1. A method for dynamically managing power consumption of a physical host within a cloud computing environment, the method comprising: retrieving a first plurality of metrics for each of a plurality of physical hosts available for executing a virtual machine, said first plurality of metrics including at least a first metric identifying a level of usage for each of the plurality of physical hosts as of a predetermined time period; retrieving a second plurality of metrics associated with the virtual machine, said second plurality of metrics including at least one metric identifying a level of usage exerted on a physical host by the virtual machine as of a predetermined time period; assigning a first power score to each of the plurality of physical hosts responsive to the retrieved first and second pluralities of metrics; determining a second power score, for each of the plurality of physical hosts, associated with at least the one metric identifying a level of usage exerted on each of the plurality of physical hosts by the virtual machine as of a predetermined time period; identifying one of the plurality of physical hosts on which to execute the virtual machine wherein the second power score of said physical host satisfies at least one predetermined criteria; responding to the identification of the physical host on which to execute the virtual machine by: i. adjusting processor performance states for one or more of the plurality of physical hosts; and ii. adjusting processor operating states for one or more of the plurality of physical hosts.