What is the term used to estimate the likelihood that a potential consequence may occur due to a hazard?

The term used to estimate the likelihood that a potential consequence may occur due to a hazard is "probability." In the context of risk management, probability refers specifically to the chance or likelihood of a specific outcome occurring, which is vital for assessing operational risks. Understanding probability helps organizations and individuals make informed decisions about how to manage hazards by weighing the likelihood of an incident against its potential consequences.

This term is central in the ORM process because it aids in quantifying risks associated with various activities and helps in prioritizing actions to mitigate those risks. By evaluating the probability of different consequences, personnel can effectively allocate resources and implement measures to reduce the likelihood of negative outcomes.

In contrast, the terms associated with the other choices focus on different aspects of risk: impact generally refers to the consequences of an event, severity denotes the extent of those consequences, and risk itself is a combination of both probability and severity. Thus, while each term is related to the overall process of risk management, probability specifically addresses the likelihood of an event happening.