A predictive model specifies a workload to be applied to a hierarchy of caches having multiple levels of caches. The predictive model defines a configuration for the hierarchy of caches by specifying cache characteristics of each level of the hierarchy of caches and the underlying storage pool and applies the workload to the configuration. For each level of the configuration, the predictive model computes a performance metric based on a portion of the workload satisfied at the level and the cache characteristics of the level. The predictive model computes resource allocation metrics based on the performance metric for the levels and a cost associated with the configuration. Based on the workload, the configuration, performance metrics, and resource allocation metrics, the predictive model creates a design time recommendation for the hierarchy of caches, a configuration time recommendation and run time recommendation for the hierarchy of caches.