Final answer:
The practice mentioned is Risk Management, which encompasses identifying, assessing, controlling, and mitigating risks to minimize negative outcomes and maximize the likelihood of achieving project or organizational goals.
Step-by-step explanation:
The practice of identifying, assessing, controlling, and mitigating risks is known as Risk Management. This process involves a systematic approach to managing uncertainty related to a threat, through a sequence of human activities including risk assessment, strategies development to manage it, and mitigation of risk using managerial resources. The goals of risk management are to minimize the potential for negative outcomes, to increase the likelihood of reaching a project's objectives, and to identify opportunities for improvement.
Risk management is an essential practice in a variety of fields, from business operations and project management to cybersecurity and public policy. Identifying risks involves recognizing potential threats that could adversely impact an organization's ability to function. Assessing risks includes evaluating the severity and likelihood of those threats occurring. Controlling risks is about designing and implementing measures that can prevent or minimize the impact of the threats identified. Finally, risk mitigation involves taking steps to reduce the severity of the consequences if a risk materializes.