What term describes the measure of the potential of an event occurring, including both probability and consequences?

The term that describes the measure of the potential of an event occurring, including both probability and consequences, is "risk." This concept encompasses two crucial components: the likelihood that a specific event will take place and the implications or consequences that arise if that event does occur.

In the context of risk assessment, understanding both the probability of an event and its potential consequences allows organizations, including military branches, to make informed decisions regarding resource allocation, mitigation strategies, and preparedness measures. It is essential for proactive planning and minimizing adverse effects in various operational scenarios.

Other terms in the choices provided have distinct definitions that do not capture the full scope of risk. For instance, "hazard" typically refers to a source of potential harm or adverse effect but doesn't encompass probability or consequences comprehensively. Similarly, "threat" conveys the notion of a possible danger or still potential action that could cause harm, while "impact" usually pertains to the actual consequences of an event rather than measuring potentiality. Thus, risk is the most fitting term to describe the combination of probability and consequences associated with an event.