Final answer:
The estimate of the probability and severity of a hazard relative to the danger of an operation, activity, or event is called risk assessment.
Step-by-step explanation:
The estimate of the probability and severity of a hazard relative to the danger of an operation, activity, or event is called risk assessment. Risk assessment is an important process used to evaluate the potential risks associated with a particular activity or event. It involves analyzing the likelihood of a hazard occurring and the potential consequences if it does.