1. A computer implemented method for managing resources available to an application in a shared pool of configurable network machine resources, comprising: receiving, by a metric collector, a first user-selected service level metric for an application deployed on one of a plurality of computing nodes, a second user-selected service level metric for the application, a first user-selected parameter specifying a first time period, and a second user-selected parameter specifying a second time period; translating, by a metric translator, the first user-selected service level metric to a first hypervisor weight and the second user-selected service level metric to a second hypervisor weight, wherein the first hypervisor weight and the second hypervisor weight are adjusted by user-ranking, current hypervisor status, and performance requirements necessary for implementation of the first user-selected service level metric and the second user-selected service level metric; generating, in response to translating the first user-selected service level metric to a first hypervisor weight, a dynamic cost model; updating the dynamic cost model in response to a user changing the first user-selected service level metric before the first time period ends, wherein the first hypervisor weight is updated in response to the updating the dynamic cost model; configuring a hypervisor to allocate computing resources to a virtual machine according to the first hypervisor weight for the first time period and according to the second hypervisor weight for the second time period, wherein the application runs in the virtual machine during the first and second time periods; and allocating computing resources to the application running in the virtual machine for the first time period and for the second time period.