Allocation and balancing of storage resources

A computer program product for storage management, the computer program product comprising:

• a computer readable storage device having computer readable program code embodied therewith, the computer readable program code comprising computer readable program code configured to:
• determine, for each of a plurality of storage controllers, an input/output (I/O) latency value based on an I/O latency associated with each storage volume controlled by a respective storage controller, wherein the I/O latency value comprises an average I/O latency value, and wherein the average I/O latency for each storage controller is calculated by calculating a weighted average I/O latency value for each storage volume controlled by a respective storage controller, and wherein calculating the weighted average I/O latency value for each storage volume comprises calculating a weighted average I/O latency value based on weighting write I/O operations greater than read I/O operations;
• determine a network bandwidth utilization value and a network latency value corresponding to each storage controller;
• responsive to receiving a request to allocate a new storage volume, select a storage controller having a desired I/O latency value;
• determine whether the network bandwidth utilization value and the network latency value for the selected storage controller are below a respective network bandwidth utilization threshold and a network latency value threshold;
• responsive to determining that the network bandwidth utilization value and the network latency value for the selected storage controller are below the respective network bandwidth utilization threshold and network latency value threshold, allocate the new storage volume to the selected storage controller;
• and
• responsive to determining that at least one of the network bandwidth utilization value and the network latency value for the selected storage controller are not below the respective network bandwidth utilization threshold and network latency value threshold, the management application is configured to rebalance one or more storage volumes among the plurality of storage controllers to enable the allocation of the new storage volume.