Probability 32
Probability 32 :
The likelihood that the impact or event will occur. Impact (or consequence) is the effect on conditions or people if the hazard is realized (occurs) in practice and probability is the likelihood that the impact will occur. Risk is a function of probability and impact (consequence). With discrete data, it is determined by taking the number of occurrences for the particular type of event being considered and dividing that by the total number of outcomes for the event. Expressed as a deterministic value (quantative single value, or, high, medium, low, etc.) or as a range of values - i.e., uncertainty - that is represented by a probability distribution
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