What term is used to describe the assessment of the likelihood that a consequence may occur due to a hazard?

The term that describes the assessment of the likelihood that a consequence may occur due to a hazard is referred to as probability. In the context of risk management, probability quantifies the chance of a specific event taking place, which is essential for evaluating what might happen if a certain risk materializes. Understanding probability allows organizations to gauge how likely various adverse events are, which is critical for prioritizing risk mitigation efforts.

Risk assessment, while closely related, encompasses a broader scope that includes not only the probability of events occurring but also the potential impacts and the overall risk profile. Impact analysis focuses on the consequences of an event, assessing what would happen if a risk were to occur, rather than how likely that risk is. Threat level is a term that may relate to the severity or seriousness of a potential risk, but it doesn't specifically address the likelihood of occurrence. Hence, probability is the most precise term to describe the likelihood of consequences arising from a hazard.