Collaborative management of shared resources is implemented by a storage server receiving, from a first resource manager, notification of a violation for a service provided by the storage server or device coupled to the storage server. The storage server further receives, from each of a plurality of resource managers, an estimated cost of taking a corrective action to mitigate the violation and selects a corrective action proposed by one of the plurality of resource managers based upon the estimated cost. The storage server directs the resource manager that proposed the selected corrective action to perform the selected corrective action.