In a networked storage system, a request for placing a workload for is received by a management console that determines a plurality of subset of resources for responding to the workload. Each subset of resources includes at least two different but related resource types that can be used for processing the workload. A penalty index for each subset of resources is then determined. The penalty index of each resource is based on a supply parameter that indicates a maximum capability of the resource, a threshold value that indicates a capability level beyond which no load is added to the resource and a criticality factor that indicates an importance of each resource to the networked storage system. The workload is then assigned to a subset of resources with the least penalty index.