A system and method for monitoring and managing utility devices is provided where performance data for each utility device is compared against performance criteria. A deficiency value is assigned to each utility device based on the comparison, and a composite deficiency surface is generated based on the deficiency values. The areas of the composite deficiency surface are classified into deficiency classes. A particular area on the composite deficiency surface associated with a particular deficiency class is identified, and a priority index for the identified area is determined based on the particular deficiency value. One or more of the identified areas of the composite deficiency surface are classified into one or more construction projects based on the priority index for the corresponding area, and at least one of the one or more construction projects is recommended to a user.