A new method for calculating various properties of glasses & glass forming melts has been proposed. The method covers such properties as viscosity & standard points, density, heat capacity & enthalpy, refractive index & its dispersion, coefficient of thermal expansion, surface tension, elastic moduli, & ultrasonic velocities. Temperature dependencies of the properties could also be calculated. The above mentioned properties could be calculated for glasses & glass forming melts belonging to various oxide systems: 64 oxides can be included in the calculation. The method is based on assuming chemical equilibria between structural groups, which are found in glass forming melts. The results of calculations have been compared with the experimental data for properties of about 100,000 glasses & glass forming melts using the MDL SciGlass system.