What term refers to an expression combining severity and probability into a single numeral for hazard prioritization?

The term that refers to an expression combining severity and probability into a single numeral for hazard prioritization is Risk Assessment Code (RAC). The RAC is a valuable tool in operational risk management that quantifies risks by using a coding system. This system helps to categorize hazards based on their potential impact (severity) and the likelihood of their occurrence (probability). The resulting numerical values allow for easier comparison and prioritization of various risks, enabling decision-makers to allocate resources and develop mitigation strategies effectively.

Other options do not serve this specific function. Residual Risk refers to the level of risk remaining after controls have been applied, while Preliminary Hazard Analysis is a systematic approach to identifying hazards in a system but does not provide a numerical expression for prioritization. Situational Awareness involves understanding the current environment and risks but does not specifically combine severity and probability into a numeric format for risk assessment.