Over the years, there has been continuing cost growth in weapon system acquisition programs. Studies have been conducted to explain the causes of this cost growth. Risk and uncertainty is a common factor in major programs and it has been indentified as a significant cause of cost growth. It is apparent that cost growth can be reduced and controlled by specifically allowing and considering the risk involved. The purpose of this paper is to develop an no-going formal methodology for review and analysis to indentify and evaluate risks and uncertain-tites in technical, schedule, cost, functional performance and other categories of uncertainty at the different phases of the acquisition process and their interrelationships.