A computer implemented method and system for managing resources available to an application in a shared pool of configurable network computing resources is provided. The method includes receiving, by a metric collector, one or more service level metrics correlated with one or more time intervals. The service level metrics are converted to hypervisor weights and a hypervisor is configured to allocate computing resources to a virtual machine according to the hypervisor weights. In response to translating and implementing the hypervisor weights, a dynamic cost model is created. The cost model is correlated with chosen service level metrics as well as with the duration of time a chosen service level metric is implemented.