Methods and systems for a storage system are provided. The methods include maintaining a logical object associated with a resource of a storage system by a management console; creating a first policy associated with the logical object; selecting an annotation category associated with the logical object and assigning a value to the annotation category, where the annotation category defines an attribute associated with the logical object; providing a duration for generating an alert when the first policy is violated; assigning a threshold value for first policy violation; and setting an indicator for foregoing an alert associated with a second policy, when the first policy is violated.