A user provides relevant information about the operating parameters of a machine to be monitored to a diagnostic instrument. The user also specifies a location of the machine to be monitored, an alarm level to be set, and the type of alert to be sent. The instrument then automatically generates appropriate an alarm threshold using a set of rules applied to the inputs. The instrument then transmits the alarm threshold to a removable stand-alone monitor. The stand-alone monitor acquires data about the machine, compares the date to the alarm threshold, and sends a user-specified alert when the alarm threshold has been reached. Using the diagnostic instrument and monitor, machines can be monitored for vibration, temperature, or a power parameter.