In risk assessment, what do the terms "Severity" and "Probability" represent?

In risk assessment, "Severity" and "Probability" are fundamental components that are evaluated in most risk assessment models. Severity refers to the potential impact of a hazard on individuals, property, or the environment if that hazard were to occur. It quantifies the level of harm or damage that could result from an incident. Probability, on the other hand, relates to the likelihood that a particular hazard will actually cause an adverse event or incident. It represents how often a risk is expected to happen.

By assessing both severity and probability, professionals can prioritize risks based on their potential impact and the frequency with which they might occur. This dual consideration helps organizations implement appropriate control measures to mitigate identified risks effectively. In this context, identifying both of these factors is crucial for accurate risk evaluation and management within safety protocols.

While the other options address related safety concepts, they do not encapsulate the definition and role of "Severity" and "Probability" in the context of risk assessment as comprehensively as the correct choice does. For instance, the effectiveness of controls pertains more to the actions taken to reduce risk rather than the inherent features of the risks themselves. Similarly, the outcome of hazards and the difference between hazards and outcomes explore different aspects of risk management but do not directly define