Yes, it is possible to define Service Level Objectives (SLOs) for each software component. SLOs are used to define the performance targets and availability of a service, and they can be applied to specific software components in order to ensure that they are meeting the desired level of performance and availability.
When defining SLOs for software components, it's important to identify the key metrics that are relevant to the component, such as response time, throughput, error rate, and so on. These metrics can be used to create specific, measurable targets for the component, such as "99% of requests to the component must be completed within 500ms," or "the component must have an availability of at least 99.9%."
Once the SLOs have been defined, it's important to monitor the software component to ensure that it is meeting these targets. This can be done using monitoring and logging tools, such as Prometheus or Elasticsearch, that can collect data on the relevant metrics and provide alerts if any of the targets are not being met.
It's also important to have remediation plans in place, to mitigate any issues that arise, to ensure that any SLO violations don't affect the overall service/product availability and performance.
Also, when defining SLOs, it is important to set realistic and achievable goals. This way it's easy to measure progress and take action when progress is not being made.