A method includes identifying demand for computing resources provided by multiple computing devices and identifying operating states or modes for the computing devices based on the demand using a multivariable controller. The multivariable controller is configured to determine how to alter multiple manipulated variables in order to create changes to multiple controlled variables. The multiple manipulated variables include the operating states or modes of the computing devices, and the multiple controlled variables include a power consumption of the computing devices and a response time of the computing devices. Each of the computing devices could include one or more processing units, and each of the computing devices or processing units could be configured to selectively operate in one of the operating states or modes. The method could also include generating a profile identifying a number of computing devices or processing units to operate in each of the operating states or modes.