Final answer:
Risk analysis (option c) is the quantified measure of likelihood of uncertain outcomes a firm or individual might face, distinct from risk assessment, risk management, or broad probability measurement.
Step-by-step explanation:
The quantified measure of the likelihood of the various uncertain outcomes that a firm or individual might face is referred to as risk analysis (option c). Risk analysis involves a detailed examination of uncertainties and risks, including identifying and measuring the magnitude and probabilities of different outcomes that a firm or individual could encounter.
Risk assessment is the process of evaluating these risks and determining how to manage them, while risk management refers to the strategies and processes put in place to mitigate or control the effects of these risks. Probability measurement is a broader mathematical concept that deals with the calculation of the likelihood of any event occurring, but risk analysis specifically applies to the context of business and the uncertainties faced by firms and individuals.