Disclosed is a method and computer program device for dynamically managing the assignment of alias addresses to base addresses referencing an input/output (I/O) device, such as a direct access storage device (DASD). Two distinct methods are disclosed. In one method, alias addresses are assigned based on the performance of the I/O devices. In this method, alias addresses are assigned to highly utilized devices, as indicated by device performance data, in order to maximize the efficient utilization of I/O device resources. In a second method, workload management principles are utilized to assign alias addresses. In this method, a correlation is made between each I/O device and the service classes utilizing each device. As in the first method, performance data is generated for each I/O device. Alias addresses are assigned to I/O devices experiencing queue delays as indicated by their performance data, if the device is associated with a service class that has failed to meet one or more processing goals. These methods may operate on a single host, or in a multi-host environment. The methods may be operated individually, or concurrently. Methods are disclosed to manage contention between concurrently operating assignment methods, and between multiple hosts concurrently operating one or more assignment methods.