System and method for managing hierarchically related software components

Provided is a method for generating an on-demand, custom runtime solution to a user or business's computing needs. A library of software components corresponding to different computing tasks of a business situation is created. Each software component is associated with one or more meta descriptors. Aggregate descriptors are created that define relationships between software components and other software components, software components and aggregate descriptors and between aggregate descriptors. The software components and related meta and aggregate descriptors are managed by means of a software component meta management system (SCMMS). Employing the SCMMS, software components are registered and managed in a hierarchical structure based upon the interrelationships among the software components and the aggregate descriptors. The hierarchical structure is multi-layered, with different layers having different scopes. Users specify the number of levels and how the levels are defined. Meta descriptors are defined at each level.