How is risk typically defined?

Risk is typically defined as a combination of the likelihood of an adverse event occurring and the severity of the outcome should that event occur. This definition captures the essence of risk management, which involves assessing both how probable an injury or incident is and how serious the consequences would be if it did happen. Recognizing both aspects allows for more effective prioritization and mitigation strategies in various environments, such as workplaces, where safety and operational efficiency are paramount.

Other options lack a complete understanding of risk. For instance, focusing solely on the potential for injury without considering severity misrepresents the concept because it does not account for the impact of an injury if it occurs. Similarly, measuring only the probability of an accident does not provide a full picture, as it neglects the potential consequences. Lastly, counting the number of injuries reported fails to analyze the likelihood and potential severity of future incidents, leaving organizations unprepared for similar problems.