Controlling process group execution elapsed time through component performance control

An embodiment of the present invention is a technique to manage elapsed time performance. Current baseline statistics on N performance components are obtained for a set of programs belonging to a single workload group. N current component performance values associated with the N performance components are obtained in a current measurement for the set of programs at the beginning of a current monitoring cycle. A control component is selected from the N performance components based on the current baseline statistics and the N current component performance values. A control value is applied to an operation corresponding to the control component in the set of programs. A next monitoring cycle is waited for.