diff --git a/framework-docs/modules/ROOT/pages/integration/observability.adoc b/framework-docs/modules/ROOT/pages/integration/observability.adoc
index 412bb54406..d077ccf134 100644
--- a/framework-docs/modules/ROOT/pages/integration/observability.adoc
+++ b/framework-docs/modules/ROOT/pages/integration/observability.adoc
@@ -101,10 +101,10 @@ By default, the following `KeyValues` are created:
 [cols="a,a"]
 |===
 |Name | Description
+|`code.function` _(required)_|Name of Java `Method` that is scheduled for execution.
+|`code.namespace` _(required)_|Canonical name of the class of the bean instance that holds the scheduled method.
 |`exception` _(required)_|Name of the exception thrown during the execution, or `KeyValue#NONE_VALUE`} if no exception happened.
-|`method.name` _(required)_|Name of Java `Method` that is scheduled for execution.
 |`outcome` _(required)_|Outcome of the method execution. Can be `"SUCCESS"`, `"ERROR"` or `"UNKNOWN"` (if for example the operation was cancelled during execution.
-|`target.type` _(required)_|Simple class name of the bean instance that holds the scheduled method.
 |===
 
 
diff --git a/spring-context/src/main/java/org/springframework/scheduling/config/DefaultScheduledTaskObservationConvention.java b/spring-context/src/main/java/org/springframework/scheduling/config/DefaultScheduledTaskObservationConvention.java
index 5ff2eb7641..99daaa42e4 100644
--- a/spring-context/src/main/java/org/springframework/scheduling/config/DefaultScheduledTaskObservationConvention.java
+++ b/spring-context/src/main/java/org/springframework/scheduling/config/DefaultScheduledTaskObservationConvention.java
@@ -53,7 +53,15 @@ public class DefaultScheduledTaskObservationConvention implements ScheduledTaskO
 
 	@Override
 	public KeyValues getLowCardinalityKeyValues(ScheduledTaskObservationContext context) {
-		return KeyValues.of(exception(context), methodName(context), outcome(context), targetType(context));
+		return KeyValues.of(codeFunction(context), codeNamespace(context), exception(context), outcome(context));
+	}
+
+	protected KeyValue codeFunction(ScheduledTaskObservationContext context) {
+		return KeyValue.of(LowCardinalityKeyNames.CODE_FUNCTION, context.getMethod().getName());
+	}
+
+	protected KeyValue codeNamespace(ScheduledTaskObservationContext context) {
+		return KeyValue.of(LowCardinalityKeyNames.CODE_NAMESPACE, context.getTargetClass().getCanonicalName());
 	}
 
 	protected KeyValue exception(ScheduledTaskObservationContext context) {
@@ -63,10 +71,6 @@ public class DefaultScheduledTaskObservationConvention implements ScheduledTaskO
 		return EXCEPTION_NONE;
 	}
 
-	protected KeyValue methodName(ScheduledTaskObservationContext context) {
-		return KeyValue.of(LowCardinalityKeyNames.METHOD_NAME, context.getMethod().getName());
-	}
-
 	protected KeyValue outcome(ScheduledTaskObservationContext context) {
 		if (context.getError() != null) {
 			return OUTCOME_ERROR;
@@ -77,8 +81,4 @@ public class DefaultScheduledTaskObservationConvention implements ScheduledTaskO
 		return OUTCOME_SUCCESS;
 	}
 
-	protected KeyValue targetType(ScheduledTaskObservationContext context) {
-		return KeyValue.of(LowCardinalityKeyNames.TARGET_TYPE, context.getTargetClass().getSimpleName());
-	}
-
 }
diff --git a/spring-context/src/main/java/org/springframework/scheduling/config/ScheduledTaskObservationDocumentation.java b/spring-context/src/main/java/org/springframework/scheduling/config/ScheduledTaskObservationDocumentation.java
index 0f466a8b12..51850cf7d1 100644
--- a/spring-context/src/main/java/org/springframework/scheduling/config/ScheduledTaskObservationDocumentation.java
+++ b/spring-context/src/main/java/org/springframework/scheduling/config/ScheduledTaskObservationDocumentation.java
@@ -56,22 +56,22 @@ public enum ScheduledTaskObservationDocumentation implements ObservationDocument
 	public enum LowCardinalityKeyNames implements KeyName {
 
 		/**
-		 * {@link Class#getSimpleName() Simple name} of the target type that owns the scheduled method.
+		 * Name of the method that is executed for the scheduled task.
 		 */
-		TARGET_TYPE {
+		CODE_FUNCTION {
 			@Override
 			public String asString() {
-				return "target.type";
+				return "code.function";
 			}
 		},
 
