Abstract: A component executing within a programmable execution system (PES) receives a request to launch a virtual machine instance, such as from a customer of the PES. In response to receiving such a request, the component computes an expected cost of executing the virtual machine instance over its lifetime based upon one or more cost factors. The component also computes an expected value of executing the virtual machine instance over its lifetime based upon one or more value factors. Based upon the computed expected cost and the computed expected value associated with executing the virtual machine instance, the component determines whether or not to launch the virtual machine instance. The component might utilize a similar mechanism to determine whether to instantiate other types of computing resources.