1. A machine implemented method, comprising; collecting performance data by a processor of a management console for a plurality of resources of a networked storage system used by a computing device to store and retrieve data from the networked storage system; receiving a request for placing a workload for using the networked storage system to store data and access data; determining a plurality of subset of resources for responding to the workload, where each subset of resources includes at least two different but related resource types that can be used for processing the workload; determining a penalty index for each subset of resources; wherein the penalty index of each subset of resources includes a penalty index of each resource within each subset and is based on a supply parameter that indicates a maximum capability of the resource, a threshold value that indicates a capability level beyond which no load is added to the resource and a criticality factor that indicates an importance of each resource to the networked storage system; and assigning the workload to a subset of resources with a least penalty index.