What is the relationship between probability of failure (POF) and consequences of failure (COF) in risk assessment?

The ultimate risk is indeed conceptualized as the product of probability of failure (POF) and consequences of failure (COF) assessments in risk assessment frameworks. This relationship highlights the foundational principle of risk analysis, which states that to understand overall risk, one must consider both how likely an event is to occur (POF) and what the impacts would be if it did occur (COF).

By multiplying these two factors, you quantify the risk in a way that allows decision-makers to prioritize actions based on both likelihood and potential severity. A high POF combined with a high COF leads to greater overall risk, indicating a more urgent need for mitigation strategies. This synergistic approach helps ensure a comprehensive evaluation of risks, leading to better-informed decisions in safety, reliability, and management practices within the industry.