Likelihood is defined as:

Likelihood is defined as:

• A. The likelihood that an event occurs, adjusted for controls
• B. The probability that an event may occur in a given time period, at the level of impact assessed, again in the absence of responses
• C. The severity of the impact
• D. The cost of mitigating the risk

Answer: (B)

Likelihood is the probability that a risk event will occur within a defined time period, at the level of impact that has been assessed. This typically refers to the inherent risk, meaning the chance of the event occurring without considering any responses or controls. This framing allows you to compare risks on a common basis of time and severity. The statement that likelihood is adjusted for controls describes residual risk after mitigation, not the initial likelihood. The idea that likelihood equals the severity of impact confuses probability with consequence. The notion about the cost of mitigating the risk addresses controls cost, not how likely the event is to happen.

Likelihood is the probability that a risk event will occur within a defined time period, at the level of impact that has been assessed. This typically refers to the inherent risk, meaning the chance of the event occurring without considering any responses or controls. This framing allows you to compare risks on a common basis of time and severity. The statement that likelihood is adjusted for controls describes residual risk after mitigation, not the initial likelihood. The idea that likelihood equals the severity of impact confuses probability with consequence. The notion about the cost of mitigating the risk addresses controls cost, not how likely the event is to happen.