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This research examined the magnitudes of the performance, supportability, life-cycle cost, schedule, and management risk factors in current Republic of China Air Force (ROCAF) weapon systems acquisition programs and analyzed the risk drivers with respect to those risk factors. Mid-to-high level managers in the ROCAF and Chung-Sun Institute of Science and Technology (CSIST) were surveyed to determine the extent to which various risk factors were contributing to program risk. A total of fifty-four (54) managers responded to the survey. The results indicate: high risks to performance, supportability, life cycle cost, and schedule, and moderate risk to management. Risk-drivers that contributed to particular risk factors were also identified in which two major risk-drivers causing high risk to more than one risk factor; these are: first, ambiguous requirements or frequent requirements changes drive performance, cost, and schedule risks; second, tight program schedule caused by the need for rapid system deployment contributes to performance and supportability risks. Finally, recommendations for future research such as an overall considerations for acceptable risk in ROCAF acquisition process were also made.