1. A system, comprising: a central processor (CP) to execute a first application and a second application; a graphics processor (GP) communicatively coupled to the CP and including one or more GP resources, the GP to receive from the CP a first workload originated by the first application and a second workload originated by the second application; an electronic memory communicatively coupled to at least the GP, and to store a first application-specific graphics processor (GP) context in association with the first application, the first GP context specifying a first hardware configuration of the GP resources, and to store a second application-specific GP context in association with the second application, the second GP context specifying a second hardware configuration of the GP resources; and wherein the GP includes a microcontroller to: determine the first hardware configuration of the GP resources from the first GP context stored in the memory in response to the origin of the first workload being the first application; configure the GP resources into the first hardware configuration, as specified by the first GP context; schedule processing of the first workload on the GP resources in the first hardware configuration; determine the second hardware configuration of the GP resources from the second GP context stored in the memory in response to the origin of the second workload being the second application; reconfigure the GP resources into the second hardware configuration, as specified by the second GP context; schedule processing of the second workload on the GP resources in the second hardware configuration; perform an evaluation of one or more GP power management algorithms over a first GP power management evaluation time interval during which at least the first workload and second workload are processed; and update a performance target defined in at least one of the first GP context or second GP context based on the evaluation, wherein the performance target is to be targeted by a power management algorithm executed when the GP resources are subsequently in the first or second hardware configuration, respectively.