1. A computer system arrangement for discovering and creating database models of individual information technology (IT) applications, enabling determination of a business role and impact of IT Elements within a IT Infrastructure, the arrangement including: a series of collector modules for collecting relationship, modeling and status information from both IT and external non IT specific sources, used to build models of the applications and processes in a modeling database, and to gather data about activities occurring in the IT Infrastructure from a business impact perspective; a series of visualizer modules for reporting monitoring activities conducted by the monitoring system and providing a visual representation of the role of Applications and IT Infrastructure in supporting the business; a modeling database for storing information collected by the collector modules; a data structure that supports the integrated modeling of applications and their role in business structure, service delivery and processes; a first series of correlator modules that build models of IT Elements from disparate sets of data to build representation of the IT Element in the real world infrastructure; and a second series of correlator modules for automatically determining relationships between data objects stored in the database to build application models of individual applications in the context of business role, process and IT service delivery.