In today’s high-operational tempo environment, Military Aviation must balance maximizing readiness with controlling the rising operating and maintenance costs of aging aircraft and legacy equipment. Unplanned delays in acquiring replacement aircraft, along with higher-than-expected usage rates, have necessitated life extensions and equipment upgrades for most military legacy aircraft. To recapitalize the fleet while keeping older aircraft operational, it is essential to conduct thorough analyses and risk-based assessments to meet mission requirements effectively. The inability to perform accurate, simulation-based, multi-variant, probabilistic decision analysis in real time jeopardizes sound financial management and the successful completion of missions.