What does the term "risks and contingencies" refer to in a business case?

The term "risks and contingencies" in a business case primarily refers to potential barriers to success. This encompasses the identification of uncertainties that could negatively impact the achievement of project objectives or the overall business strategy. Recognizing these risks allows organizations to better prepare for possible challenges, facilitating informed decision-making and proactive management approaches.

By addressing these potential barriers from the outset, organizations can develop strategies to mitigate their effects or leverage contingencies—plans or actions to be taken if certain risks materialize. This proactive stance is critical in ensuring that the project or initiative has the best possible chance of success.

The other options pertain to different aspects of project management and governance. While plans for risk avoidance are a critical component of managing risks, they are not the same as identifying the risks themselves. A method for future audits relates more to oversight and evaluation rather than the immediate risks in a business case. Time spent in meetings, while an operational concern, does not align with the strategic focus of assessing risks and contingencies within a business case.