Disclosed herein are system, method, and computer program product embodiments for allocating resources based on predictions of workload probability parameters. The method can include collecting a first set of historical workload data generated by operating a first set of one or more applications at a first number of past time instances; predicting probability parameters of a second set of future workload data for operating a second set of one or more applications at a second number of future time instances; and determining future resources allocated to operating the second set of one or more applications for the second number of future time instances, based on allocated current resources, a lower bound of resources to satisfy a quality of service (QoS) for operating the second set of one or more applications, an upper bound of resources to satisfy the QoS, and the predicted probability parameters.