Consider.this.expression.a.mental.model.that.helps.us.think.about.risk.rather.than.an. equation.that.defines.it..What.this.expression.is.conveying.is.not.so.much.that.this. is. the.manner. in.which.all. risks.are.calculated.(they.are.not).as.much.as. that.both. of.these.elements.must.be.present.for.there.to.be.a.real.risk..If.an.event.of.any.consequence.has.no.probability.of.occurrence,.there.is.no.risk..Likewise,.if.there.is.no. consequence.or.undesirable.outcome,.then.there.is.no.risk. A.hazard. is. the. thing. that. causes. the. potential. for. an. adverse. consequence..An.

opportunity.causes.the.potential.for.a.positive.consequence..If.a.population,.an.individual,.or.some.asset.of.interest.to.us.is.not.exposed.to.the.hazard.or.opportunity,.then. there.will.be.no.consequence.and.no.risk..The.range.of.possible.consequences.(loss. of.life,.property.damage,.financial.loss.or.gain,.improved.environmental.conditions,. product.success,.and.the.like).is.vast,.but.even.similar.types.of.consequences.can.vary. in.frequency,.magnitude,.severity,.and.duration. It.is.not.likely.that.many.professional.risk.analysts.would.agree.with.such.simple.