Abstract: A metric monitoring and analysis system including dynamic sampling agents located in monitored system elements and a service management platform. Each sampling agent includes a data adapter collecting metric data in a common format, a threshold generator for determining dynamic metric threshold ranges, an alarm detector generating an indicator when a metric deviates outside a dynamic threshold range or a static threshold, and a deviation tracker generating an alarm severity scores. The service platform includes an alarm analyzer identifying root causes of system alarm conditions by correlation of grouped metrics or forensic analysis of temporally or statistically correlated secondary forensic data or data items from a service model of the system.