Choosing between different alternatives when designing simulations and models often becomes more than a comparison between costs, hence the alternatives attains different purposes. The objectives of this work has been to elucidate the connections between design characteristics, costs and the expected benefits from the development and use of the simulation model. The means available for reducing risks associated with development of software are access to adequate competence, practice of appropriate processes and technologies. These factors also have a significant impact on work effectiveness and quality for the resulting product. In addition to development of simulation models, VV&A plays a significant role. Assessment of strategic investments that are not expected to give a tangible pay off, are very complex decision problems. Investments in M&S are not rarely such problems. The fact that decisions are to be made by the Armed Forces supplements that the expected strategic benefit cannot be compared to a financial result, but only against a defense ability, that may be vaguely related to the investment itself. The theories proposed within the area of Value Based Software Engineering have a potential to master the problems involved. Within the report a few concrete proposals are given on how to focus continued research activities.