This paper proposes an advanced distribution management system (DMS) that a) monitors each component and performs protection functions using a dynamic state estimation, b) the estimated states are transmitted to the DMS where the real time model of the entire feeder is synthesized, c) uses the real time model to perform upper level optimization (operations planning) and lower level optimization (real time control) via a hierarchical optimization procedure; and d) applies proper controls to operate the system at optimal points. The proposed approach for protection, operations planning, and real time control of the system provides the infrastructure for additional important applications. As an example, the paper presents a novel application for monitoring available reserves from all resources in the system. We propose the concept of Reserve-O-Meter that monitors in real time the available reserves from all resources (utility and customer owned).