Sound defence resource allocation requires analysis that overcomes the necessary fragmentation of the national defence enterprise into manageable execution streams. Framing the requirements and options for capability component investment, upgrade and divestment in terms of value (as distinct from cost) over time sets up senior decision-makers to deliver everything necessary to successful, affordable and sustainable defence. In resource-constrained environments, democratic governments face political pressure to account for the nature and scale of their operating and capital defence investments. Even when economies are strong, democracies require national governments to demonstrate responsible use of tax revenue. The question is best answered in terms of cost and benefit. This requires a credible accounting of value to accompany the more straight-forward accounting of costs. Without it, the generation of regional economic benefit can trump the generation of military operational benefit resulting in slower, more expensive, and inferior procurement arrangements for the sake of the national economic benefit.