1. A management system for a managed system, said management system comprising: a computer hardware processor, said hardware processor computing: a plurality of data sources, each data source interfaces with said managed system using a data sensor that collects data and attaches a hierarchical semantic tag to said collected data, said hierarchical semantic tag conveying information of: hierarchy information; a set of ontology trees that capture semantics comprising: monitoring metric relationships data; business functions data; and application components data; and a set of rules that capture relationships between hierarchical semantic tag hierarchies, relationships between nodes in different trees, relationships between metrics and relationships between application and business context of components monitored by said data sources; and a core engine that receives said data including said hierarchical semantic tag, and that performs domain-independent processing on said data based upon at least a portion of said hierarchical semantic tag, said core engine further comprising: a base event generation and aggregation layer that processes said hierarchical semantic tag to generate base events; an event composition filtering and correlation layer, that filters and composes said base events based on pre-defined rules to generate composite events; and an authoring tool for receiving from a user new hierarchies, and associations between hierarchical semantic tags and data sources, wherein said hierarchical semantic tag is associated with monitoring data, and is used by said managed system to apply management-specific functions to said data at a data center.
1. A management system for a managed system, said management system comprising: a computer hardware processor, said hardware processor computing: a plurality of data sources, each data source interfaces with said managed system using a data sensor that collects data and attaches a hierarchical semantic tag to said collected data, said hierarchical semantic tag conveying information of: hierarchy information; a set of ontology trees that capture semantics comprising: monitoring metric relationships data; business functions data; and application components data; and a set of rules that capture relationships between hierarchical semantic tag hierarchies, relationships between nodes in different trees, relationships between metrics and relationships between application and business context of components monitored by said data sources; and a core engine that receives said data including said hierarchical semantic tag, and that performs domain-independent processing on said data based upon at least a portion of said hierarchical semantic tag, said core engine further comprising: a base event generation and aggregation layer that processes said hierarchical semantic tag to generate base events; an event composition filtering and correlation layer, that filters and composes said base events based on pre-defined rules to generate composite events; and an authoring tool for receiving from a user new hierarchies, and associations between hierarchical semantic tags and data sources, wherein said hierarchical semantic tag is associated with monitoring data, and is used by said managed system to apply management-specific functions to said data at a data center. 10. The management system according to claim 1 further comprising a visualization application for viewing the end-to-end system state of said management system by displaying data associated with each hierarchical semantic tag, wherein said hierarchical semantic tags are displayed in a hierarchical manner.