ABSTRACT NASA’s Technology Readiness Levels (TRL) approach offers a method of subjectively quantifying the maturity of certain technologies for use in space programs. The TRLs range from Level 1: Concept Conceptualized to Level 9: Mission Proven. Engineers have used TRLs to make decisions about technologies and their likelihood of contributing to a system’s success. The nature of rapidly changing technologies together with the complexity of large scale systems brings forth new considerations in systems design and management. While TRL levels are useful methods for measuring technology readiness, they fail to account for negative aspects that immature technologies can introduce to systems. Negative aspects such as technology obsolescence can be combined with the positive aspects highlighted in the TRLs to form a Technology Risk measure that more accurately reflects the influence of a particular technology.

We propose a new method for quantifying technologies through the use of a Technology Risk driver. We postulate that this approach provides a better understanding of the risk involved in adopting a technology. Our approach is operationalized through with a rating scale that can be used in parametric cost estimation models.