A system for controlling a gas turbine power plant includes a plurality of sensors configured to transmit signals indicative of one or more operating parameters of the gas turbine, and a control system in electronic communication with each sensor. The control system is configured to compute cumulative wear for one or more hardware components of the gas turbine based at least in part on the signals. Instructions are inputted into the control system which indicates a desired operational mode for the gas turbine. The control system may then compute a hardware consumption rate based at least in part on the cumulative wear. The hardware consumption rate may then be displayed to an operator via a display device. The operator may use the hardware consumption rate to determine potential economic impact of operating the gas turbine at the desired operational mode.