Risk
What is an expression of possible loss, adverse outcome, or negative consequence in terms of probability and severity
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Probability is a numerical value defined for a set of outcomes. It is non-negative and such that the sum or integral over all possible outcomes is 1.
A probability distribution must have a well defined domain - that is, the set of possible outcomes.For each possible outcome, there must be a non-negative value associated - the probability of that outcome.The sum of the probabilities, over all possible outcomes, must be 1.
It is always non-negative. The sum (or integral) over all possible outcomes is 1.
Risk
What is an expression of possible loss, adverse outcome, or negative consequence in terms of probability and severity
f
f
HAZARD
The term you're referring to is "risk." In the context of probability and severity, risk quantifies the likelihood of an adverse outcome, such as injury or illness, occurring and assesses the potential impact of that outcome. It is commonly used in fields like finance, health, and safety to evaluate and manage potential threats.
Which term most closely matches the desription: Any real or potential condition that can cause injury, illness, or death to personnel; damage to or loss of equipment or property; degradation of mission capability or impact to mission accomplishment; or damage to the environment.
It's a risk.
Which term most closely matches the desription: Any real or potential condition that can cause injury, illness, or death to personnel; damage to or loss of equipment or property; degradation of mission capability or impact to mission accomplishment; or damage to the environment.
Loss adverse outcomes can be expressed through a risk assessment framework that considers both the probability of an event occurring and the severity of its consequences. Probability refers to the likelihood of an adverse event happening, often quantified as a percentage or ratio. Severity measures the potential impact of the event, which can range from minor disruptions to catastrophic failures. By combining these two dimensions, organizations can prioritize risks and develop mitigation strategies effectively.
Probability is a numerical value defined for a set of outcomes. It is non-negative and such that the sum or integral over all possible outcomes is 1.
They both mean result; but implication is a possible result and outcome of an action, not necessarily negative. whereas consequence is a result of an action, but often not good.