1. A method for software applications to manage resources in a heterogeneous networked environment, wherein such resources include servers, data storage volumes, data storage systems, information, business processes, and other software applications, the method comprising steps of: providing, on one or more processors, a model-based management layer enabled for providing modeled instances of objects representing resources that are accessed by management software applications through the model-based management layer wherein the model-based management layer includes extension models and profiles for extending a common-object based model component within an architecture and further includes service interface that is used for communicating by the model-based management layer and also includes a mediation layer that communicates with the model-based management layer through the service interface for managing resources that have service providers that are not compliant with the service interface requirements of the model-based management layer; using the model-based management layer, service interface, and mediation layer to manage the resources using monitoring, analysis, strategizing, and execution modules for carrying out monitoring, analysis, strategizing, and execution processes; monitoring compliance, by the monitoring module with a policy; and the monitoring module is communicatively coupled with the analysis module; analyzing compliance by the analysis module with the policy and the analysis module is communicatively coupled to the strategize module; strategizing, via the strategize module, a solution to a policy violation; the strategize module is communicatively coupled to the execution module; enabling the Analyze Module to perform trending, profiling, and threshold analysis; wherein the monitoring module comprises a mediation sub-module, monitoring sub-module, and a discovery sub-module; wherein the monitoring sub-module includes the capability for correlation, de-duping, event capture, and metric computation passing observations between the mediation sub-module and the monitoring sub-module; passing object meta-data to the discovery sub-module; abstracting information via a virtualization layer for about managed resources that communicates with the model-based management layer through the service interfaces; managing resources grouped in information groups, classes and resource groups and selectively classified according to classification policies for carrying out resource services and applying resource policies, service interface; wherein the execute module contains a services sub-module an orchestration sub-module, and a services sub-module; wherein the services sub-module is capable of performing the services of provisioning, initializing, load balancing, tuning, quiescing/restarting, element management, and configuration and change management; issuing from the services sub-module service invocations to the mediation sub-module; communicating from the mediation sub-module communicates to a service interface component; issuing from the service interfaces messages to the resource providers for managed resources through the virtualization layer; passing event captures from the managed resources to the service interfaces from the virtualization layer for eventual handling within the model-based management layer; and executing, via the execute module, the solution to ensure compliance with the policy.