MANAGEMENT

Detailed explanation-1: -Loss prevention refers to measures taken to prevent the loss of life, health, and property. In the workplace, this involves preventing accidents, reducing risks, and controlling known hazards. The goal of loss prevention is to bring the organization’s accidents as close to zero as possible.

Detailed explanation-2: -Loss control is a risk management technique that seeks to reduce the possibility that a loss will occur and reduce the severity of those that do occur. A loss control program should help policyholders reduce claims, and insurance companies reduce losses through safety and risk management information and services.

Detailed explanation-3: -Loss prevention aims to preserve a business’s profits by reducing losses due to theft, fraud or operational errors. Loss prevention is widely used in the retail sector to address problems such as shoplifting and employee theft, but it’s also applied in other industries that frequently experience theft and fraud.

Detailed explanation-4: -Definition. Loss prevention is the act of taking proactive measures to prevent or abate identified risks which, if left unmitigated, may result in university claim expenditures.

Detailed explanation-5: -Loss prevention are activities that are geared towards the reduction or elimination of all potential loss within an organisation. Loss prevention programs promote avoidance of losses, measuring the loss frequency. Loss prevention is centred around all the activities that are responsible for store loss.