The importance of a risk as defined by its characteristics impact and likelihood. The level of risk can be used to determine the intensity of testing to be performed. A risk level can be expressed either qualitatively (e.g. high, medium, low) or quantitatively.
In simple English:
This is a measure of how risky is a risk.
You measure it by accessing two things.
1. How likely will it occur?
2. If it occurs how bad is it gong to be?
A combination of answers to these two questions is what the risk level of a risk is.
Usually it is either expressed using one of the two ways. In a vague qualitative sense as a high medium or low. It is also in some cases expressed as a number. The number is usually a percentage and very rarely expressed as a number.
Field notes.
1. Remember that at best this is a assumption arrived at using the facts know till then.
2. Most people fail to sense the changing nature of risk level and get stuck with the idea that risk levels are fixed. This leads to people concentrating too much time and resources to the wrong risks.
Example.
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