What is the term used to describe the outcome or potential outcome of an event?

What is the term used to describe the outcome or potential outcome of an event?
A . Consequence
B . Impact
C . Condition
D . Effect

View Answer

Answer: A

Explanation:

The term Consequence refers to the outcome or potential outcome of an event, which can be positive, negative, or neutral.

Definition:

Consequences are the results or effects that occur when an event happens, influencing objectives either favorably or unfavorably.

Relation to Risk:

In risk management, consequences are analyzed to understand the implications of identified risks.

Why Other Options Are Incorrect:

B (Impact): Refers to the magnitude or extent of a consequence.

C (Condition): Represents the state or circumstances surrounding an event, not its outcome.

D (Effect): Similar to consequence but used in a broader context not specific to events.

Reference: ISO 31000 (Risk Management): Defines consequences as outcomes that influence objectives.

COSO ERM Framework: Analyzes consequences in the context of risk events.