1. A method for bus bandwidth management comprising the steps of: issuing transfer requests from a plurality of client applications operating on a computer system to effectuate data transfer on a bus, each of said transfer requests specifying urgency and importance information, wherein said urgency information specifies a time deadline for execution of said transfer request and said importance information specifies a priority for said transfer request; scheduling said transfer requests by ordering said transfer requests, based on a bus management policy that utilizes said urgency and importance information, to generate a transfer order; dispatching said transfer requests in said transfer order to a command queue by generating individual bus operations; and transferring data via said bus for each individual bus operation in said transfer order.