1. A method of managing a storage system, comprising: detecting an alarm condition relating to a performance goal of the storage system; invoking an N-step lookahead engine for simulating operation of the storage system when there are multiple actions that could be taken by the storage system for eliminating the alarm condition; generating N possible system states based on a current state ofthe storage system; and selecting an action that generates a possible system state that optimizes a stability of the storage system, a prerequisite of the storage system and a transient cost of invoking the selected action.