This paper presents the design and implementation of risk and impact assessment of a tool that helps quantify and manage uncertainty to aid strategic decision-making over the life of an asset. The dynamic and iterative nature of the tool and the processes involved allows for rapid, quantitative systems analysis of the impact of a wide number of options with their associated uncertainty (risk). The result is a robust method to understand the risks and potential value of the prospective enterprise on an ongoing basis through development, operation, and expansion phases. Implementation of the tool over the entire life cycle of an asset is simulated, discussed and illustrated with two case studies.

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