Cloud users usually have different preferences over their applications that outsource to the cloud, based on the financial profit 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, availability levels, each with a dif-ferent probability of occurrence and a penalty, which is paid to the user in case the virtual machine is not availa-ble. Therefore, the problem of application 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 risk-aware scheduling model, using risk analysis to allocate the applications to the virtual machines, so that, the ex-pected total pay-off of an application is maximized, by taking into account of the priority of applications. A run-ning example is used through the paper to better illustrate the model and its application to improve the efficiency of resource assignment in cloud computing scenarios.