A probable event, circumstance, etc.: Our going to China is a probability.A strong likelihood or chance of something: The probability of the book's success makes us optimistic.it will not happened, and 1 is a 100% chance of the event happening. Probabilities are given a value between 0 or 1, where 0 is a 0% chance of the event happening, i.e. Workplace: Product of the consequence and probability of a hazardous event or phenomenon.Ī probability, on the other hand, is a measure or estimation of how likely is it that an event will come to pass, or that a statement is true.Securities trading: The probability of a loss or drop in value.Insurance: A situation where the probability of a variable (such as burning down of a building) is known but when a mode of occurrence or the actual value of the occurrence (whether the fire will occur at a particular property) is not.Food industry: The possibility that due to a certain hazard in food there will be an negative effect to a certain magnitude.
Finance: The probability that an actual return on an investment will be lower than the expected return.A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action.Wikipedia lists six different ways that risk can be defined: The type of loss, as life, fire, marine disaster, or earthquake, against which an insurance policy is drawn.A person or thing with reference to the hazard involved in insuring him, her, or it.The amount that the insurance company may lose.The degree of probability of such loss.Exposure to the chance of injury or loss a hazard or dangerous chance: It's not worth the risk.The risk may even pay off and not lead to a loss, it may lead to a gain. Risk is essentially the level of possibility that an action or activity will lead to lead to a loss or to an undesired outcome. In relation to risk, probability is used to figure out the chance that taking a risk will pay off. A probability, on the other hand, is a measure or estimation of how likely is it that an event will come to pass, or that a statement is true. Key difference: Risk is essentially the level of possibility that an action or activity will lead to lead to a loss or to an undesired outcome.
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