The present invention relates to a system and method for network performance management for monitoring performance of network applications. The system comprises a transmitter for sending one or more types of probe packets to the network, a receiver for receiving the one or more network probe packets from the network and for receiving one or more network application performance queries from one or more network applications, a processor connected to the transmitter and the receiver and operable to process network probe packets received by the receiver to generate network performance statistics for each type of probe packet and to look up the network application performance requirements of the one or more network applications and compare the network application performance requirements with the corresponding network performance statistics to determine whether the network application should access the network. Network performance statistics may be obtained using lean packet probes, using real traffic test streams or obtaining network performance statistics from a service provider. Thus by providing a probe, lookup, feedback methodology, network parameters, or network application requirements, may be adjusted to meet performance requirements of one or more network applications.