At the workshop 5 minutes Introduction and outline of purpose and role 5–10 minutes Review ILM and Benefit Map and list of potential interventions 50–60 minutes Formulate response options 35–40 minutes Evaluate response options 5 minutes Conclusion and next steps Appendix 8: Difference between risk and uncertainty Risk is expressed as the outcome the probability and impact of the event based on ‘expected data and expert judgment’. Risks usually apply to the delivery of a project. A risk describes situations where: decision makers can estimate the possible outcomes and consequences for a given situation with a certain degree of confidence can assign probabilities to these various outcomes are inside the control of the project team to minimise and mitigate. The key risks related to the delivery of an investment’s benefits are identified in the Response Definition and Solution Definition workshops and will be further analysed and documented during the preparation of the business case. exists when the outcomes of a situation cannot be reasonably identified or the Uncertainty probability of an occurring is unknown. Uncertainties are usually found in regard to the investment need or problem. Uncertainty describes situations where: decision-makers either know all the potential outcomes for a given situation, but the probabilities attached to these outcomes are entirely unknown; or potential outcomes cannot be initially envisaged the likelihood and/or consequence of these events are very difficult to quantify with any confidence are outside the control of the project team. These events include technological developments, major shifts in markets and economic conditions, the behaviour of other organisations, political orders, demographic, societal structures, or the natural environment. If such events occur their impact on benefit delivery can be both positive and negative.
At the workshop 5 minutes Introduction and outline of purpose and role 5–10 minutes Review ILM and Benefit Map and list of potential interventions 50–60 minutes Formulate response options 35–40 minutes Evaluate response options 5 minutes Conclusion and next steps Appendix 8: Difference between risk and uncertainty Risk is expressed as the ‘expected outcome the probability and impact of the event based on data and expert judgment’. Risks usually apply to the delivery of a project. A risk describes situations where: decision makers can estimate the possible outcomes and consequences for a given situation with a certain degree of confidence can assign probabilities to these various outcomes are inside the control of the project team to minimise and mitigate. The key risks related to the delivery of an investment’s benefits are identified in the Response Definition and Solution Definition workshops and will be further analysed and documented during the preparation of the business case. Uncertainty exists when the outcomes of a situation cannot be reasonably identified or the probability of an occurring is unknown. Uncertainties are usually found in regard to the investment need or problem. Uncertainty describes situations where: decision-makers either know all the potential outcomes for a given situation, but the probabilities attached to these outcomes are entirely unknown; or potential outcomes cannot be initially envisaged the likelihood and/or consequence of these events are very difficult to quantify with any confidence are outside the control of the project team. These events include technological developments, major shifts in markets and economic conditions, the behaviour of other organisations, political orders, demographic, societal structures, or the natural environment. If such events occur their impact on benefit delivery can be both positive and negative.