The document presents a new hierarchical correlation model for evaluating reliability, performance, and power consumption of cloud services. The model uses Markov models, queuing theory, and Bayesian approaches to analyze how these metrics are correlated. It accounts for characteristics of cloud systems like virtual machines hosted on servers, common cause failures from server issues, and multicore CPU mapping. The model also develops a tradeoff parameter and profit optimization approach to evaluate performance versus power consumption tradeoffs.