A shared input/output (IO) resource is managed in a decentralized manner. Each of multiple hosts having IO access to the shared resource, computes an average latency value that is normalized with respect to average IO request sizes, and stores the computed normalized latency value for later use. The normalized latency values thus computed and stored may be used for a variety of different applications, including enforcing a quality of service (QoS) policy that is applied to the hosts, detecting a condition known as an anomaly where a host that is not bound by a QoS policy accesses the shared resource at a rate that impacts the level of service received by the plurality of hosts that are bound by the QoS policy, and migrating workloads between storage arrays to achieve load balancing across the storage arrays.