“The art of avoiding trouble when you can, and reacting appropriately when you can’t” is...

Risk Management is a systematic process of identifying, analyzing, and responding to project risk. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives. The definition provided in the question aligns with the concept of risk management as it involves both proactive avoidance of trouble (through identification and analysis) and reactive measures (through response planning and implementation) when certain risks cannot be avoided.

References: = Professional in Project Management (PPM) Reference Materials1, PMBOK® Guide2.