there is any way to measure OEE with time as the variable for a tag?

Ex: Lets say a machine performs a task and gives a signal when the task is performed.  The task should take 1 min, hence the signal should come each minute.

Is there any way of using PE to calculate when this time goes over limit and give a signal on this?  Image may be NSFW.
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-A-