A configuration of an electronic device (400) is managed by obtaining (1005) stakeholder attributes of a component resident in the electronic device from stakeholder requirements (FIGS. 7, 8) of one or more stakeholders and correlating (1020) the respective stakeholder attributes as well as available sets of values of attributes of the component to determine (1025) a set of selected values of the attributes, and establishing (1030) at least a portion of a new configuration of the electronic device using the set of selected values of the attributes of the component. When the stakeholder requirements cannot be met with an existing application in the electronic device, the application may be formed (1200) from components of existing applications.