A production monitoring system (10) comprises a plurality of injection and production units (80) coupled in operation to sensors (410) for measuring physical processes occurring in operation in the injection and production units (80) and generating corresponding measurement signals (420) for computing hardware (400). The computing hardware (400) is operable to execute software products (300) for processing the signals (420). Moreover, the software products (300) are adapted for the computing hardware (400) to analyze the measurement signals (420) to abstract a parameter representation of the measurement signals (420), and to apply a temporal analysis of the parameters to identify temporally slow processes and temporally fast processes therein, and to employ information representative of the slow processes and fast processes to control a management process for controlling operation of the system (10).