A full observability stack aims to provide centralized visibility into application performance and behavior, with key components including metrics, logs, and traces. Open APIs and CNCF projects such as OpenTelemetry, fluentd, Prometheus, Jaeger, and ChaosSearch can be used to build a cost-effective observability solution. Metrics monitoring helps identify potential problems, while log investigation uses tools like OpenSearch and Kibana to analyze log data. Traces are used for distributed context propagation, transaction monitoring, and root cause analysis with Jaeger as the CNCF-sponsored open source system. A combination of best-of-breed components and open APIs can provide a flexible and future-proof observability solution.