When using the probability threshold for contingencies, the likelihood of the occurrence of the event is classified as
A) not likely, likely, or highly likely.
B) remote, reasonably possible, or probable.
C) slight, moderate, great.
D) remote, likely, possible.

Question

Quizplus · Accepted Answer

The use of probability thresholds for contingencies typically involves classifying the likelihood of the occurrence of an event as remote, reasonably possible, or probable. This allows for a more nuanced approach to assessing and managing risks, and can help ensure that appropriate measures are taken to mitigate potential threats. While other classifications such as slight, moderate, and great may also be used, they are not as commonly employed in this context. Similarly, while the terms likely and not likely are sometimes used in risk assessment, they may not provide enough detail to inform effective decision-making.

When Using the Probability Threshold for Contingencies, the Likelihood of the Occurrence