In this paper we present requirements and concept generation principles for performance monitoring of a collaborative assembly task. Life cycle aspects are considered and an Overall Equipment Efficiency (OEE) based monitoring scenario for a developed passive collaborative robot (COBOT) test system is presented. In this case main benefits of applying COBOT are expected to be: improved productivity, improved quality, reduced production cost and improved ergonomics. Since human and COBOT are working co-operatively human actions have also affects on process performance, i.e. OEE. However a human's and machines or a COBOT's efficiency are undistinguishable directly from OEE factors. It is possible to infer cause of lower efficiency from the variables from which OEE factors are calculated. One such variable is cycle time, which is used to define performance efficiency.