1. A method for performing a storage operation comprising: automatically detecting with at least one media management component comprising computer hardware, a change in the storage characteristics of a first virtual library, wherein the first virtual library comprises at least a first configuration with at least first and second physical storage devices, and wherein the first virtual library has a first set of future scheduled storage operations associated therewith; automatically determining with the at least one media management component, availability of at least a third physical storage device, the third physical storage device having a second set of future scheduled storage operations associated therewith that are not associated with the first virtual library, wherein determining the availability of the third physical storage device is based at least in part on whether the first set of future scheduled storage operations associated with the first virtual library conflict with the second set of future scheduled storage operations that are associated with the third physical storage device; automatically associating with the at least one media management component, the third physical storage device with the first virtual library without the need of user intervention; and storing with the at least one media management component, a second configuration of the first virtual library that comprises at least the first physical storage device, the second physical storage device and the third physical storage device.