A method for performing backup operations includes obtaining a plurality of parameters for each of a plurality of virtual machines (VMs), wherein the plurality of parameters are in a common representation domain, obtaining a plurality of backup capacities each associated with one of a plurality of backup agents, wherein the backup capacity is in the common representation domain, assigning, using the plurality of parameters and the plurality of backup capacities, at least a portion of the plurality of VMs to the plurality of backup agents, and initiating, based on the assigning, backup operations based on at least the portion of the plurality of VMs.