What term is used to describe the likelihood of a harmful event occurring?

The term that describes the likelihood of a harmful event occurring is "probability." Probability is a fundamental concept in risk management, as it quantifies how likely it is that a specific event will take place. This could involve determining the chances of a natural disaster, an equipment failure, or any other adverse scenario that could jeopardize objectives or assets. By establishing the probability of an event, organizations can better prepare and develop strategies to mitigate potential risks.

In the context of risk assessment, probability plays a crucial role in helping organizations prioritize their risk management efforts. It directly influences the risk level calculations and the decisions on where to allocate resources to effectively minimize potential negative outcomes. Understanding probability allows teams to engage in informed planning, enabling them to make data-driven choices when establishing measures to protect against or respond to risks.