What distinguishes frequency analysis from consequence analysis?

Frequency analysis and consequence analysis are distinguished by what they measure and how they contribute to risk assessment: frequency analysis estimates how often a hazard is likely to occur, while consequence analysis evaluates the potential severity or impact if that hazard does occur. Frequency analysis, also known as probability assessment, focuses on determining the likelihood of a specific event or hazard occurring within a given timeframe. This can be based on historical data, statistical analysis, expert judgment, or a combi....