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You can configure custom over commit rates. If you wanted to change CPU from 16:1 you would set the value in Nova.conf:

CPU:

cpu_allocation_ratio = 16.0

Changed to:

cpu_allocation_ratio = 8.0

Memory:

ram_allocation_ratio = 1.5

Changed to:

ram_allocation_ratio = 1.0

http://docs.openstack.org/juno/config-reference/content/list-of-compute-config-options.html

I believe it is a default value in that if you don't specify it will use the defaults. After you change the settings you'll need to restart Nova services to pull the new values.