An expression of possible loss in terms of severity and probability is referred to as what?

The term that describes an expression of possible loss in terms of severity and probability is risk. In the context of decision-making and safety assessments, risk combines the likelihood that a certain event will occur (probability) with the consequences or impact of that event (severity). This definition is essential in fields such as risk management, where understanding both factors helps organizations implement measures to mitigate potential losses effectively.

A hazard refers to a condition or situation that has the potential to cause harm, while a threat describes something that can exploit a vulnerability to cause damage or affect operations. Vulnerability indicates the susceptibility to harm from a threat but does not encompass the consideration of probability and impact. Therefore, the most comprehensive and accurate term that encapsulates these aspects is risk.