A method, apparatus and program product for allocating resources in a logically partitioned multiprocessor environment. Resource usage is monitored in a first logical partition in the logically partitioned multiprocessor environment to predict a future underutilization of a resource in the first logical partition. An application executing in a second logical partition in the logically partitioned multiprocessor environment is configured for execution in the second logical partition with an assumption made that at least a portion of the underutilized resource is allocated to the second logical partition during at least a portion of the predicted future underutilization of the resource.