Hi Ali,
Typically, your company should provide guidance on how these aspects of the Risk Matrix are to be used via a management standard or other type of policy document specific to Risk Assessment or Risk Management. Generally, though, Frequency is meant to define the number of events that can be expected to happen in a specified time frame (1 time per year, 10 times per year) and Likelihood is meant to define the probability that an event could occur (Event may occur, Doubtful event will occur). Duration is typically used to evaluate risk based on the elapsed time of an event (1 to 4 Hours). Duration is mainly used to measure risks associated with human exposures to hazards (noise, heat, radiation, etc) and in some cases of environmental risks related to spills and releases.
Keep in mind that any risk assessment of a specific "Area Affected" will only use one of these dimensions in combination with Severity to calculate the Risk Rating.
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