1. A computer-implemented method for identifying underutilized storage objects of a storage system, the method comprising: providing an analysis engine for performing: collecting performance data for first and second performance measures for each storage object, the performance data comprising a plurality of values for the first and second performance measures; receiving parameters comprising a time period, a first weight for the first performance measure, a second weight for the second performance measure, and a threshold value; for each storage object, using the performance data to produce a first standardized value for the first performance measure by determining a first representative value for the first performance measure during the time period and normalizing the first representative value; for each storage object, using the performance data to produce a second standardized value for the second performance measure by determining a second representative value for the second performance measure during the time period and normalizing second the representative value; for each storage object, determining an overall standardized value based on the first weight, first standardized value, second weight, and second standardized value; and for each storage object, determining whether the storage object is underutilized based on the overall standardized value and the threshold value.