1. A computer-implemented method for monitoring performance in a distributed computing environment, comprising: providing a repository that stores a plurality of existing event records, where each existing event record describes an event in the distributed computing environment; receiving, by an event correlator, an incoming event record which describes an event in the distributed computing environment; determining whether the incoming event record indicates an anomalous operation condition of an entity in the distributed computing environment by comparing the event in the incoming event record to a plurality of historic events and discarding the event record in response to a determination that the event record does not indicate an anomalous operation condition; forming a pair of records between the incoming event record and each existing event record in the plurality of existing event records; determining a first causality factor for each pair of records, where the causality factor describes probability that event described in the incoming event record is cause of an event described in a respective existing event record; determining a second causality factor for each pair of records, where the causality factor describes probability that event described in the incoming event record is an effect of an event described in a respective existing event record; and creating an event causality record from a given record pair and storing the event causality record in the repository when either the first causality factor or the second causality factor from the given record pair exceeds a threshold, where the event causality record describes a causal relationship between two events which occurred in the distributed computing environment.
1. A computer-implemented method for monitoring performance in a distributed computing environment, comprising: providing a repository that stores a plurality of existing event records, where each existing event record describes an event in the distributed computing environment; receiving, by an event correlator, an incoming event record which describes an event in the distributed computing environment; determining whether the incoming event record indicates an anomalous operation condition of an entity in the distributed computing environment by comparing the event in the incoming event record to a plurality of historic events and discarding the event record in response to a determination that the event record does not indicate an anomalous operation condition; forming a pair of records between the incoming event record and each existing event record in the plurality of existing event records; determining a first causality factor for each pair of records, where the causality factor describes probability that event described in the incoming event record is cause of an event described in a respective existing event record; determining a second causality factor for each pair of records, where the causality factor describes probability that event described in the incoming event record is an effect of an event described in a respective existing event record; and creating an event causality record from a given record pair and storing the event causality record in the repository when either the first causality factor or the second causality factor from the given record pair exceeds a threshold, where the event causality record describes a causal relationship between two events which occurred in the distributed computing environment. 15. The method of claim 1 wherein the plurality of historic events are grouped according to event type and according to topological entity and the event in the incoming event record is compared to historic events having the same event type and occurring on the same topological entity.