 		/**
-		 * Name of the method that is executed for the scheduled task.
+		 * {@link Class#getCanonicalName() Canonical name} of the target type that owns the scheduled method.
 		 */
-		METHOD_NAME {
+		CODE_NAMESPACE {
 			@Override
 			public String asString() {
-				return "method.name";
+				return "code.namespace";
 			}
 		},
 
diff --git a/spring-context/src/test/java/org/springframework/scheduling/annotation/ScheduledAnnotationBeanPostProcessorObservabilityTests.java b/spring-context/src/test/java/org/springframework/scheduling/annotation/ScheduledAnnotationBeanPostProcessorObservabilityTests.java
index 5bb071b8f5..5578c74531 100644
--- a/spring-context/src/test/java/org/springframework/scheduling/annotation/ScheduledAnnotationBeanPostProcessorObservabilityTests.java
+++ b/spring-context/src/test/java/org/springframework/scheduling/annotation/ScheduledAnnotationBeanPostProcessorObservabilityTests.java
@@ -65,8 +65,8 @@ class ScheduledAnnotationBeanPostProcessorObservabilityTests {
 		registerScheduledBean(FixedDelayBean.class);
 		runScheduledTaskAndAwait();
 		assertThatTaskObservation().hasLowCardinalityKeyValue("outcome", "SUCCESS")
-				.hasLowCardinalityKeyValue("method.name", "fixedDelay")
-				.hasLowCardinalityKeyValue("target.type", "FixedDelayBean")
+				.hasLowCardinalityKeyValue("code.function", "fixedDelay")
+				.hasLowCardinalityKeyValue("code.namespace", getClass().getCanonicalName() + ".FixedDelayBean")
 				.hasLowCardinalityKeyValue("exception", "none");
 	}
 
@@ -75,8 +75,8 @@ class ScheduledAnnotationBeanPostProcessorObservabilityTests {
 		registerScheduledBean(FixedDelayErrorBean.class);
 		runScheduledTaskAndAwait();
 		assertThatTaskObservation().hasLowCardinalityKeyValue("outcome", "ERROR")
-				.hasLowCardinalityKeyValue("method.name", "error")
-				.hasLowCardinalityKeyValue("target.type", "FixedDelayErrorBean")
+				.hasLowCardinalityKeyValue("code.function", "error")
+				.hasLowCardinalityKeyValue("code.namespace", getClass().getCanonicalName() + ".FixedDelayErrorBean")
 				.hasLowCardinalityKeyValue("exception", "IllegalStateException");
 	}
 
@@ -85,8 +85,8 @@ class ScheduledAnnotationBeanPostProcessorObservabilityTests {
 		registerScheduledBean(FixedDelayReactiveBean.class);
 		runScheduledTaskAndAwait();
 		assertThatTaskObservation().hasLowCardinalityKeyValue("outcome", "SUCCESS")
-				.hasLowCardinalityKeyValue("method.name", "fixedDelay")
-				.hasLowCardinalityKeyValue("target.type", "FixedDelayReactiveBean")
+				.hasLowCardinalityKeyValue("code.function", "fixedDelay")
+				.hasLowCardinalityKeyValue("code.namespace", getClass().getCanonicalName() + ".FixedDelayReactiveBean")
 				.hasLowCardinalityKeyValue("exception", "none");
 	}
 
@@ -95,8 +95,8 @@ class ScheduledAnnotationBeanPostProcessorObservabilityTests {
 		registerScheduledBean(FixedDelayReactiveErrorBean.class);
 		runScheduledTaskAndAwait();
 		assertThatTaskObservation().hasLowCardinalityKeyValue("outcome", "ERROR")
-				.hasLowCardinalityKeyValue("method.name", "error")
-				.hasLowCardinalityKeyValue("target.type", "FixedDelayReactiveErrorBean")
+				.hasLowCardinalityKeyValue("code.function", "error")
+				.hasLowCardinalityKeyValue("code.namespace", getClass().getCanonicalName() + ".FixedDelayReactiveErrorBean")
 				.hasLowCardinalityKeyValue("exception", "IllegalStateException");
 	}
 
