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Truely good question and topic! It really put me to think - really appreciated!
We assign "meaning" or "effect" for Value, as we assign similar - allthough negative ones - for Risk. In terms of Risks, we list all the effects which have a NEGATIVE value. While concerning Value, we focus on effects with POSITIVE value.
Both the Negative and Positive Effects (Risk vs Value) - are propability influenced. There are statistical changes of achieving these Effects - would these then be negative or positive ones.
Which then of course leads to think about "Value" vs "Risk" enabling elements in the organisation and its processes, or in projects and activities. Very intriguing perspectives. We have "Risk Management" - but we rarely have any "Value Management". We are more afraid of the Negative Effect, and we focus reducing those, rather than even focus on Positive Effects, and the factors enabling them!
There are risks in not achieving any goals. One can't be100% sure of future circumsatnces and its impact his/her time, performance, & priorities.
For a certain subject, idea, person or topic it can always be viewed in2 different ways, the RISK with the associated value at the end or the VALUE with the associated risk of doing it. Remember the term...associated, so it's analogous to that...
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