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CloudHealth recommends adding the following AWS Best Practice Policies for Performance Management.
Examples:
Sample Volume Rightsizing Policy: Notify me if the average is less than 20% across all my EBS volumes for 1 week.

Specify performance thresholds for your instances so that you can monitor for underutilized and overutilized instances. Underutilized instances should be downgraded for cost efficiency, while overutilized instances should be upgraded to avoid performance problems.
Underutilization Example: If average CPU is less than 20% average disk IO is less than 35%, and max CPU is less than 35% for more than 5 days, notify the instance owner.

Overutilization Example: If daily average CPU usage AND memory usage AND disk throughput is > 80% for 5 days, then send email notification
