If you lower the probability of loss by taking preventive action you are engaging in which one of the following risk management strategies?

Question

Quizplus · Accepted Answer

Risk reduction is the strategy of taking preventive action to lower the probability of loss. Risk avoidance involves completely avoiding the risk, risk retention involves accepting the risk and dealing with the consequences if they occur, and risk transfer involves shifting the risk to another party (such as through insurance). Therefore, B is the best choice for the given scenario.

If You Lower the Probability of Loss by Taking Preventive