API 580 Risk Based Inspection Practice Test

What are actions taken to lessen the probabilities involved in risk referred to as?

1. Risk evaluation

2. Risk reduction

3. Risk acceptance

4. Risk identification

The correct answer is: Risk reduction

The concept of taking actions to lessen the probabilities involved in risk is known as risk reduction. This term encompasses the various strategies and measures implemented to mitigate potential hazards and minimize the likelihood of adverse events occurring. Risk reduction can involve a variety of approaches, including engineering controls, administrative changes, training, and the implementation of safety measures, all aimed at lowering exposure to identified risks. Risk evaluation refers to the process of assessing and analyzing risks to determine their potential impact and likelihood, rather than directly reducing them. Risk acceptance involves acknowledging the presence of risk and deciding to live with it without taking further action to reduce it. Risk identification is the initial step in the risk management process, focusing on recognizing and describing potential risks, rather than addressing them. Thus, risk reduction is the correct answer as it specifically denotes the proactive steps taken to decrease risk likelihood.