Probability

From BCMpedia. A Wiki Glossary for Business Continuity Management (BCM) and Disaster Recovery (DR).
Jump to navigation Jump to search
The printable version is no longer supported and may have rendering errors. Please update your browser bookmarks and please use the default browser print function instead.
1. Probability is the likelihood that an event will occur.
BL-B-5 Click to know more
BCM Institute's Professional Training and Certification
Click to know more about expert level training

(Source: Business Continuity Management Institute - BCM Institute)

2. Extent to which an event is likely to occur.

A Manager’s Guide to ISO 22301 Standard for Business Continuity Management System

Notes (1) : ISO 3534-1:1993, definition 1.1 gives the mathematical definition of probability as “a real number in the scale of 0 to 1 attached to a random event. It can be related to a long-run relative frequency of occurrence or to a degree of belief that an event will occur. For a high degree of belief, the probability is near 1.”

Notes (2) : Frequency rather than probability may be used to describe risk.

Notes (3) : Degrees of belief about probability can be chosen as classes or ranks, such as

  • Rare/unlikely/moderate/likely/almost certain, or
  • Incredible/improbable/remote/occasional/probable/frequent.

(Source: ISO 22399:2007 – Societal Security - Guideline for Incident Preparedness and Operational Continuity Management) - clause 3.28

3. The chance of a risk occurring.

(Source: Business Continuity Institute - BCI)


4. A measure of the chance of occurrence expressed as a number between 0 to 1.

(Source: Australia. A Practitioner's Guide to Business Continuity Management HB292 - 2006 )