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Why is there no word for this?
-I find myself wanting to use the following concept in conversation very often. There should be a word for it:
"while taking into account both the [probability/frequency/amount] and the [effect size]"
This word would be particularly useful in decision making. It can be used to concisely point out when someone is neglecting to take one of these two aspects into account, which happens very frequently.
For example, using [foobar] as a placeholder for the word:
For two illnesses A and B, where is severely dangerous but very rare while B is moderately dangerous but very frequent: A is worse than B, but B is [foobar] worse than A.
In this case, the word [foobar] is used to point out that someone is not taking the probability/frequency/amount into account.
For a decision that is likely to help, but has a small risk of a massive drawback: While the decision appear good on the surface, it is actually [foobar] bad.
In this case, the word [foobar] is used to point out that someone is not taking the effect size into account.