Urgency or Severity

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ITIL identifies incidents based on Urgency and Impact[1][2] and Urgency is defined as:

"A measure of how long it will be until an incident, problem or change has a significant impact on the business."[[3]] (Itilexam)[4] (Emory University)
"The speed in which the issue needs to be addressed."[[5]] (itiltopia)
"the quality or state of requiring immediate action or attention"[6] (Meriam-Webster)

Some organizations may describe Urgency using Severity interchangably which is why that will be included here.

Urgency is one element that is used to calculate the Priority of an Incident