This paper presents a unified approach for the quantification of feasi
bility and flexibility of systems that operate dynamically under the e
ffect of time-varying uncertainty. Based on the steady state flexibili
ty analysis framework, the formulation for both the dynamic feasibilit
y and dynamic flexibility analysis problems is developed. It is shown
that when the assumption of given uncertainty profile holds, both prob
lems reduce to dynamic optimization problems that can be solved using
currently available techniques. For the case when this assumption is n
ot valid, a discretization scheme for the differential equations is co
mbined with an active constraint strategy to transform both problems i
nto mixed integer nonlinear programming problems. A number of examples
are used to illustrate the applicability of the proposed framework.