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A computing cluster operated according to a resource allocation policy based on a predictive model of completion time. The predictive model may be applied in a resource control loop that iteratively updates resources assigned to an executing job. At each iteration, the amount of resources allocated to the job may be updated based on of the predictive model so that the job will be scheduled to complete execution at a target completion time. The target completion time may be derived from a utility function determined for the job. The utility function, in turn, may be derived from a service level agreement with service guarantees and penalties for late completion of a job. Allocating resources in this way may maximize utility for an operator of the computing cluster while minimizing disruption to other jobs that may be concurrently executing.