1. A computer implemented method for processing events, the computer implemented method comprising: monitoring a set of events occurring during execution of an application to form a set of monitored events; identifying a plurality of event types from the set of monitored events, wherein each of the identified plurality of event types is a transition from one of a plurality of subroutines to another of the plurality of subroutines; identifying a set of environmental overhead values for the identified plurality of event types to form a set of identified environmental overhead values; identifying a plurality of overhead compensation values for the identified plurality of event types to form a plurality of identified overhead compensation values, wherein each of the plurality of identified overhead compensation values corresponds to a different one of the plurality of overhead compensation values for the identified plurality of event types; adjusting the plurality of overhead compensation values for the identified plurality of event types using the set of identified environmental overhead values to form a plurality of identified environment overhead compensation values; and adjusting a set of observed metrics for the set of monitored events using the plurality of identified environmental overhead compensation values.