Assessing Risk Chapter 4 Introduction Assessment of risk is an important component of good risk  management, but before a pilot can begin to assess risk, he  or she must first perceive the hazard and attendant risk(s). In  aviation, experience, training, and education help a pilot learn  how to spot hazards quickly and accurately. Once a hazard  is identified, determining the probability and severity of an  accident (level of risk associated with it) becomes the next  step. For example, the hazard of a nick in the propeller poses  a risk only if the airplane is flown. If the damaged prop is  exposed to the constant vibration of normal engine operation,  there is a high risk that it could fracture and cause catastrophic  damage to the engine and/or airframe and the passengers.