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Likelihood
The likelihood of a risk is the probability that it will eventuate.  The likelihood rating is in 5 levels and its value can be changed via the System Reference Maintenance function.  The suggested ratings are as follow:

Likelihood

Numeric Equivalent

 Definition
Rare 1 Event will occur only in exceptional circumstances
Unlikely 2 Event could occur at some time
Moderate 3 Event should occur at some point in time
High Likelihood 4 Event will probably occur in most circumstances
Almost Certain 5 Event is expected to occur in most circumstances

 

See also:

 

Consequence of Risk

 

Consequence and likelihood rating