Embodiments of the present invention relate to a system and method facilitating selection of a portfolio of computational resources for a project. The system and method may comprise determining computational resource capacity characteristics from historical usage data relating to use of a heterogeneous inventory of computational resources, the computational resource capacity characteristics comprising a trace history representative of the availability of various components of the heterogeneous inventory of computational resources at various points in time. Additionally, embodiments of the present invention may comprise calculating a plurality of finishing times for a project by performing a plurality of simulation runs based on the computational resource capacity characteristics, wherein each of the plurality of simulation runs begins at a different time in the trace history. Further, embodiments of the present invention may comprise assembling the plurality of finishing times into a distribution, constructing a risk measure using the distribution, and facilitating selection of a portfolio for the project from the heterogeneous inventory of computational resources based on the risk measure and the plurality of finishing times.