A task allocation system for dynamically allocating computing tasks to networked computing resources with heterogeneous capabilities includes: a task library having a plurality of tasks, each task being one of a plurality of different implementations of an application, wherein the different implementations of an application provide different levels of accuracy and resource usage during execution, wherein the different implementations are configured based on a trade-off between level of accuracy and resource usage during execution; and a real-time scheduler module configured to monitor available computing resources and connectivity to the computing resources, receive a plurality of task requests, prioritize applications to be executed when performing the tasks wherein more critical applications are assigned a higher priority, allocate computing resources to the higher priority applications, allocate remaining computing resources to other applications, and select specific implementations of applications for assignment to specific computing resources in a way that maximizes an overall utility.