When we evaluate the water supply capacity of a river basin, it is a common practice to gradually increase the water demand and check if the water demands are met. This practice is not only used in the simulation approach, but also in the optimization approach. However, this trial and error approach is a tedious task. Hence, we propose a two-phase method. In the first phase, by assuming that the decision maker has complete information on inflow data, we use a goal programming model that can generate the maximum water supply capacity at one time. In the second phase, we simulate the real-time operation for the critical period by utilizing the water supply capacity given by the goal programming model under the condition that there is no foresight of inflow. We applied the two-phase method to the Geum-River basin, where multi-purpose weirs were newly constructed. By comparing the results of the goal programming model with those of the real-time simulation model we could comprehend and estimate the effect of perfect inflow data on the water supply capacity.