Almost from the beginning of our flight training, pilots are drilled on simulated engine failures in every phase of flight. Once we're introduced to dealing with engine failures, we practice and perfect them, and then revisit them to ensure proficiency. This training is necessary because, although generally reliable, small airplane engines do still fail, especially if they are piston engines. Good inspection and maintenance practices plus proper operation help minimize or eliminate the risk. However, the likelihood (probability) of an engine failure and even its severity (consequences) can be managed ahead of time so that a failure might be less likely and, if one does happen, you might be in a better position to land without injury and maybe without damage.
This is a companion discussion topic for the original entry at https://www.avweb.com/flight-safety/the-real-risks-of-engine-failures