Which term describes the probability and severity of loss linked to hazards?

The term that describes the probability and severity of loss linked to hazards is "Risk." In the context of risk management, risk refers to the potential that a given hazard will cause harm, which includes both the likelihood of the occurrence and the impact that it would have. This concept combines the probability of a negative event occurring with the potential consequences, allowing for a comprehensive understanding of the threats faced.

Understanding risk is crucial in joint air operations and military planning, as it forms the foundation for making decisions about resource allocation, mission planning, and the implementation of safety measures. By effectively assessing risk, planners can prioritize which hazards require the most immediate attention and develop strategies to mitigate those risks, ultimately improving operational effectiveness and safety.