Cost Minimization Algorithm for Provisioning Cloud Resources

Abstract

Cloud Computing offers resources as a utility that can be accessed and rented via web browsers. It has also made it easy for paying for resources with different ways of pricing. However, that could result in overpaying for resources or underutilizing the reserved resources. In this paper, we focus on two main options in the pricing model, namely, pay-per-use and reserved instances. In the first one, users can pay for what they use only while the second option offers up to 72% discount but they have to pay in advance for the whole reserved period. In this paper, we present two algorithms for provisioning cloud resources to help cloud customers pick the most cost-effective plans for their jobs.