What two components are included in the analysis of risk?

The correct choice, focusing on probability and severity, is fundamental in the context of risk analysis. When assessing risk, it's essential to evaluate how likely a certain event is to occur (probability) and the potential impact it would have if it does occur (severity). This dual approach allows for a comprehensive understanding of the risk involved.

Probability helps quantify the likelihood of a negative event, giving insight into how frequently it may happen. Severity, on the other hand, addresses the consequences or damage that may result from that event, which is crucial for prioritizing risks. By combining these two elements, pilots can better determine which risks need immediate attention and mitigation strategies.

Other choices, while related to aspects of risk management, do not encapsulate the essence of risk analysis as effectively as the combination of probability and severity. Acceptance and control focus more on how risks are managed after they are identified. Identification and assessment are preliminary steps to understanding risk but do not complete the analysis. Monitoring and reviewing pertain to ongoing oversight and evaluation of risks but do not directly analyze the risk profile itself. Thus, probability and severity provide a fundamental framework for analyzing risk in aviation.