The severity of a risk can be described by which two measurements?

The severity of a risk is best described by its likelihood and impact. Likelihood refers to the probability that a specific risk event will occur, while impact measures the potential consequences or effects of that risk on the project's objectives if it does occur. By assessing both the likelihood and the impact of risks, project managers can prioritize them and develop effective strategies to mitigate or avoid those risks. This dual-measurement approach provides a comprehensive understanding of risk severity, allowing for more informed decision-making in risk management processes.

The other options focus on different aspects that do not adequately capture the full scope of risk severity. For instance, risk and reward discuss a broader concept of balancing potential gains against risking investments, while cost and benefit pertain to evaluating financial outcomes rather than the inherent dangers associated with specific risks. Timeframe and resources are key project management elements, but they do not directly address the nature or severity of risks themselves. Thus, likelihood and impact provide the most relevant and practical measures for assessing risk severity in project management.