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The increasing system design complexity is negatively impacting the overall system design productivity by increasing the cost and time of product development. One key to overcoming these challenges is exploiting Component Based Engineering practices. Components are designed for various specifications and usually variants of each component exist with different performance and quality of service parameters. Therefore it is a challenge to select the optimum components from a component library that will satisfy all functional and non-functional system requirements. If these designs and architectural decisions are delayed, they may lead to design re-spins thereby, negatively impacting the product development cost and time. In this paper we propose an integrated framework for component selection.