According to one embodiment, a method comprises receiving at a scheduler a change to a weight assigned to a consumer. The method further comprises utilizing, by the scheduler, a weighted proportional-share scheduling algorithm to maintain fairness in allocating shares of a resource to competing consumers in accordance with the changed weight. According to another embodiment, a system comprises at least one resource, and a plurality of competing consumers desiring to use the resource(s). A scheduler allocates shares of the resource(s) to the competing consumers according to a weighted proportional-share algorithm. A controller monitors at least one of performance of the competing consumers and utilization of the resource(s), and controls the performance and/or utilization by dynamically changing a scheduler parameter. The scheduler maintains fairness in allocating shares of the resource(s) to the competing consumers in accordance with the dynamically changed scheduler parameter.