1. A method for monitoring, modeling and managing a physical system, comprising the steps of: providing a physical data model of the physical system, wherein the physical data model, which is built by a user, contains one or more elements, wherein each of the elements represents a particular physical object in the physical system, and at least one of the elements, its physical location in the physical data model, and its attributes are specified by the user from a hierarchy of data types wherein each of the elements is associated with a data type and the hierarchy of data types comprises at least one data type and at least one data sub-type, and in the hierarchy of data types at least a given one of the data types serves as a data sub-type for a given one or more other of the data types, wherein one or more of the elements are sensors, and wherein a number and a location of the sensors in the physical data model are specified by the user; obtaining real time data from the physical system from the sensors; updating the physical data model based on the real time data to create an updated physical data model and wherein the user can select a given one of the elements in the updated physical data model to see if properties of the given element have changed; creating an analytic model of the physical system based on the updated physical data model; and controlling operation of the physical system based on output from the analytic model, wherein the analytic model is based on a measurement based dynamic modeling architecture such that one or more base models are generated from an initial survey which serve as input for creating one or more updated base models and one or more dynamic models, wherein the dynamic models are created more frequently than that updated base models and the updated base models are created more frequently than the base models, and wherein the updated base models and the dynamic models use the real time data obtained from the sensors.