This report concentrates on presenting the predicament of life cycle mismatch between components and the system – described as component obsolescence. The problem seem to be most prevalent for microelectronics, where many electronic parts have life cycles that are shorter than the life cycle of the product they operate in. This particular life cycle mismatch caused by obsolete electronic parts may result in a signiﬁcant increase in costs for long life systems. In particular, the military industry and their long life products experience this problem on a regular basis. The impact is not limited to the Defense industry, but the military has for several years acknowledged that obsolescence is a considerable challenge and therefore put major focus towards reducing part obsolescence. Thus, the following report looks at several of these efforts and presents the background of their proactive and reactive measures. Subsequently, in order to analyze the extent of the problem, as well as learning about common solutions exercised in the industry, a survey among the foremost Norwegian original equipment manufacturer (OEM) companies and contract manufacturers is presented. Based on the results from the survey and the background information, the report discovers that successful and effective component obsolescence reduction goes beyondthe common reactive thinking and instead focus on proactive management.In fact, the most cost effective solutions for minimizing future component obsolescence does not include a complicated and/or costly endeavor. On the other hand, it includes a collaborative and proactive environment.