1. In general, the possibility of something undesirable happening, of harm or loss. A danger or a hazard. A factor, thing, element, or course involving some uncertain danger.
2. In decision-theory, the degree or probability of a loss; expected loss; average forecasted loss. (FAO, 1995 ). This terminology is used when enough information is available to formulate probabilities.
3. Defined as the product between the magnitude of a hazard and the probability of its occurrence. A measure of the probability that damage to life, health, property, and/or the environment will occur as a result of a given hazard, and the magnitude of the consequences of the effect occurring (Choudhury and Jensen, 1997 ).