[Abridged] The measurement of the polarization of the Cosmic Microwave Background radiation is one of the current frontiers in cosmology. In particular, the detection of the primordial B-modes, could reveal the presence of gravitational waves in the early Universe. The detection of such component is at the moment the most promising technique to probe the inflationary theory describing the very early evolution of the Universe. We present the updated performance forecast of the Large Scale Polarization Explorer (LSPE), a program dedicated to the measurement of the CMB polarization. LSPE is composed of two instruments: Strip, a radiometer-based telescope on the ground in Tenerife, and SWIPE (Short-Wavelength Instrument for the Polarization Explorer) a bolometer-based instrument designed to fly on a winter arctic stratospheric long-duration balloon. The program is among the few dedicated to observation of the Northern Hemisphere, while most of the international effort is focused into ground-based observation in the Southern Hemisphere. Measurements are currently scheduled in Winter 2021/22 for SWIPE, with a flight duration up to 15 days, and in Summer 2021 with two years observations for Strip. We describe the main features of the two instruments, identifying the most critical aspects of the design, in terms of impact into performance forecast. We estimate the expected sensitivity of each instrument and propagate their combined observing power to the sensitivity to cosmological parameters, including the effect of scanning strategy, component separation, residual foregrounds and partial sky coverage. We also set requirements on the control of the most critical systematic effects and describe techniques to mitigate their impact. LSPE can reach a sensitivity in tensor-to-scalar ratio of $sigma_r<0.01$, and improve constrains on other cosmological parameters.
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