1. A computer program product stored in a computer readable medium having computer usable program code programmed for dynamically adjusting performance monitoring of storage area network (“SAN”) components, the operations of the computer program product comprising: determining that a threshold violation associated with a SAN component is an initial threshold violation; recording a component violation entry in response to the initial threshold violation; adjusting a component violation entry associated with a SAN component in response to a threshold violation related to the SAN component; analyzing the component violation entry based on analysis criteria; and adjusting a suspicion variable associated with the SAN component in response to results of the analysis of the component violation entry.