1. A method for grouping networked storage system components, the method comprising: creating a first group of networked storage system components including one or more of hardware components and software components; associating with one or more computer processors the first group with a first schedule of storage operations which is set in a first storage policy associated with the first group; creating a second group of networked storage system components including one or more of hardware components and software components; associating with one or more computer processors the second group with a second schedule of storage operations which is set in a second storage policy associated with the second group; and assigning at least a first storage system component associated with the first group to both the first group and the second group, wherein the first storage system component inherits the second schedule of storage operations set in the second storage policy associated with the second group while retaining the first schedule of storage operations set in the first storage policy associated with the first group, and in the event the first schedule of storage operations set in the first storage policy associated with the first group conflicts with the second schedule of storage operations set in the second storage policy associated the second group, the schedule of storage operations associated with a higher priority controls.