Which practice is likely to minimize risks in production?

Risk management strategies are crucial in minimizing risks in production because they involve identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. This systematic approach ensures that potential issues are addressed proactively, which helps maintain operational continuity and increases safety, efficiency, and quality in production processes.

While cost analysis, employee training programs, and marketing analysis are all important factors in a business setting, they do not focus specifically on the comprehensive framework for identifying and mitigating risks. Cost analysis looks at expenses, employee training enhances skills and knowledge, and marketing analysis assesses market needs and competition. However, none of these directly address how to systematically manage and reduce risks that can arise during production, such as equipment failure, operational disruptions, or safety hazards. Hence, risk management strategies stand out as the most effective practice for minimizing risks.