In order to support the increasing demand for clean sustainable electricity production and for nuclear waste management, the Sodium-Cooled Fast Reactor (SFR) is being developed. The main drawback has been its high capital and operating costs in comparison with traditional light water reactors. In order to compete, the SFR must be shown to be economically competitive. This study makes use of the proposed Technology Neutral Framework (TNF) being developed by the U.S. NRC. By applying this risk-based approach to safety, rather than the traditional approach of applying deterministic requirements, it will be shown that significant savings can be realized without compromising fundamental safety. A methodology was developed using the Technology Neutral Framework to judge design alternatives based on risk significance that provide acceptable safety within the framework at less cost. The key probabilistic metrics of Risk Achievement Worth and Limit Exceedence Factor will be used to assess whether a system or component plays an important safety function. If not the system, structure or component either can be eliminated, modified or its safety grade can be reduced resulting in cost savings. In addition, assessments were made to determine how to improve thermal efficiency by raising reactor exit temperature and by applying other design alternatives to reduce costs as evaluated on a safety, reliability and economic basis.