Considering a Flow Shop production line in an Industry 4.0 setting where the Cyber-Physical System (CPS) and Internet of Things (IoTs) can be deployed, a newly Performance-based Decentralised Dispatching Rule (PDDR) is proposed. It combines known dispatching rules with the knowledge of the monitored production system state. The goal is to provide a novel dispatching rule based on production line performance oversight. The governance system considers the machine condition in terms of machine utilisation. Regarding the assessment scenario, the proposed rule has been tested and compared with the well-known Short Processing Time (SPT) and the First-In-First-Out (FIFO) rule in a higher generality way by taking into account unforeseen events that may occur in production (such as breakdowns, potential rework, micro-stops, and unplanned machine setups). The simulation results showed interesting results where the flexibility of this rule, as well as its practical use with real hypotheses are its main advantages.