Tradespace Exploration (TSE) provides decision-makers an understanding of capabilities, gaps, and potential compromises facilitating the achievement of product/ system metric objectives across the operating environment. The Portfolio design selection method utilizes a combination of Modern Portfolio Theory (MPT) for assets allocation. Multi-Attribute Tradespace Exploration (MATE) for considering greater set of alternatives than select point designs and Epoch-Era Analysis (EEA) for comparing potential portfolio performance under uncertain and changing contexts. The classic financial framework of Modern Portfolio Theory (MPT) expounds the benefits of diversification and leverage. A fundamental element of MPT is "asset allocation", or the identification of potential asset classes which a portfolio designer desires to consider for inclusion in the portfolio. Efficient Frontier is a key concept of MPT that represents the best combination of assets within an investment portfolio. While in finance, these assets may be stocks, bonds, or cash, for national air force portfolios, these may include identifying fundamental categories of air asset classes to achieve the "efficient frontier' in defensive and offensive capabilities with a desired level of strategic autonomy. The Multi-Attribute Tradespace Exploration (MATE), a conceptual design method developed at MIT. combines Multi-Attribute Utility Theory (MAUT) and Tradespace Exploration (TSE) to compare large numbers of candidate system designs using experimental designs to enumerate vectors of design variables that are evaluated by system performance models. The Epoch-Era Analysis (EEA) is a framework designed to clarify the effects of changing contexts over time on the perceived value of the system in a structured way. This paper presents a case study of Modern Combat Aircrafts (MCA) Portfolio design selection for Indian Air Force (IAF) under uncertain situational context through value-driven design and model-based tradespace exploration. A synthesized Epoch-Era Analysis (EEA) was developed, applying elements of Modern Portfolio Theory (MPT) and Multi-Attribute Tradespace Exploration (MATE) to provide a dynamic perspective for evaluation of value robustness across time periods such as War on Terror (WoT), Major Aerial Conflict (MAC) and Two-Front Peacekeeping (TFPK) with changing contexts and value expectations through select portfolio design evaluations. A brief technical overview of India's indigenous Tejas Light Combat Aircraft (LCA mk1) that is under production. Medium Weight Fighter (Tejas mk2) in prototype development and the Advanced Medium Combat Aircraft (AMCA) in design stage, all powered by American engines is also provided in the paper.
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