You can consider 3 possible solutions.
1) Using Data Flow Engine (DFE), TimeSeriesSource, FilterProcessor to define the threshold and EventSink to trigger events.
2) Using Visual Flow Creator (VFC) - Create a logic to check the asset's incoming data against the threshold value and trigger and event.
3) Using the Fleet Manager Rules - Using the fleet manager rules. you can define the threshold value to check and generate events accordingly.
You can then view the events from Fleet Manager -> Events
Thanks for the answer Sriram. One more thing I am just doing a POC as of now but to use fleet manager for rules and alert Siemens is asking for subscription that is too expensive. What would you suggest in this scenario?