Cloud computing is a technology that make use of the internet for providing the software or other IT services that require for the users/customers. Since cloud computing is the pay as you go pricing method the cost and performance optimization become the most important issue during scheduling in cloud computing. Various optimization techniques have been anticipated to find the optimal solution for these issues. This paper produces the survey on cost and performance optimization techniques with their merits and demerits. The Pointer Gossip Trade-of algorithm is used in this paper to reduce power consumption and to enhance the performance in data centers. Contrast of this techniques are also included which helps to find the further efficient solution for cost and performance optimization.