The result of something, or the consequence of it, is the outcome. If your oldest child announces that your youngest child has climbed onto the roof with a handmade set of wings, you should probably not expect a good outcome. Better run!
The noun outcome refers to the result of a process, but recently, when joined with the word "based", it has become jargon within a variety of industries and you'll see uses like outcome-based medicine and outcome-based budgeting. Outcome-based education, for example, rewards schools and teachers whose students meet certain goals on standardized tests, although critics argue this robs teachers and students of creativity.