1. A processor-based method of managing a hardware storage system, comprising: detecting an alarm condition relating to a performance goal of the hardware storage system; invoking an N-step lookahead engine for simulating operation of the hardware storage system if there are multiple candidate actions that could be taken by the hardware storage system for eliminating the detected alarm condition; generating N simulated storage system states for each of the candidate actions based on a current system state of the hardware storage system, each simulated storage system state comprising at least one of a storage system resource utilization, a storage system event and a storage system workload characteristic; selecting a candidate action that generates a simulated storage system state that optimizes a stability of the simulated storage system based on eliminating the detected alarm condition, a prerequisite of the hardware storage system and a transient cost of invoking the selected candidate action, the transient cost being based on an overhead cost of the selected candidate action on resources of the hardware storage system; and outputting the selected candidate action to the hardware storage system for managing the hardware storage system based on the detected alarm condition.