Abstract
Capability-based planning (CBP) is considered by many defence organisations to be the best practice for enterprise-level planning, analysis and management. This approach, loosely based around investment portfolio theory, is premised on balancing the cost, benefit and risk of capability options across the defence enterprise. However a number of authors have recently noted limitations of its current applications. The authors propose a more general, insurance-based approach, which can support the evolutionary improvement of the current CBP approach. This approach is implemented as hedging-based planning and aims to better reflect the enterprise nature of defence organisations, capturing both force structure and force generation aspects of military systems.
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