In the risk formula, which factor measures how likely a harmful event is to occur?

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Multiple Choice

In the risk formula, which factor measures how likely a harmful event is to occur?

Explanation:
Probability is the factor that measures how likely a harmful event is to occur. In the typical risk model, risk equals likelihood multiplied by consequence, so the likelihood component expresses the chance that the event will happen in a given context or time frame. Consequence describes how severe the impact would be if it does occur. Terms like event rate or frequency refer to how often events happen over time, not the single-event likelihood used in the basic risk calculation.

Probability is the factor that measures how likely a harmful event is to occur. In the typical risk model, risk equals likelihood multiplied by consequence, so the likelihood component expresses the chance that the event will happen in a given context or time frame. Consequence describes how severe the impact would be if it does occur. Terms like event rate or frequency refer to how often events happen over time, not the single-event likelihood used in the basic risk calculation.

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