Difference between revisions of "Risk Likelihood"
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+   '''1.''' Risk [[LikelihoodLikelihood]] is the state of being probable or chance of a [[Threatthreat]] occurring.  
+  [[File:BCM Institute Risk Ratings and Levels.jpgthumbright500px'''Risk Rating and Risk Level''']]  
−  Related Terms: [[Risk Appetite]], [[Risk Impact]], [[Risk Rating]],  +  Related Terms: [[Risk_AppetiteRisk Appetite]], [[Risk_ImpactRisk Impact]], [[Risk_RatingRisk Rating]], [[Risk_AssessmentRisk Assessment]], [[Risk_LevelRisk Level]], [[Period_of_DisruptionPeriod of Disruption]] 
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+  *General descriptor  "Very High", "High", "Medium", "Low", "Very Low".  
−  [[  +  [[File:3D BCM Series Analyzing and Reviewing in the context of BCM Books.jpgthumbleft140pxAnalysing And Reviewing The Risks For Business Continuity Planning ]] 
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+  '''''Courses'''''  
+  *[http://www.bcminstitute.org/courses/analyzingandreviewingriskcol313 Attend: Classroom: Risk Analysis Courses]  
+  *[https://www.bcminstitute.org/courses/businesscontinuitymanagementcourses2/bcmcompetencycourses/competencylevel300/bcm310assessingriskandbusinessimpactrequirements/ Attend: Classroom: Competencybased Risk Analysis Courses]  
+  *[http://www.bcminstitute.org/courses/riskanalysisandreview Attend: ELearning: Risk Analysis module]  
−  +  {{Bcm Institute Source}}  
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'''2.''' Chance of something happening.  '''2.''' Chance of something happening.  
−  '''''Notes (1)''''' : In risk management terminology, the word “likelihood” is used to refer to the chance of something happening,  +  '''''Notes (1)''''' : In risk management terminology, the word “likelihood” is used to refer to the chance of something happening, whether defined, measured or determined objectively or subjectively, qualitatively or quantitatively, and described using general terms or mathematically (such as a probability or a frequency over a given time period). 
−  whether defined, measured or determined objectively or subjectively, qualitatively or quantitatively, and described using  
−  general terms or mathematically (such as a probability or a frequency over a given time period).  
−  '''''Notes (2)''''' : The English term “likelihood” does not have a direct equivalent in some languages; instead, the equivalent of  +  '''''Notes (2)''''' : The English term “likelihood” does not have a direct equivalent in some languages; instead, the equivalent of the term “probability” is often used. However, in English, “probability” is often narrowly interpreted as a mathematical term. Therefore, in risk management terminology, “likelihood” is used with the intent that it should have the same broad interpretation as the term “probability” has in many languages other than English. 
−  the term “probability” is often used. However, in English, “probability” is often narrowly interpreted as a mathematical term.  
−  Therefore, in risk management terminology, “likelihood” is used with the intent that it should have the same broad  
−  interpretation as the term “probability” has in many languages other than English.  
[ISO Guide 73:2009, definition 3.6.1.1]  [ISO Guide 73:2009, definition 3.6.1.1]  
{{ISO 31000 Source}}  clause 2.19  {{ISO 31000 Source}}  clause 2.19  
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'''3.''' Chance of something happening, whether defined, measured or estimated objectively or subjectively, or in term of general descriptors (such as rare, unlikely, likely, almost certain), frequencies or mathematical probabilities.  '''3.''' Chance of something happening, whether defined, measured or estimated objectively or subjectively, or in term of general descriptors (such as rare, unlikely, likely, almost certain), frequencies or mathematical probabilities.  
{{NCEMA 7000 Source}}  {{NCEMA 7000 Source}}  
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'''4.''' Chance of something happening, whether defined, measured or estimated objectively or subjectively, or in terms of general descriptors (such as rare, unlikely, likely, almost certain), frequencies or mathematical [[Probabilityprobabilities]].  '''4.''' Chance of something happening, whether defined, measured or estimated objectively or subjectively, or in terms of general descriptors (such as rare, unlikely, likely, almost certain), frequencies or mathematical [[Probabilityprobabilities]].  
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{{BS25999 Source}}  {{BS25999 Source}}  
−  +  '''5.''' Used as a general description of [[Probabilityprobability]] or frequency of an [[Eventevent]] occurring.  
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−  '''5.''' Used as a general description of [[probability]] or frequency of an [[event]] occurring.  
{{HB292 Source}}  {{HB292 Source}}  
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'''6.''' Chance of something happening.  '''6.''' Chance of something happening.  
−  ''NOTE:'' This Standard uses the word ‘likelihood’ to refer to the chance of something happening,  +  ''NOTE:'' This Standard uses the word ‘likelihood’ to refer to the chance of something happening, whether defined, measured or determined objectively or subjectively, and described using general terms or mathematically (such as a probability or a frequency over a given time period). 
−  whether defined, measured or determined objectively or subjectively, and described using general  
−  terms or mathematically (such as a probability or a frequency over a given time period).  
{{AS/NZS 5050.1 Source}}  {{AS/NZS 5050.1 Source}}  
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Revision as of 07:41, 23 August 2017
1. Risk Likelihood is the state of being probable or chance of a threat occurring.
Related Terms: Risk Appetite, Risk Impact, Risk Rating, Risk Assessment, Risk Level, Period of Disruption
Courses

2. Chance of something happening.
Notes (1) : In risk management terminology, the word “likelihood” is used to refer to the chance of something happening, whether defined, measured or determined objectively or subjectively, qualitatively or quantitatively, and described using general terms or mathematically (such as a probability or a frequency over a given time period).
Notes (2) : The English term “likelihood” does not have a direct equivalent in some languages; instead, the equivalent of the term “probability” is often used. However, in English, “probability” is often narrowly interpreted as a mathematical term. Therefore, in risk management terminology, “likelihood” is used with the intent that it should have the same broad interpretation as the term “probability” has in many languages other than English.
[ISO Guide 73:2009, definition 3.6.1.1]
(Source: ISO 31000:2009 – Risk Management — Principles and Guidelines)  clause 2.19
3. Chance of something happening, whether defined, measured or estimated objectively or subjectively, or in term of general descriptors (such as rare, unlikely, likely, almost certain), frequencies or mathematical probabilities.
(Source: AE/HSC/NCEMA 7000:2012)
4. Chance of something happening, whether defined, measured or estimated objectively or subjectively, or in terms of general descriptors (such as rare, unlikely, likely, almost certain), frequencies or mathematical probabilities.
(Source: British Standard BS259991:2006 Code of Practice for Business Continuity Management)
5. Used as a general description of probability or frequency of an event occurring.
(Source: Australia. A Practitioner's Guide to Business Continuity Management HB292  2006 )
6. Chance of something happening.
NOTE: This Standard uses the word ‘likelihood’ to refer to the chance of something happening, whether defined, measured or determined objectively or subjectively, and described using general terms or mathematically (such as a probability or a frequency over a given time period).
(Source: AS/NZS 5050.1 Australian and New Zealand Standards for business continuity management.
Part 1: Business continuity management system specification)