Almost all activities are associated with some level of risk. The harmful consequences associated with a risk are known as its Blank 1 Question 4 ; whilst the chances of a risk materialising is described as its Blank 2 Question 4 . Broadly speaking, there are two types of risk. Blank 3 Question 4 is based on an individual's or organisation's intuitive judgement about the probability or consequences of a risk; whilst Blank 4 Question 4 can be calculated through a process known as risk quantification. In extreme cases, a risk may be so dangerous to an organisation that there is no alternative but to abandon the operations creating the risk; such risks are said to be Blank 5 Question 4