Methods and systems for presenting a plurality of options to a client for using storage space in a cloud computing environment are provided. Each option is associated with a latency target and/or a throughput target. The latency target provides a delay in processing input/output (I/O) requests and the throughput target provides a number of I/O requests that are processed within a unit of time. An existing volume is assigned to the client when the existing volume meets a guaranteed latency target and/or a guaranteed throughput target for an option selected from the plurality of options, otherwise a new volume is allocated.