CIPRNet CIP glossary

risk

effect of uncertainty on objectives
Description

NOTE 1 An effect is a deviation from the expected — positive and/or negative.
NOTE 2 Objectives can have different aspects (such as financial, health and safety, and environmental goals) and can apply at different levels (such as strategic, organization-wide, project, product and process).
NOTE 3 Risk is often characterized by reference to potential events and consequences, or a combination of these.
NOTE 4 Risk is often expressed in terms of a combination of the conse-quences of an An event describes what happens to a component in the CI model if a condition is fulfilled, e.g. the tripping of a transmission line at a certain time.
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event
(including changes in circumstances) and the associ-ated chance of something happening
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likelihood
of occurrence.
NOTE 5 Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of, an An event describes what happens to a component in the CI model if a condition is fulfilled, e.g. the tripping of a transmission line at a certain time.
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event
, its outcome of an event affecting objectives
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consequence
, or chance of something happening
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likelihood
. [©‎ ISO Guide 73:2009]