What two main quantitative factors are typically multiplied together to calculate the overall fire risk in a systematic fire risk assessment?

The two main quantitative factors typically multiplied together to calculate the overall fire risk in a systematic fire risk assessment are Likelihood and Consequence. Likelihood, also known as probability or frequency, quantifies the chance or potential that a fire event will occur within a specific timeframe or under given conditions, taking into account factors such as ignition sources, fuel availability, and the effectiveness of existing control measures. For example, a facility with poorly maintained electrical equipment and inadequate fire prevention protocols would be assessed as having a higher likelihood of a fire. Consequence, also referred to as impact or severity, represents the magnitude of the harm or loss that would result if a fire event were to occur. This includes potential harm to people (injuries, fatalities), damage to property and assets, environmental impact, business interruption, and reputational damage. A fire in a building housing many occupants or critical infrastructure, for instance, would be assessed as having high consequences. The overall fire risk is then calculated by multiplying these two quantitative factors: Risk = Likelihood x Consequence. This provides a structured, quantifiable measure that allows for the comparison and prioritization of different fire safety risks.