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 