A method of producing fluids from a wellbore that has therein n adjustable flow control device for controlling flow of fluid between a formation and the wellbore may include: providing a tool having a sensor configured to provide measurements relating to a downhole property of interest, wherein the tool is configured to adjust flow from the flow control device; conveying the tool into the wellbore; determining the property of interest using the tool; and adjusting the flow through the flow control device with the tool at least in part in response to the determined parameter of interest. An apparatus for controlling fluid flow between a formation and a wellbore, according to one embodiment may include: a tool configured to be conveyed into a wellbore that contains at least one sensor for estimating a property of interest downhole and a latching device configured to couple to a flow control device in the wellbore to alter flow of the fluid through the flow control device.