Limiting conditions for operations (LCOs) are evaluated dynamically using the tool of system dynamics. The LCOs de-fine the allowed outage times (AOTs) and the actions to be taken if the repair cannot be completed within the AOT. System dynamics has been developed to analyze the dynamic reliability of a complicated system. System dynamics using Vensim software have been applied to LCOs assessment for an example system, the auxiliary feed water system of a reference nuclear power plant. Analysis results of both full power operation and shutdown operation have been compared for a measure of core damage frequency. The framework developed in this study has been shown to be very flexible in that it can be applied to assess LCOs quantitatively under any operational context of the TS in FSAR.