1. National Aeronautics and Space Administration
Investment Portfolios: The Business
Case for Commercial Crew
PM Challenge
February 10, 2011
Karen Lucht
Dennis Stone
Michelle Green

2. The Investment Portfolio Approach
• Shift in policy from Government-managed
programs to Government-managed portfolio

3. The Business Case
• Financial analyses are conducted prior to committing
investment funds
– Variables of the analyses include:
• Market demand
• Available services, competition
• Pricing
• Required capital investments

4. Challenges to Achieving a Strong
Business Case
• Required infrastructure
• Technical complexity
• Schedule
• Customer demand
• Liability

5. Opportunities
• Collaboration between Industry and Government
– Accessibility to assets
– Standardization
– Allocation of property rights
– Allocation of liability