1. A method performed by a computer processor, said method comprising: receiving a plurality of tracer objectives, each of said tracer objectives comprising a set of monitored objects and a tracer cost, said set of monitored objects being objects within an application; identifying a tracing system executing said application; determining a tracing resource budget for said tracing system; selecting a first tracer objective having a first tracer cost, said first tracer cost being within said tracing resource budget; and causing said first tracer objective to be executed on said tracing system.