The resource availability in Grids is generally unpredictable due to the autonomous and shared nature of the Grid resources and stochastic nature of the workload resulting in a best effort quality of service. The resource providers optimize for throughput and utilization whereas the users optimize for application performance. We present a cost-based model where the providers advertise resource availability to the user community. We also present a multi-objective genetic algorithm formulation for selecting the set of resources to be provisioned that optimizes the application performance while minimizing the resource costs. We use trace-based simulations to compare the application performance and cost using the provisioned and the best effort approach with a number of artificially generated workflow-structured applications and a seismic hazard application from the earthquake science community. The provisioned approach shows promising results when the resources are under high utilization and/or the applications have significant resource requirements.