Definition of Loss management:
A practice in businesses whereby a company seeks to identify and prevent events causing a potential drop in value to their revenue, assets, or services. This can be done through changing the companys operating policies or business model so as to limit the chances of loss.
Loss management is a set of business practices used to monitor, detect, correct, or control sources of financial damage to a company's earnings.
Improvements aimed at loss management involve changes in a business's operating policies, processes, and practices in order to minimize instances of loss. Company managers may work with consultants and insurance industry specialists to improve a business's loss-management practices.
How to use Loss management in a sentence?
- Modern technology aims to improve the prediction and prevention of costly losses.
- For retailers, shoplifting is a primary focus of loss management.
- Loss management is a set of business practices that aims to reduce or eliminate business costs related to accident or theft.
Meaning of Loss management & Loss management Definition