METHOD AND SYSTEM FOR MANAGING CLOUD COMPUTING ENVIRONMENT

A management server manages resources in a cloud system having servers and storage subsystems by assigning a category of resources to an application, the category of resources being associated with a first template of virtualized resources, the first template being associated with threshold values and having a first cost for using the first template; monitoring performance of the first template to obtain performance values for the first template; comparing a first performance value of the first template with a first threshold value associated with the first template; and generating a plan for migrating the application to a second template based upon a result of the comparison. The second template is associated with a second threshold value that is greater than the first performance value. The second template has a second cost for using the second template that is less than the first cost.