Method and system for dynamically allocating computer system resources

A computer-readable medium having computer-executable instructions for performing a method for allocating computer system resources to workloads, the method comprising:

• retrieving utilization data for workloads, while the workloads are using system resources;
• and
• allocating the system resources to the workloads based on parameters for service level objectives associated with the workloads, wherein the parameters include priority parameters for the service level objectives, wherein the step of allocating comprises allocating resources to the workloads based on the priorities of the service level objectives associated with the workloads, and wherein at least one of the service level objectives is a utilization cap.

A method of allocating computer resources, comprising:

• receiving utilization data for workloads executing on a system from a usage meter that measures use of system resources by the workloads, wherein the utilization data is used by a pay per use (PPU) system to bill a user based on utilization of the system resources during a billing period;
• and
• allocating the system resources to workloads according to priorities of service level objectives associated with the workloads, subject to a utilization cap defined as a service level objective having a priority.