For the board meeting
Investors ask the same three questions
What is the downside, what has to be true, and how would we know early. A brief answers those in that order by construction: the p10 is the downside, the ledger is what has to be true, and the tripwires are how you would know.
It also removes the worst dynamic in a board meeting, which is two people with different mental models arguing about a conclusion. Put the assumption on screen, change it to the number your investor believes, re-run, and see whether the conclusion survives. Usually it does, which ends the argument faster than defending it would.