To maintain situational awareness  an accurate  perception must be attained of how the pilot  helicopter   environment  and operation combine to affect the flight. Situation RISK ELEMENTS Environment Aircraft Pilot External Pressures  Factors such as weather and  airport conditions must be  examined. The helicopter performance   limitations  equipment  and  airworthiness must be deter-  mined. The purpose of the flight is a  factor that influences the pilot’s  decision on undertaking or  continuing the flight. The pilot’s fitness to fly must  be evaluated  including com- petency in the helicopter   currency  and flight experience. Figure 13-5.  Risk elements to evaluate in decision-making.  13-9 Four Risk Elements Risk Management controlled or eliminated. It is the possibility of loss  or injury. The level of risk is measured by the number  of people or resources affected (exposure)  the extent  of possible loss (severity)  and the likelihood of  loss (probability). A hazard can be a real or perceived condition  event  or  circumstance that a pilot encounters. Learning how to identify  hazards  assess the degree of risk they pose  and determine the  best course of action is an important element of a safe flight.  Instruction that integrates Single-Pilot Resource Management  into flight training teaches aspiring pilots how to be more  aware of potential risks in flying  how to identify those  risks clearly  and how to manage them successfully. The  importance of integrating available resources and learning  effective SRM skills cannot be overemphasized. Ignoring  safety issues can have fatal results. During each flight  decisions must be made regarding events  that involve interactions between the four risk elements—the  PIC  the aircraft  the environment  and the operation. The  decision-making process involves an evaluation of each of  these risk elements to achieve an accurate perception of the  flight situation.  [Figure 13-5] Risk management is a formalized way of dealing with  hazards. It is the logical process of weighing the potential  cost of risks from hazards against the possible benefits of  allowing those risks from hazards to stand unmitigated. It  is a decision-making process designed to identify hazards  systematically  assess the degree of risk  and determine the  best course of action. Once risks are identified  they must be  assessed. The risk assessment determines the degree of risk  (negligible  low  medium  or high) and whether the degree  of risk is worth the outcome of the planned activity. If the  degree of risk is “acceptable ” the planned activity may  then be undertaken. Once the planned activity is started   consideration must then be given whether to continue. Pilots  must have preplanned  viable alternatives available in the  event the original flight cannot be accomplished as planned. One of the most important decisions that a PIC must make is  the go/no-go decision. Evaluating each of these risk elements  can help a pilot decide whether a flight should be conducted  or continued. In the following situations  the four risk  elements and how they affect decision-making are evaluated. Pilot—A pilot must continually make decisions about  personal competency  condition of health  mental and  emotional state  level of fatigue  and many other variables.  A situation to consider: a pilot is called early in the morning  to make a long flight. With only a few hours of sleep and  congestion that indicates the possible onset of a cold  is  that pilot safe to fly? Aircraft—A pilot frequently bases decisions to fly on  Two defining elements of risk management are hazard and risk. •  A hazard is a present condition  event  object  or  circumstance that could lead to or contribute to an  unplanned or undesired event  such as an accident.  It is a source of danger. For example  binding in the  antitorque pedals represents a hazard. •  Risk is the future impact of a hazard that is not 