2. Probability or Likelihood Classification Descriptor Description Probability of Single Event Almost Certain Common or frequent occurrence, likely to occur often during the life of an individual item or system, or very often in an operation of a large number of similar items >25% Likely Is known to occur or it has happened. Likely to occur several times in the life of an individual item or system or often in operation of a large number of similar items 10% - 25% Possible Could occur or “I’ve heard of it happening”. Likely to occur sometime in the life of an individual item or system, or will occur several times in the life of a large number of similar components 1% - 10% Unlikely Unlikely to occur, but possible to occur sometime in the life of an individual item or system, or can reasonably be expected to occur in the life of a large number of similar components 0.1% - 1% Rare Practically impossible, so unlikely to occur in the life of an individual item or system that it may be assumed not to be experienced, or it may be possible, but unlikely to occur in the life of a large number of similar components <0.1% Maximum Reasonable Consequence Classifications Descriptor Health & Safety Environment Damage or Cost impact Catastrophic Fatality or permanent disability Impact with potential for severe of long term harm, or impact on area of significance >Php 80M Major Lost day injury, or illness Events causing harm which cannot be immediately recovered Php20M - Php80M Serious Restricted duties injury or illness Impact with localised harm Php4M - Php20M Medium Medical treatment injury or illness Events with potential to cause local harm Php400k - Php 4M Minor First aid injury or illness not requiring treatment single event causing negligible harm <Php400k RISK MATRIX CONSEQUENCES 1-Minor 2-Medium 3-Serious 4-Major 5-Catastrophic LIKELIHOOD Risk Rating A-Almost Certain Moderate High Critical Critical Critical B-Likely Moderate High High Critical Critical C-Possible Low Moderate High Critical Critical D-Unlikely Low Low Moderate High Critical E-Rare Low Low Moderate High High