1. A method for processor and network resource management in a computing system, the method comprising: identifying a performance objective for an application that utilizes network and processing resources and is running on a computer in a computing system containing a plurality of computers each running a plurality of applications; determining a relationship between the identified performance objective and the utilization of a network resource by the application; using the determined relationship to calculate an allocation of the network resource to the application that optimizes the identified performance objective; and implementing the calculated allocation of the network resource.