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In the context of risk assessment, probability refers to the likelihood or chance of a risk or hazard occurring. Probability is often used in combination with severity to assess the overall risk level and to prioritize identified risks.
There are various ways to assess the probability of a risk occurring, and the specific method used may depend on the specific context and goals of the risk assessment. Some common methods for assessing risk probability include:
Qualitative analysis: This involves assigning a subjective rating or score to the probability of a risk occurring, based on factors such as past experience, expert judgment, or other information.
Quantitative analysis: This involves using data and statistical analysis to objectively assess the probability of a risk occurring. This may involve analyzing data on past incidents or accidents to determine the likelihood of a risk occurring.
Risk matrix: This is a visual representation of the likelihood and severity of a risk, often presented in the form of a matrix. Risks are plotted on the matrix based on their likelihood and severity, and the resulting position on the matrix can help prioritize the identified risks.
Overall, the probability of a risk occurring is an important consideration in risk assessment, as it helps to prioritize identified risks and focus efforts on mitigating the most likely risks.
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