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As fixed and wireless access networks converge towards Internet Protocol based transport in next generation networks, the requirement for effective and scalable control and management solutions to address the complexity introduced by their heterogeneity becomes ever more critical. Over the years, policy-based management has emerged as a viable tool to address this challenge. Within the IU-ATC project, we are developing a policy-based framework, (Converged Networks QoS Framework, CNQF) for end-to-end QoS control and resource management in converged next generation networks. CNQF is designed to support QoS control and context-driven resource management policies across all networks (access, metro, core) on the end-to-end transport layer of converged networks. This paper describes CNQF and develops an exemplary use case scenario for policy-based resource management based on our CNQF architecture. The paper also presents the development of stochastic-analytic models to characterise and evaluate the impact of policies on operational performance. The model is used to analyse the performance of dynamic CNQF context-driven policies for admission control case study.