A checklist component is a STEP or ITEM that is included in a list of tasks to be completed. It is used to ensure that all necessary steps are taken and that nothing is overlooked. The term 'checklist component' can be broken down into two parts: 'STEP' (4 letters) and 'ITEM' (4 letters). A STEP is an action that needs to be taken, while an ITEM is an object or element that needs to be addressed. Together, they form a checklist component that must be completed in order to achieve the desired outcome.