A computer implemented method, apparatus, and computer program product for processing events. Events occurring during execution of an application are monitored to form monitored events. A plurality of sequences of method types and transition types from the monitored events are identified to form an identified plurality of sequences of method types and transitions types. Overhead compensation values are identified for the identified plurality of sequences of method types and transitions types to form identified overhead compensation values. Observed metrics for the monitored events are adjusted using the identified overhead compensation values.