A system for managing computing nodes and cooling devices cooling the computing nodes in an infrastructure includes one or more managers. The one or more managers receive a service request for a workload to be run on one or more of the computing nodes. Candidate workload placements for placing the workload on the one or more computing nodes are determined. A first cost associated with each candidate workload placements using a computational network model. A second cost associated with the cooling devices for each candidate workload placement is determined using a thermal network model. A cost function is minimized. The cost function determines an economic cost of operating the infrastructure while running the requested workload and is based upon the first cost, the second cost. A candidate workload placement is selected from the candidate workload placements based on the minimized cost function.