Abstract: A method includes receiving a budget cost for monitoring a plurality of tracepoints that occur as a result of operation of a device. The method further includes organizing a plurality of tracepoints into buckets such that each of the buckets corresponds to a range of expected interarrival times, and all tracepoints in a bucket have an expected interarrival time that is within the range for that bucket. The method further includes assigning a trigger to a first plurality of the bucketed tracepoints to yield a plurality of triggered tracepoints, wherein the triggers are proportionally assigned such that a tracepoint having a low expected interarrival time is less likely to be assigned a trigger than an tracepoint having a associated expected interarrival time such that an expected cost of the triggered tracepoints does not exceed the budget cost. Additionally, the method includes monitoring tracepoint occurrence during a first period of operation.