Distributed Mission Training (DMT) is a revolutionary training paradigm currently evolving at the Department of Defense, especially at the Air force. DMT combines virtual, live and constructive assets so that warfighters can train as they intend to fight. While the dimensions and complexity of modern warfare are expanding, the ability of the defense services to train forces in a realistic environment is being increasingly constrained. The primary constraints arise from limited resources for team skill training using actual equipment such as aircraft, safety limitations of live training events and security constraints due to operational conditions. Consequently, DMT is strongly emerging as an alternate but effective mode of team training in the defense services. In this research, we develop models and a spreadsheet decision support system to assess the training effectiveness, costs and resource allocations in DMT environments. The modeling framework performs parametric sensitivity analysis on (i) aircraft - DMT flying time tradeoffs, (ii) Training capacity analysis for joint aircraft - DMT training, and (iii) high level cost analysis of DMT configurations.