Dynamic cost effective solution for efficient cloud infrastructure

Cloud computing is an essential part for individual and corporate users to perform resource intensive computation. During computation, the cost of execution abruptly changes with the dynamic requirements of the users. So, maintaining trade-off between the performance and the cost of computation has become extremely crucial. To resolve this, we have designed a dynamic pricing model for the IaaS cloud platforms that can set a lower bound of the base price for a cloud service and then compute the variable cost of execution based on the change in the user requirements. We have addressed an efficient mathematical cost analysis model considering all possible static and dynamic cost factors for computing a rational execution cost. Furthermore, we have presented a novel algorithm and implemented it within a simulated proposed service architecture for validating the results. We have compared our proposed model with existing models through extensive simulations.