The overall risk for any spacecraft system is typically determined using a Probabilistic Risk Assessment (PRA). A PRA attempts to determine the overall risk associated with a particular mission by factoring in all known risks (and their corresponding uncertainties, if known) to the spacecraft during its mission. The threat to mission and human life posed by the mircro-meteoroid & orbital debris (MMOD) environment is one of the risks. NASA uses the BUMPER II program to provide point estimate predictions of MMOD risk for the Space Shuttle and the International Space Station. However, BUMPER II does not provide uncertainty bounds or confidence intervals for its predictions. With so many uncertainties believed to be present in the models used within BUMPER II, providing uncertainty bounds with BUMPER II results would appear to be essential to properly evaluating its predictions of MMOD risk. The uncertainties in BUMPER II come primarily from three areas: damage prediction/ballistic limit equations, environment models, and failure criteria definitions. In order to quantify the overall uncertainty bounds on MMOD risk predictions, the uncertainties in these three areas must be identified. In this paper, possible approaches through which uncertainty bounds can be developed for the various damage prediction and ballistic limit equations encoded within the shuttle and station versions of BUMPER II are presented and discussed. We begin the paper with a review of the current approaches used by NASA to perform a PRA for the Space Shuttle and the International Space Station, followed by a review of the results of a recent sensitivity analysis performed by NASA using the shuttle version of the BUMPER II code. Following a discussion of the various equations that are encoded in BUMPER II, we propose several possible approaches for establishing uncertainty bounds for the equations within BUMPER II. We conclude with an evaluation of these approaches and present a recommendation regarding which of them would be the most appropriate to follow.