1. A machine implemented method, comprising; representing by a management console a plurality of resources of a networked storage system with a plurality of infrastructure objects, the plurality of resources used for storing and retrieving data at and from a plurality of storage devices, where each of the plurality of infrastructure objects is associated with a performance counter to monitor resource performance for executing client requests for storing and retrieving data; selecting an infrastructure object from among the plurality of infrastructure objects, where the plurality of infrastructure objects are managed within a hierarchical structure by the management console; creating a first policy associated with the selected infrastructure object; presenting a plurality of selectable annotation categories for the selected infrastructure object, where different annotation categories are selectable for different infrastructure objects; selecting an annotation category for the selected infrastructure object and assigning a value to the annotation category, where the annotation category uses a default annotation and a custom annotation for selectively generating an alert associated with the selected infrastructure object; providing a duration for generating the alert when the first policy is violated; assigning a threshold value for a counter tracking performance of a resource associated with the selected infrastructure object for triggering a first policy violation; and setting an indicator for foregoing an alert associated with a second policy violation of a second policy associated with the selected infrastructure object, when the first policy is violated based on a counter value of the assigned counter.