The US Army has relied heavily on helicopter support for more than 30 years. These aircraft have been used for a variety of purposes, with the most widely identified category being the utility, or general-purpose transport, mission area. Currently, the US Army is confronting the problem of managing an aging equipment fleet (its helicopters) in the face of significant budgetary constraints, a very large-scale fleet replacement problem. By the nature of its business, the US Army is not working toward a desired profit margin, but it must maintain a level of military capability to meet its national defense obligations. The US Army recently commissioned the Utility Helicopter Fleet Modernization Analysis to determine the most cost and operationally effective strategy for fleet replacement or modernization. This case study presents a synopsis of how multi-criteria decision analysis techniques were integrated with total cost of ownership considerations to develop a multi-billion dollar equipment modernization strategy, a strategy that is being implemented by the US Army today.