Thanks @Shamayel, this is insightful!

@Shamayel and @Vishnu thanks for the responses. In addition to which, a few related queries on the Error Budget - 1) Believe the budget is set per SLO (as the unit of consumption would vary for each SLO), but is there a concept of maintaining an application level budget using a common denominator, for example by providing a $$ value per unit of the budget? 2) Also what are your thoughts on the time duration for which the Error Budget is considered? Should it be a common duration for all SLOs of an application?

What are the best practice around creating SLIs and SLOs? Are they created at a specific service level or at the application level? For example if application AB is dependant on service A + service B, would an SLI or SLO on 'Availability' be defined for AB as a whole or for each service independently, with the possibility of varying thresholds ?