1. A method, in a data processing system, for determining threshold conditions for performing operations within a performance monitoring tool, comprising: collecting, by the data processing system, performance metric data of resource utilization for a plurality of performance metrics from hardware and software resources of a computing system environment; retrieving, by the data processing system, the collected performance metric data in response to a number of errors exceeding a predetermined threshold; performing, by the data processing system, clustering analysis on the retrieved performance metric data to generate a plurality of clusters of the retrieved performance metric data, wherein the performing the clustering analysis comprises performing a principle components analysis (PCA) on the retrieved performance metric data to reduce a number of parameters within the retrieved performance metric data; selecting, by the data processing system, a plurality of candidate clusters in the plurality of clusters that are candidate clusters for dynamically generating threshold conditions for performance monitoring, wherein selecting the plurality of candidate clusters further comprises classifying each cluster in the plurality of clusters into a classification according to a plurality of cluster definition rules that are fully automatically defined based on analysis of the retrieved performance metric data; determining, by the data processing system, the plurality of cluster definition rules associated with the selected plurality of candidate clusters, the plurality of cluster definition rules being rules defining metric data values that cause each member of the selected plurality of candidate clusters to be in the respective cluster, wherein the plurality of cluster definition rules are not known prior to the clustering analysis being performed and thus, is a result of the clustering analysis operation; generating, by the data processing system, the threshold conditions for performance monitoring based on the plurality of cluster definition rules that define the members of each of the selected plurality of candidate clusters, wherein the generating of the threshold conditions further comprises searching existing threshold conditions for similar threshold conditions to the generated threshold conditions and modifying the similar threshold conditions based on the generated threshold conditions; and applying, by the data processing system, the threshold conditions to future performance metric data to determine whether to perform an operation in response to the future performance metric data meeting or not meeting at least one threshold condition, wherein the operation is initiating an operation to reduce processor utilization by offloading processes onto another processor, generating a log report, and output an alert message.