It is much easier to understand your own risk, or that of your family, if you also understand the language that scientists use. The outcome is the end result of what you are discussing in terms of risk. For example, the outcome may be that a person develops cancer or that they do not. The worse the outcome would be for you, the riskier you are likely to feel your situation is. For example, having a ten percent chance of developing cancer probably feels like a much higher risk than having a ten percent chance of developing a common cold.
Chance involves how likely the outcome is to occur.
For example, when discussing cancer risk, you may discuss the chance of developing cancer versus the chance of not developing cancer. The time period is how far in the future the risk level extends. The longer you wait for an event, the more likely it is to happen. For example, you might have a low chance of developing cancer this year, but you have a much higher chance of developing cancer during your lifetime. So when your risk is presented over a long time period, it might seem higher to you than the same risk presented over a shorter time period.