Meaning of probability of failure
Pf is the probability that a tangible result (good or bad) of a risk will come to pass. Cf combines with Pf to give the expected value of the result (Ef). See expected value of failure (Ef), probability of success (Qf) and consequence of failure (Cf). some risk cube manuals take pains to avoid using probability, and prefer to use likelihood, but the difference, while real is not worth worrying over.
Source: http://www.sceaonline.org/prof_dev/CEBoK-Glossary.xls
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