Likelihood and Consequence

Likelihood refers to the chance or probability that a specific event or risk will happen. Consequence denotes the potential impact or outcome if that event occurs. Together, they help assess the level of risk by considering both the chance of an event happening and its possible effects. For example, a heavy storm (likelihood) might cause flooding, which could damage property (consequence). Evaluating both factors allows for informed decision-making about how to prepare for or mitigate risks in various situations.