The Joint Strike Fighter (JSF) is DOD's most expensive aircraft program. The program represents 90 percent of the remaining planned investment for recapitalizing DOD's aging tactical aircraft fleet. GAO is required by law to review the program annually for 5 years, beginning in fiscal year 2005. This is our second report and GAO assessed the program's acquisition approach-in terms of capturing knowledge for key investment decisions-and identified an alternative to improve outcomes.

The Joint Strike Fighter (JSF) is the DoD¿s most complex and ambitious aircraft acquisition, seeking to simultaneously produce and field three different versions of the aircraft for the Air Force, Navy, Marine Corps, and eight international partners. The total investment required now exceeds $1 trillion -- more than $300 billion to acquire 2,456 aircraft and $760 billion in life cycle operating and support costs, according to program estimates. This report: (1) determines the program's progress in meeting cost, schedule, and performance goals; (2) assesses manufacturing results and schedule risks; and (3) evaluates development test plans, progress, and risks. Charts and tables.

Between 2003 and 2006, the price of titanium more than doubled. The authors attempt to answer four primary questions: What triggered this price surge? What are titanium's future market prospects and emerging technologies? What are the implications for the production cost of future military airframes? How might the Department of Defense mitigate the economic risks involved in the titanium market?