This AIAA standard establishes a parts management approach that is consistent with today's business environment. This Recommended Practice, as viewed by industry and government, is a shift in business philosophy from a controlled approach to a performance-based process. The dynamic growth of the commercial market for electronic parts as well as corresponding decrease in aerospace and defence has caused the government and industry to seek alternative methods of managing parts. To develop a solution to this complex problem, industry and government teamed to develop this Recommended Practice for mitigating potential problems/risks. The result of this team effort is a non-government standard (NGS) on Parts Management. The basic strategy employed by this document is to understand and manage risk as early as possible in program life cycle.