______ is the process of deciding which risks are worth addressing and the extent to which these risks should be avoided.

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BlackTom AI · Accepted Answer

The question asks for the term that describes the process of deciding which risks are worth addressing and the extent to which these risks should be avoided.
Option 1: Risk management. This is the umbrella process that encompasses identifying, assessing, prioritizing, and deciding on responses to risks, including what to address and how aggressively to avoid or mitigate them.
Option 2: Risk assessment. This step focuses on identifying and evaluating risks and their severities, likelihoods, and impacts, but it does not by itself specify which risks to address or the level of avoidance.
Option 3: Strategy. While strategy can influence how risks are handled, it is a broad plan for achieving objectives and is not the specific term for the process of prioritizing and determining avoidance levels.
Option 4: Avoidance. This is a possible risk response or action to eliminate a risk, but it is not the overall process that decides what risks to address and how much to avoid them.

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______ is the process of deciding which risks are worth addressing and the extent to which these risks should be avoided.

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