The workshop aims at bringing together world experts in precision Standard Model phenomenology in response to the anticipated accuracy of new high-quality data from Run 3 of the LHC. With an increasing number of experimental analyses limited by theoretical uncertainties the theory community is challenged to provide predictions with a matching precision and to continue the development of frontier tools. Starting from an overview of available theoretical predictions and gathering feedback from the experimental community, areas in need for improvements will identified. The ultimate goal is to lay the foundations for precision measurements of Standard Model observables during future runs of the LHC. A kick-off conference will be held in the first week (August 28 to September 01, 2023) as a basis for the activities during the rest of the workshop.