“…Risk is often defined as a combination of the Likelihood of Failure (LoF) with the Consequence of Failure (CoF) (see e.g. Anbari, Tabesh, & Roozbahani, 2017;Arthur, Crow, Pedezert, & Karikas, 2008;Scott Arthur & Crow, 2007;Baah, Dubey, Harvey, & McBean, 2015;Laakso, Ahopelto, Lampola, Kokkonen, & Vahala, 2018;Lukas & Merrill, 2006;Mancuso, Compare, Salo, Zio, & Laakso, 2016;McDonald & Zhao, 2001;Pienaar, 2013;Ward & Savic, 2012). Approaches used to express the consequences of failure can be divided into three categories:…”