Systems and methods provided herein. In one embodiment, a system includes an advisory system including a loss computation engine configured to derive a total system loss for an industrial plant based on a first sensor positioned in a first industrial plant component and on a first physical model of the first industrial plant component. The advisory system further includes a cost model configured to use a cost function to derive a cost based on the total system loss, and a control strategy system configured to derive an advisory report, a control correction factor, or a combination thereof, based on the cost, wherein a control system is configured to apply the control correction factor to control a process in the industrial plant.