This paper focuses on Timely dataflow programming model for processing streams of data. We propose a technique to define CPU resource allocation (i.e., CPU capping) with the goal to improve response time latency in such type of applications with different quality of service (QoS) level, as they are concurrently running in a shared multi-core computing system with unknown and volatile demand. The proposed solution predicts the expected performance of the underlying platform using an online approach based on queuing theory and adjusts the corrections required in CPU allocation to achieve the most optimized performance. The experimental results confirms that measured performance of the proposed model is highly accurate while it takes into account the percentiles on the QoS metrics. The theoretical model used for elastic allocation of CPU share in the target platform takes advantage of design principals in model predictive control theory and dynamic programming to solve an optimization problem. While the prediction module in the proposed algorithm tries to predict the temporal changes in the arrival rate of each data flow, the optimization module uses a system model to estimate the interference among collocated applications by continuously monitoring the available CPU utilization in individual nodes along with the number of outstanding messages in every intermediate buffer of all TDF applications. The optimization module eventually performs a cost-benefit analysis to mitigate the total amount of QoS violation incidents by assigning the limited CPU shares among collocated applications. The proposed algorithm is robust (i.e., its worst-case output is guaranteed for arbitrarily volatile incoming demand coming from different data streams), and if the demand volatility is not large, the output is optimal, too. Its implementation is done using the TDF framework in Rust for distributed and shared memory architectures. The experimental results show that the proposed algorithm reduces the average and p99 latency of delay-sensitive applications by 21% and 31.8%, respectively, while can reduce the amount of QoS violation incidents by 98% on average.