1. A method for deriving state information concerning a monitored system component, comprising: providing a status object including information on a current state of the monitored system component, wherein there are a plurality of states associated with the monitored system component, wherein each state is capable of having a state action and at least one transition condition associated with a transition state; receiving a measured system parameter; determining whether the received measured system parameter satisfies one transition condition associated with the current state indicated in the status object; and if the received system parameter satisfies one transition condition, then performing the action associated with the transition state associated with the satisfied transition condition; and setting the current state to the transition state in the status object.