Abstract-Cloud users usually have different preferences over their applications that outsource to the cloud, based on the financial pro fit of each application's execution. Moreover, various types of virtual machines are offered by a cloud service provider with distinct characteristics , such as rental prices, availab ility levels , each with a different probability of occurrence and a penalty, which is paid to the user in case the virtual mach ine is not available. Therefore, the problem o f applicat ion scheduling in cloud computing environments, considering the risk of financial loss of application-to-VM assignment becomes a challenging issue. In this paper, we propose a riskaware scheduling model, using risk analysis to allocate the applications to the virtual machines , so that, the expected total pay-off o f an application is maximized, by taking into account of the priority of applications. A running examp le is used through the paper to better illustrate the model and its application to imp rove the efficiency of resource assignment in cloud computing scenarios.