The combination of severity and likelihood forms what concept in risk assessment?

In risk assessment, the combination of severity and likelihood is fundamentally what defines the concept of risk. Severity pertains to the potential impact or consequences of an event if it occurs, while likelihood relates to the probability or chance that the event will occur. By evaluating both of these dimensions together, organizations can effectively assess the level of risk associated with various threats or hazards.

In this context, risk is a fundamental concept that helps organizations prioritize their responses and management strategies, as understanding the severity and likelihood aids in making informed decisions regarding resource allocation and mitigation efforts. The interplay between these two factors allows for a more nuanced understanding of what risks should be addressed first and how to structure the response effectively.

The other options, such as impact, outcome, and response, while relevant in the broader context of risk management and assessment, do not fully encompass the specific concept formed by the intersection of both severity and likelihood. Impact focuses more specifically on the result of a risk event, outcome is more about the end result of processes or actions taken, and response relates to the actions taken to address risks. Therefore, recognizing that the essence of risk is derived from the combination of severity and likelihood underscores its critical importance in effective risk assessment and management practices.