1 Definition of likelihood, consequence and risk levels. We have chosen to use qualitative values for likelihood, consequence and risk levels. 1.1 Likelihood and consequence levels. We decided to use four levels for identification of likelihood and four levels for identification. of consequence. The levels are defined in table 1 and table 2. The likelihood levels can be described as frequency values or with respect to how easy it is. for a person to exploit a threat. For some threats it is easier to think of the likelihood in the. form of frequency or a probability value.
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