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The U.S. Department of Defense endorsed and later mandated the use of Technology Readiness Assessments (TRAs) and knowledge-based practices in the early 2000s for use as a tool in the management of program acquisition risk. Unfortunately, implementing TRAs can be costly, especially when programs include knowledge-based practices such as prototyping, performance specifications, test plans, and technology maturity plans. What is the economic impact of these TRA practices on the past and present acquisition performance of the U.S. Army, Navy, and Air Force? The conundrum today is that no commonly accepted approach is in use to determine the economic value of TRAs. This article provides a model for the valuation of TRAs in assessing the risk of technical maturity.