Plain English Meaning
Looking at everything that could go wrong on a flight, deciding how serious each item is, and making a clear call about whether the flight can be done safely and what needs to be done to manage the risks.
Full Definition
The structured process of identifying hazards associated with a flight, evaluating the likelihood and severity of each, and deciding whether and how to proceed based on that evaluation. In aviation, it is performed before flight and continuously updated during flight as conditions change.
Context Anchor
Used during preflight planning, before takeoff, and anytime conditions change during a flight.
Derivation
From Italian risco (danger) and Latin assidere (to sit beside, to assess). The original sense of 'assess' is to sit alongside something and judge it carefully — which is exactly what a pilot does with each before flying.