QTP has a unique feature called Smart Object

Identification/recognition. QTP generally identifies an

object by matching its test object and run time object

properties. QTP may fail to recognise the dynamic objects

whose properties change during run time. Hence it has an

option of enabling Smart Identification, wherein it can

identify the objects even if their properties changes

during run time.

Check this out-

If QuickTest is unable to find any object that matches the

recorded object description, or if it finds more than one

object that fits the description, then QuickTest ignores

the recorded description, and uses the Smart Identification

mechanism to try to identify the object.

While the Smart Identification mechanism is more complex,

it is more flexible, and thus, if configured logically, a

Smart Identification definition can probably help QuickTest

identify an object, if it is present, even when the

recorded description fails.

The Smart Identification mechanism uses two types of

properties:

Base filter properties?The most fundamental properties of a

particular test object class; those whose values cannot be

changed without changing the essence of the original

object. For example, if a Web link's tag was changed from

to any other value, you could no longer call it the same

object. Optional filter properties?Other properties that

can help identify objects of a particular class as they are

unlikely to change on a regular basis, but which can be

ignored if they are no longer applicable.

by using reguler expressions we can handle dynamic objects 
in qtp

By using smart idetification and regular expressions