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Likelihood of Risk
A probability estimate of a risk occuring, generally in a given period of time. May be a point estimate or a range. May be a group consensus, or may be a highly modeled outcome from a simulation or other method.
See also Impact of Risk and Measurement.
By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest.