1. A method for managing a context model associated with a mobile device, the method implemented by the mobile device, comprising: obtaining first data points associated with a first data stream assigned to one or more first data sources, the one or more first data sources comprising one or more sensors of the mobile device; identifying a set of clusters in the first data stream; assigning ones of the first data points to a respective cluster of the identified set of clusters such that the respective cluster of the identified set of clusters is assigned the ones of the first data points that exhibit a threshold amount of similarity and are associated with times within a threshold amount of time of each other; computing features and inferences present in the respective cluster from the ones of the first data points in the respective cluster; compiling statistics associated with the features and inferences present in the respective cluster as computed from the ones of the first data points in the respective cluster; assigning a context label and a confidence level to the respective cluster based on the statistics associated with the features and inferences present in the respective cluster as computed from the ones of the first data points in the respective cluster, wherein the assigning the context label comprises selecting the context label from a set of context labels for the respective cluster of the identified set of clusters; identifying at least one cluster among the identified set of clusters having less than a threshold degree of relation to any context label associated with the identified set of clusters; and assigning an unknown context label to the at least one cluster.