A method and system for allocating data processing jobs between public and private cloud based on various SLA and cost factors associated to each job, and particularly, job allocation using minimal cost association by applying logistic regression. Jobs are analyzed based on various factors such as compute and operational intensity, kind of environment, I/O operations bandwidth, costs involved to deploy in private and public cloud and all these parameters are balanced to arrive at minimized cost. Methods are implemented for receiving input data representing a current request to run a job on a virtual machine, associated job characteristics, features associated with VMs running on a public networked or private networked host computing environment, and features associated with the host computing environment. The learned classifier model is run for selecting one of: the public network or private network as a host computing environment to run said current requested job on a VM resource, the learned model based on a minimized cost function.