What does 'Probability' refer to in risk assessment?

In risk assessment, 'Probability' specifically refers to the likelihood or chance that a particular hazard will lead to a certain consequence. This involves evaluating how often a potentially harmful event might happen under certain conditions, enabling decision-makers to prioritize risks based on their likelihood of occurrence. Understanding probability is crucial because it helps assess the potential impact of a risk relative to its likelihood, guiding effective risk management strategies.

For instance, in evaluating workplace hazards, an organization might ascertain that a particular hazardous event occurs frequently (high probability) or rarely (low probability), thus directing resources and preventive measures accordingly. Identifying this probability assists in making informed decisions about risk management, preparedness, and mitigation efforts.