This paper describes the importance of design, fabrication, and management procedures in reaching the objectives of low cost launch vehicles. Principles and philosophies essential to low cost launch vehicles are discussed and supported with examples of proven practices in somewhat parallel fields of endeavor. Progress is reported on the technology phase of the Air Force's low cost propulsion development program. The presentation concentrates on the development of pressure-fed, liquid propellant rocket propulsion for meeting the program objectives. Most of the management aspects discussed relate to the fundamentals that are essential in meeting cost goals.