Increase vCPUS/RAM if needed

Question

I have create a AWS EC2 instance to run a computation routine that works for most cases, however every now and then I get an user that needs to run a computation routine that crashes my program due to lack of RAM.

Is it possible to scale the EC2 instance's RAM and or vCPUs if required or if certain threshold (say when 80% of RAM is used) is reached. What I'm trying to avoid is keeping and unnecessary large instance and only scale resources when needed.