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Managed service framework enables a service provider to offer more demanding and revenue generating services. IETF proposed Provider Provisioned IP-VPN service is a well known managed service. In [6] we first proposed a new framework to enable managed dynamic VPN service using the notion of topology abstraction. In [7] we proposed several distributed heuristics that can be applied in the context of [6]. The focus of this paper is to study the problem of enabling dynamic managed service using topology abstraction in a centralized manner whose objective is to maximize the network utilization and VPN call performance. The centralized scheme proposed in this paper applies the maximum concurrent flow theory and proposes two extensions to it. The two extension aims at improving the conservative nature of using maximum concurrent flow theory by improving the statistical multiplexing of available core network resources among the VPNs. We study the proposed approaches using a simulation environment of an IP/MPLS network providing managed IP-VPN service with appropriate extensions required to realize the components of the Managed Dynamic VPN Service as proposed in [6].