We propose Perform-ML, the first Machine Learning (ML) framework for analysis of massive and dense data which customizes the algorithm to the underlying platform for the purpose of achieving optimized resource efficiency. PerformML creates a performance model quantifying the computational cost of iterative analysis algorithms on a pertinent platform in terms of FLOPs, communication, and memory, which characterize runtime, storage, and energy. The core of Perform-ML is a novel parametric data projection algorithm, called Elastic Dictionary (ExD), that enables versatile and sparse representations of the data which can help in minimizing performance cost. We show that Perform-ML can achieve the optimal performance objective, according to our cost model, by platform-aware tuning of the ExD parameters. An accompanying API ensures automated applicability of Perform-ML to various algorithms, datasets, and platforms. Proof-of-concept evaluations of massive and dense data on different platforms demonstrate more than an order of magnitude improvements in performance compared to the state-of-the-art, within guaranteed user-defined error bounds.