(Probabilistic) Risk

Definition

The consideration of all possible scenarios, their likelihood, and associated impacts. This method contains the idea of uncertainty because it incorporates the concept of randomness.

Source

PreventionWeb (2015). Deterministic and probabilistic risk. Available at: https://www.preventionweb.net/understanding-disaster-risk/key-concepts/deterministic-probablistic-risk

OECD (2012). Disaster Risk Assessment and Risk Financing A G20/OECD Methodological Framework. Available at: https://www.preventionweb.net/publication/g20/oecd-methodological-framework-disaster-risk-assessment-and-risk-financing

See also: Disaster Risk; Disaster Risk Reduction; Scenario; (Current) Scenario; (Future) Scenario; (Deterministic) Risk

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