Assigning resources to an application component by taking into account an objective function with hard and soft constraints

Embodiments of the present invention relate to a system and method for assigning resources to an application component. One embodiment of the present invention includes identifying an application component, and determining available resources of a networked computing system for running the application component. Additionally, the embodiment includes determining required resources for the application component, assigning a subset of available resources for the application component taking into account the required resources of the application component, the available resources, and one or more operator policies. These operator policies generally include preferences of operators, administrators, users, or the like, and could also include business rules. Additionally, the embodiment includes associating the application component with the subset of available resources.