In one embodiment, a method comprises the following steps: receiving a first set of inputs comprising a first plurality of entities and a first traffic behavior; determining a first region of a buffer corresponding to the first traffic behavior; assigning the first plurality of entities to the first region; determining hierarchical relationships between at least some of the first plurality of entities; determining a first shared buffer space of the first region; and assigning at least one threshold for each of the first plurality of entities. The threshold may comprise a maximum amount of the first shared buffer space that may be allocated to an entity. The method may also involve configuring a logic device to allocate the first shared buffer space dynamically according to the hierarchical relationships and the thresholds.