A system for managing allocation of resources based on service level agreements between application owners and cloud operators. Under some service level agreements, the cloud operator may have responsibility for managing allocation of resources to the software application and may manage the allocation such that the software application executes within an agreed performance level. Operating a cloud computing platform according to such a service level agreement may alleviate for the application owners the complexities of managing allocation of resources and may provide greater flexibility to cloud operators in managing their cloud computing platforms.