In risk management, which term describes the likelihood of harm or hazard occurring?

• A. Severity
• B. Probability
• C. Impact
• D. Likelihood of harm/hazard

Answer: (D)

In risk management, risk is shaped by two factors: how likely the hazard is to cause harm and how severe the harm would be if it occurs. The part that describes how often the harm could occur is the likelihood of harm or hazard (often called probability). The other terms describe the consequences, or severity/impact, rather than how often the event happens. So the option that explicitly names the likelihood of harm/hazard directly captures the chance of the event occurring, making it the best fit.