Final answer:
The two scales of a risk severity matrix measure the Likelihood and Impact of a risk. This matrix is essential in risk management, allowing for evaluation and prioritization of potential risks based on their probability and consequences.
Step-by-step explanation:
The two scales of a risk severity matrix measure Likelihood and Impact. This matrix is a tool widely used in risk management and project management to assess and prioritize risks by evaluating the probability that a given risk will occur (likelihood) and the potential consequence or severity of the risk turning into an actual issue (impact).
Understanding the components of the risk severity matrix is crucial, as it helps in making informed decisions about how to manage potential threats. If a risk has a high likelihood and a high impact, it must be addressed proactively, while a risk with low likelihood and low impact might be monitored but not treated as a priority. Using tools like the Torino Impact Hazard Scale also incorporates these factors when assessing potential hazards from near-Earth objects, combining the likelihood of an object impacting Earth and the potential resulting impact or damage it could cause.