Riskvõimalus
Riskvõimalus is an Estonian term that translates to "risk possibility" or "likelihood of risk." It refers to the chance that a specific risk event will occur and have an impact. Understanding risk võimalus is a crucial component of risk management. It involves assessing the probability of an event happening, which can range from very low to very high. This assessment is often based on historical data, expert judgment, and an analysis of current conditions.
The concept of risk võimalus is distinct from the impact or consequence of a risk event. While
Effective risk management strategies require a careful evaluation of both risk võimalus and impact to prioritize