A method for managing hardware resources and threads within a data processing system is disclosed. Compilation attributes of a function are collected during and after the compilation of the function. The pre-processing attributes of the function are also collected before the execution of the function. The collected attributes of the function are then analyzed, and a runtime configuration is assigned to the function based of the result of the attribute analysis. The runtime configuration may include, for example, the designation of the function to be executed under either a single-threaded mode or a simultaneous multi-threaded mode. During the execution of the function, real-time attributes of the function are being continuously collected. If necessary, the runtime configuration under which the function is being executed can be changed based on the real-time attributes collected during the execution of the function.