A system and method for analyzing a risk of extended operations (ETOPS) dual independent engine in-flight shutdown (IFSD) using an ETOPS IFSD risk calculation means is disclosed. A two-engine aircraft/engine combination performance data set is provided to obtain flight specific data, and a user input variable array is also provided. Flight times are calculated based on the flight specific data and the user input variable array. Dual independent engine shutdown total thrust loss probability values for various phases of an ETOPS flight are calculated based on the user input variable array, the flight specific data, and the flight times. A calculated risk of dual independent engine in-flight shutdown on the ETOPS flight is calculated based on a sum of the dual independent engine shutdown total thrust loss probability values.