Yes, you can measure the execution time of tests, steps and actions.

More generally, you can:

1. Measure the time to perform tests, steps or actions, to the nearest millisecond.
   Some measurements will happen automatically. 
   Others can be implemented at tests, steps or action level.
   
   
2. Set maximum time limits
   
   
3. Send alerts if maximum time limit(s) are exceeded.
   Tests can also send an alert to a distribution list of concerned persons.
   
   
4. Based on this alert, search for a possible problem (hardware issue for instance)