Optimizing resource utilization in a networked computing environment

An approach for managing and optimizing available resources utilized in a networked computing environment (e.g., a cloud computing environment) is provided. In one aspect, a plurality of resources in a plurality of storage pools within the networked computing environment are monitored. Each storage pool is running at least one application workload using a corresponding subset of the plurality of resources. The storage pools are ranked based on the application workloads. In response to an over-utilized storage pool and/or an under-utilized storage pool, the plurality of resources are dynamically reconfigured.