Proceedings Paper (for Acquisition Research Program)Gap Analysis is widely regarded as a useful tool to facilitate commercial and defense system acquisitions. This paper is a rethinking of the theoretical foundations and systematics of Gap Analysis with practical extensions to illustrate its utility and limitations. It also provides a new perspective on those theoretical foundations from the perspectives of systems and value engineering. The growing sophistication and complexity of new systems or system-of-systems have resulted in a dramatic increase in time and money to reach operational capability. Gap Analysis, properly defined and enacted, clarifies goals, appropriate investment and the end-use.Naval Postgraduate School Acquisition Research ProgramApproved for public release; distribution is unlimited