The present invention provides for building a knowledgebase of dependencies between Configuration Items(CIs) associated with IT computing environment. In operation, the present invention provides for mapping a plurality of Configuration Items(CI) with respective one or more actions. The present invention further provides for tracking and capturing of one or more actions performed on one or more CIs in relation to resolving an activity related to a reported CI. Further, the present invention provides for identifying dependencies between one or more CIs and the reported CI based on the captured one or more actions. Furthermore, the present invention provides for building a knowledgebase of dependencies between CIs of the computing environment based on the identified dependencies between one or more CIs and the reported CI. Yet further, the present invention provides for generating visual representations of dependencies between CIs.