Weapon System Acquisitions: Opportunities Exist to Improve the Department of Defense's Portfolio Management, Report to Congressional Committees   [open pdf - 3MB]

From the Highlights: "DOD's weapon system acquisition programs have a total estimated acquisition cost of over $1.4 trillion. Portfolio management is an approach used by organizations to evaluate, select, prioritize, and allocate resources to projects that best accomplish strategic or organizational goals. In March 2007, GAO [Government Accountability Office] recommended that DOD implement a department-wide portfolio management approach for weapon system investments. Senate Report 113-44 accompanying the National Defense Authorization Act for Fiscal Year 2014 included a provision that GAO review DOD processes for identifying duplicative and inefficient acquisitions. This report assesses the extent to which (1) DOD uses portfolio management to optimize weapon system investments; (2) DOD conducts integrated portfolio reviews; and (3) the military services conduct portfolio reviews. GAO compared DOD and military service policies and portfolio reviews with best practices and standards for portfolio management. GAO recommends that DOD update its portfolio management policy, designate a senior official responsible for its implementation; conduct annual portfolio reviews that integrate key information from the requirements, acquisition, and budget processes; and invest in analytical tools to support its portfolio management efforts. DOD partially concurred with the recommendations. However, as discussed in the report, DOD's planned actions will not fully address the issues GAO identified."

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Government Accountability Office: http://www.gao.gov/
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