A method and system are disclosed for allocating computer resources. The method may be implemented in software instructions in a resource allocator that allocates resources among workloads operating on the system. Parameters defining service level objectives for the execution of workloads are received from a user input device. At least one of the service level objectives is a utilization cap that limits the overall allocation of system resources among the workloads. The parameters include priorities for the service level objectives, including the utilization cap. As the workloads execute on the system, utilization data is received indicating usage of system resources. Resources are allocated to the workloads according to the priorities of the service level objectives and based on the utilization data.