1. A measurement monitor code arrangement on a computer-readable medium or media for use in a system having a bus, one or more hosts connected to said bus, a manager, and one or more devices connected to said bus, execution of said code arrangement by one or more processors of the manager enabling data collection and analysis among the one or more hosts and the one or more devices, the code arrangement comprising: a generic measurement code portion for receiving at least one data input including at least one category and at least one metric from at least one of the one or more hosts or the one or more devices, wherein said generic measurement code portion is reconfigurable in accordance with the at least one category and at least one metric, to apply at least one threshold to the at least one category and at least one metric, said generic measurement code portion generating at least one event exception if the at least one threshold is violated.