Methods for managing the operational condition of flow control valves in process systems. As a control valve experiences mechanical wear during operation, the physical changes to the valve can alter its dead band and flow coefficient. A non-linear dynamic model determines the present dead band by modeling the relationship between the actual flow through the valve and the commanded drive signal to the valve. The present valve flow coefficient can be determined by removing the dead band from the drive signal and using that modified signal in a flow rate model for the valve to adaptively find the flow coefficient value which matches the predicted flow from the flow rate model to the present measured flow from a flow rate sensor. The present dead band and flow coefficient can be used to update valve control algorithms and to make valve maintenance decisions.