For exposure it's best to think of everything in terms of stops: aperture; shutter speed; sensitivity.
Consider F5.6, 1/125s, ISO100 = LV (Light Value) 12 approx. (An LV calculator is available
here)
Now say the light dims to LV 11 (lower LV = less illumination). To compensate we could use:
F4 (+1 stop more opening of the aperture), 1/125s, ISO100 = LV 11
F5.6, 1/60s (+1 stop longer illumination time), ISO100 = LV 11
F5.6, 1/125s, ISO200 (+1 stop more sensitivity) = LV 11
F8 (-1 stop smaller aperture), 1/125s, ISO400 (+2 stop more sensitivity) = LV 11
etc.
So you can see that +1 stop = twice the aperture area/shutter duration/sensitivity.
And -1 stop = half the aperture area/shutter duration/sensitivity.
Also, if the light level drops -1 LV we need to increase the overall exposure +1 stop. And if the light level increases +1 LV, we need to reduce the exposure setting by -1 stop.
Note: F5.6, 1/125s, ISO100 is actually LV 11.9, rather then LV 12, because we are not using exact root-2 steps, but more convenient x1.4 steps. So comparing the ratio of 1/5.6^2 to 1/4^2 = 0.03189 : 0.0625, so the ratio is not 1 : 2.
Dan.