1. A computer-implemented method, comprising: capping the amount of power available to each of a plurality of compute nodes; managing power allocation among subsystems within each of the plurality of compute nodes according to the requirements of workloads assigned to each of the plurality of compute nodes; reporting an actual performance level and performance capability for each of the subsystems within each of the plurality of compute nodes; monitoring parametric data for a particular workload; identifying a target compute node from among the plurality of compute nodes, wherein the target compute node would be capable of performing the particular workload if power was reallocated from a first subsystem to a second subsystem within the target compute node; and assigning the particular workload to the target compute node.