Which method focuses on reducing the chance of loss?

The method that focuses on reducing the chance of loss is risk reduction, also known as risk control. This approach involves implementing measures or strategies designed to mitigate potential hazards and lower the likelihood of adverse events occurring. These measures can include safety protocols, maintenance practices, and improved training programs, all aimed at minimizing exposure to risks.

By investing in risk reduction techniques, individuals and organizations can create safer environments and reduce the potential impacts of incidents that could lead to financial loss or harm. This proactive approach not only addresses possible losses but also contributes to overall operational efficiency and safety. Thus, risk reduction serves as a critical strategy within the broader context of risk management.