@@ -108,8 +108,8 @@ class ScheduledAnnotationBeanPostProcessorObservabilityTests {
 		context.getBean(TaskTester.class).await();
 		scheduledTask.cancel();
 		assertThatTaskObservation().hasLowCardinalityKeyValue("outcome", "UNKNOWN")
-				.hasLowCardinalityKeyValue("method.name", "cancelled")
-				.hasLowCardinalityKeyValue("target.type", "CancelledTaskBean")
+				.hasLowCardinalityKeyValue("code.function", "cancelled")
+				.hasLowCardinalityKeyValue("code.namespace", getClass().getCanonicalName() + ".CancelledTaskBean")
 				.hasLowCardinalityKeyValue("exception", "none");
 	}
 
@@ -121,8 +121,8 @@ class ScheduledAnnotationBeanPostProcessorObservabilityTests {
 		context.getBean(TaskTester.class).await();
 		scheduledTask.cancel();
 		assertThatTaskObservation().hasLowCardinalityKeyValue("outcome", "UNKNOWN")
-				.hasLowCardinalityKeyValue("method.name", "cancelled")
-				.hasLowCardinalityKeyValue("target.type", "CancelledReactiveTaskBean")
+				.hasLowCardinalityKeyValue("code.function", "cancelled")
+				.hasLowCardinalityKeyValue("code.namespace", getClass().getCanonicalName() + ".CancelledReactiveTaskBean")
 				.hasLowCardinalityKeyValue("exception", "none");
 	}
 
@@ -131,8 +131,8 @@ class ScheduledAnnotationBeanPostProcessorObservabilityTests {
 		registerScheduledBean(CurrentObservationBean.class);
 		runScheduledTaskAndAwait();
 		assertThatTaskObservation().hasLowCardinalityKeyValue("outcome", "SUCCESS")
-				.hasLowCardinalityKeyValue("method.name", "hasCurrentObservation")
-				.hasLowCardinalityKeyValue("target.type", "CurrentObservationBean")
+				.hasLowCardinalityKeyValue("code.function", "hasCurrentObservation")
+				.hasLowCardinalityKeyValue("code.namespace", getClass().getCanonicalName() + ".CurrentObservationBean")
 				.hasLowCardinalityKeyValue("exception", "none");
 	}
 
@@ -141,8 +141,8 @@ class ScheduledAnnotationBeanPostProcessorObservabilityTests {
 		registerScheduledBean(CurrentObservationReactiveBean.class);
 		runScheduledTaskAndAwait();
 		assertThatTaskObservation().hasLowCardinalityKeyValue("outcome", "SUCCESS")
-				.hasLowCardinalityKeyValue("method.name", "hasCurrentObservation")
-				.hasLowCardinalityKeyValue("target.type", "CurrentObservationReactiveBean")
+				.hasLowCardinalityKeyValue("code.function", "hasCurrentObservation")
+				.hasLowCardinalityKeyValue("code.namespace", getClass().getCanonicalName() + ".CurrentObservationReactiveBean")
 				.hasLowCardinalityKeyValue("exception", "none");
 	}
 
diff --git a/spring-context/src/test/java/org/springframework/scheduling/config/DefaultScheduledTaskObservationConventionTests.java b/spring-context/src/test/java/org/springframework/scheduling/config/DefaultScheduledTaskObservationConventionTests.java
index bdf613380a..47da8360b9 100644
--- a/spring-context/src/test/java/org/springframework/scheduling/config/DefaultScheduledTaskObservationConventionTests.java
+++ b/spring-context/src/test/java/org/springframework/scheduling/config/DefaultScheduledTaskObservationConventionTests.java
@@ -58,13 +58,14 @@ class DefaultScheduledTaskObservationConventionTests {
 	@Test
 	void observationShouldHaveTargetType() {
 		ScheduledTaskObservationContext context = new ScheduledTaskObservationContext(new BeanWithScheduledMethods(), taskMethod);
-		assertThat(convention.getLowCardinalityKeyValues(context)).contains(KeyValue.of("target.type", "BeanWithScheduledMethods"));
+		assertThat(convention.getLowCardinalityKeyValues(context))
+				.contains(KeyValue.of("code.namespace", getClass().getCanonicalName() + ".BeanWithScheduledMethods"));
 	}
 
 	@Test
 	void observationShouldHaveMethodName() {
 		ScheduledTaskObservationContext context = new ScheduledTaskObservationContext(new BeanWithScheduledMethods(), taskMethod);
-		assertThat(convention.getLowCardinalityKeyValues(context)).contains(KeyValue.of("method.name", "process"));
+		assertThat(convention.getLowCardinalityKeyValues(context)).contains(KeyValue.of("code.function", "process"));
 	}
 
 	@Test