Risk management is defined as

• A. The four fundamental risk elements in aviation.
• B. The part of the decision-making process which relies on situational awareness, problem recognition, and good judgment to reduce risks associated with each flight.
• C. See RNAV.
• D. See radio magnetic indicator.

Answer: (B)

Risk management in aviation is the part of the decision-making process that uses situational awareness, problem recognition, and good judgment to reduce risks associated with each flight. It’s a proactive, ongoing effort to identify hazards, assess the risk they pose, and apply controls or adapt plans to keep risk at an acceptable level throughout the flight. This emphasis on actively managing and mitigating risk on every flight is what makes this option the best fit. The other choices either describe a fixed list of elements rather than the process, or point to equipment and concepts (like navigation or instruments) that aren’t definitions of risk management.