Methods, systems, computer program products, and methods of doing business by automatically and dynamically annotating events in an event management system ("EMS") to adapt to capabilities of a management system of which the EMS is an integral part. Furthermore, the EMS may automatically and dynamically recycle existing events (including events which are already annotated) for processing with newly-defined or different EMS capabilities. Events may also be re-annotated to reflect new or different capabilities of the EMS. These benefits of "smart events" are realized without requiring re-instrumentation of the event generation code of managed applications.