A furnace cooling panel monitoring system for monitoring the heat energy dissipation rate of each of a plurality of cooling panels (14 - 14'''') configured in a cooling panel array proximal to a furnace, the monitoring system comprising: an array inlet cooling liquid flow rate sensor; a plurality of inlet temperature sensors (63, 63''') configured to measure the inlet cooling fluid temperature of each cooling panel (14 - 14''''); a plurality of outlet temperature sensors configured to measure the outlet cooling fluid temperature of each cooling panel (14 - 14''''); a computer loaded with a computer implemented monitoring program which when executed by a processor is configured to display a heat energy dissipation rate for each of the plurality of cooling panels (14 - 14'''') configured in a cooling panel array proximal to the furnace, the array inlet cooling liquid flow rate sensor being configured to provide input of the array inlet cooling liquid flow rate to the computer implemented monitoring program, the inlet temperature sensors (63, 63"') being configured to provide input of inlet temperature at each cooling panel (14 - 14'''') to the computer program, and the outlet temperature sensors being configured to provide input of outlet temperature at each cooling panel (14 - 14'''') to the computer program, wherein each of said plurality of cooling panels (14 - 14'''') has an associated K-value and the computer implemented monitoring program accepts input of the K-value of each cooling panel (14 - 14''''), wherein the K-value is a constant equal to a liquid flow rate through a cooling panel divided by the square root of the pressure drop across said cooling panel for each of said plurality of cooling panels (14 - 14'''') and is a flow rate resistance value of a cooling liquid flowing through each of said plurality of cooling panels (14 - 14''''); wherein the computer implemented monitoring program utilizes the input K-value for each of said plurality of cooling panels (14 - 14''''), the array inlet cooling liquid flow rate, the cooling liquid inlet temperature and the cooling liquid outlet temperature of each of said plurality of cooling panels (14 - 14'''') to calculate the heat energy dissipation rate for each of said plurality of cooling panels (14 - 14''''); wherein the heat energy dissipation rate for each of said plurality of cooling panels (14 - 14'''') is displayed in real time on a display screen; whereby an operator can monitor the heat energy dissipation rate of each of said plurality of cooling panels (14 - 14'''') in real time. an array inlet cooling liquid flow rate sensor; a plurality of inlet temperature sensors (63, 63''') configured to measure the inlet cooling fluid temperature of each cooling panel (14 - 14''''); a plurality of outlet temperature sensors configured to measure the outlet cooling fluid temperature of each cooling panel (14 - 14''''); a computer loaded with a computer implemented monitoring program which when executed by a processor is configured to display a heat energy dissipation rate for each of the plurality of cooling panels (14 - 14'''') configured in a cooling panel array proximal to the furnace, the array inlet cooling liquid flow rate sensor being configured to provide input of the array inlet cooling liquid flow rate to the computer implemented monitoring program, the inlet temperature sensors (63, 63"') being configured to provide input of inlet temperature at each cooling panel (14 - 14'''') to the computer program, and the outlet temperature sensors being configured to provide input of outlet temperature at each cooling panel (14 - 14'''') to the computer program, wherein each of said plurality of cooling panels (14 - 14'''') has an associated K-value and the computer implemented monitoring program accepts input of the K-value of each cooling panel (14 - 14''''), wherein the K-value is a constant equal to a liquid flow rate through a cooling panel divided by the square root of the pressure drop across said cooling panel for each of said plurality of cooling panels (14 - 14'''') and is a flow rate resistance value of a cooling liquid flowing through each of said plurality of cooling panels (14 - 14''''); wherein the computer implemented monitoring program utilizes the input K-value for each of said plurality of cooling panels (14 - 14''''), the array inlet cooling liquid flow rate, the cooling liquid inlet temperature and the cooling liquid outlet temperature of each of said plurality of cooling panels (14 - 14'''') to calculate the heat energy dissipation rate for each of said plurality of cooling panels (14 - 14''''); wherein the heat energy dissipation rate for each of said plurality of cooling panels (14 - 14'''') is displayed in real time on a display screen; whereby an operator can monitor the heat energy dissipation rate of each of said plurality of cooling panels (14 - 14'''') in real time.