The likelihood of occurrence of an incident and potential severity of safety risk are two different concepts used in risk assessment.
The likelihood of occurrence refers to the probability or chance that an incident or hazard will happen. This is determined by analyzing past incidents, current conditions, safety procedures in place, and other factors that can contribute to the occurrence of an incident. The likelihood of occurrence is usually expressed as a percentage or a rating based on a scale.
On the other hand, potential severity of safety risk refers to the level of harm or damage that can result from an incident or hazard. This is determined by evaluating the consequences of an incident, including injuries, fatalities, property damage, and disruption of operations. The potential severity of safety risk is usually expressed as a rating based on a scale that ranges from minor to catastrophic.
The likelihood of occurrence and potential severity of safety risk are both important factors to consider in risk assessment. A high likelihood of occurrence of an incident with a low potential severity of safety risk may require less action than a low likelihood of occurrence of an incident with a high potential severity of safety risk. It is important to consider both factors when prioritizing and managing safety risks to ensure that the most critical risks are addressed first.