The correct answer is: Loss Prevention and Loss Reduction.
Loss Prevention refers to measures taken to reduce the chance of a loss occurring. This can be done through a variety of means, such as installing security systems, training employees on safety procedures, and implementing risk management strategies.
Loss Reduction refers to measures taken to reduce the severity of a loss if it does occur. This can be done through a variety of means, such as purchasing insurance, maintaining adequate reserves, and having a disaster recovery plan in place.
Loss Control is a broader term that encompasses both Loss Prevention and Loss Reduction. It refers to all of the measures taken to minimize the financial impact of losses.
Loss Advantage is not a term that is commonly used in the field of risk management. It is possible that it is being used in a specific context that is not clear from the question.
I hope this helps!