Plain English Meaning
Looking at what could go wrong before and during a flight, working out how bad it could be and how likely it is, and then deciding what to do about it.
Full Definition
The process of identifying hazards associated with a flight or training activity, judging how likely each one is to cause harm and how serious that harm would be, and then deciding whether to accept, reduce, transfer, or avoid the risk.
Context Anchor
Seen in preflight planning, flight training discussions, go/no-go decisions, and any situation where a pilot or instructor must decide whether the flight can be conducted safely.
Derivation
From the Old French 'assesser', meaning to set or a , and 'risk', from the Italian 'risco', meaning danger or chance of loss. Together: putting a value on the danger so you can decide what to do about it.