19. Computer-based apparatus for use in managing a service level associated with resources in a distributed information technology (IT) system based on financial terms, the apparatus comprising: one or more processors comprising: an electronic contract manager module, operative to construct and maintain an electronic contract that contains information pertaining to descriptions of one or more business transactions in IT terms, financial implications of one or more business transaction service levels, and reporting to be performed in one or more financial terms and to determine at least one financial optimization based at least part on the measured at least one service level of at least one element of the IT system and based at least in part on the electronic contract, the financial optimization being specified in the electronic contract at the time of construction such that, at the time the financial optimization is to be determined, the electronic contract is accessed to identify a particular financial metric of the financial optimization that is to be computed and to identify an operation for computing the particular financial metric, the one or more business metrics are converted to one or more financial equivalents wherein the one or more financial equivalents comprise a cost of a lost connection, a cost of down time, and a relationship between revenue and network latency; and one or more electronic contract agent modules, operatively coupled to the manager module and located in one or more distributed elements of the IT system being monitored, operative to measure at least one service level of at least one distributed element of the IT system in terms of one or more business metrics based on the electronic contract and to execute at least one control command based at least in part on at least on the at least one distributed element; and one or more memories, operatively coupled to the one or more processors, for storing at least one of the electronic contract and results of the measurement operation.
19. Computer-based apparatus for use in managing a service level associated with resources in a distributed information technology (IT) system based on financial terms, the apparatus comprising: one or more processors comprising: an electronic contract manager module, operative to construct and maintain an electronic contract that contains information pertaining to descriptions of one or more business transactions in IT terms, financial implications of one or more business transaction service levels, and reporting to be performed in one or more financial terms and to determine at least one financial optimization based at least part on the measured at least one service level of at least one element of the IT system and based at least in part on the electronic contract, the financial optimization being specified in the electronic contract at the time of construction such that, at the time the financial optimization is to be determined, the electronic contract is accessed to identify a particular financial metric of the financial optimization that is to be computed and to identify an operation for computing the particular financial metric, the one or more business metrics are converted to one or more financial equivalents wherein the one or more financial equivalents comprise a cost of a lost connection, a cost of down time, and a relationship between revenue and network latency; and one or more electronic contract agent modules, operatively coupled to the manager module and located in one or more distributed elements of the IT system being monitored, operative to measure at least one service level of at least one distributed element of the IT system in terms of one or more business metrics based on the electronic contract and to execute at least one control command based at least in part on at least on the at least one distributed element; and one or more memories, operatively coupled to the one or more processors, for storing at least one of the electronic contract and results of the measurement operation. 20. The apparatus of claim 19 , further comprising an electronic contract authoring system, operatively coupled to the manager module, operative to construct one or more electronic contracts that contain information pertaining to descriptions of one or more business transactions in IT terms, financial implications of one or more business transaction service levels, and reporting to be performed in the one or more financial terms.