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Desirable conditions and events with rewards; and correct undesirable conditions and events so that the organization recovers from and resolves each immediate issue and improves future performance.

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Planned Performance

Is the level of reward that the organization expects to gain once planned actions and controls are operating.

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Is an event that has, on balance, a desirable effect on achieving objectives.

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A measure of the chance of an event occurring. Usage Notes Quantitatively, likelihood is typically expressed as either: Probability Likelihood (Mathematical) Qualitatively, likelihood is typically expressed using an Ordinal Scale (high, medium, low). Be careful  Full Article…

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