CONSEQUENCE
• A consequence is the outcome of an event and has an effect on objectives. • A single event can generate a range of consequences which can have both positive and negative effects on objectives. • Initial consequences can also escalate through knock-on effects.
LIKELIHOOD
• Likelihood is the chance that something might happen. • Likelihood can be defined, determined, or measured objectively or subjectively and can be expressed either qualitatively or quantitatively (using mathematics).
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