What is the term for taking steps and precautions to reduce the likelihood of negative outcomes or hazards?

The term that refers to taking steps and precautions to reduce the likelihood of negative outcomes or hazards is risk mitigation. This concept involves identifying potential risks and implementing strategies to lessen their impact or likelihood of occurrence. It encompasses a range of activities, from planning and preparation to executing controls and contingency measures, all aimed at minimizing adverse effects on objectives.

In contrast, risk assessment pertains to the process of evaluating and analyzing potential risks to understand their nature and impact, but it does not inherently involve taking actions to reduce them. Risk acceptance refers to acknowledging the existence of risk and deciding to accept the potential consequences without taking further steps to mitigate those risks. Risk elimination is the complete removal of a risk, which is often not feasible for many situations, as certain risks cannot be entirely eliminated but can be managed or reduced instead. Thus, risk mitigation accurately captures the proactive approach centered on reducing risk likelihood and severity, making it the correct choice.