Final answer:
The query is about the process used in Risk Management to estimate the severity of potential risks based on historical data and expert judgment, crucial for project planning and mitigation.
Step-by-step explanation:
The question refers to the process of Risk Management (RM), where an RM practitioner assesses the level of severity for each anticipated occurrence. This assessment is based on the knowledge of the results of similar past occurrences.
Severity in this context is typically gauged by examining the potential impact on project objectives, cost, schedule, or performance. The practitioner would take into account historical data, expert judgment, and analysis to predict how severe the impact of a risk might be should it materialize, which is crucial for effective risk planning and mitigation strategies.