This is on the motorcycle safety foundation web site.
SEE = Search, Evaluate, Execute
Search (or scan)= scanning up the road several seconds before you get there, interrogating what you see, looking for clues to possible danger and problems that could unfold. For the bicyclist, one should probably include stuff coming up close behind or along side you, since as a bicyclist, you are being passed more often and this could lead to issues unfolding, such as at intersections (right hook crash).
Evaluate = Understand and interpret what you are seeing in the context of how it could affect you. Create a plan of action to avoid the potential danger scenario should it develop into a crisis.
Execute = Be able to execute the plan of action when needed. This, obviously, means practice bike handling in advance. Execution could be as simple as slowing down or or more complex, such as taking evasive action, such as being able to make an instant turn, hop a curb, or execute an emergency braking maneuver. The bottom line is knowing that an observation can develop into a hazardous scenerio, you, the rider, by being alert and competent on your two wheeler, you can gracefully (or not so gracefully) dodge it, keeping the rubber side down. Its better to cuss and mutter than to be picking yourself off the road--or be scraped off the road by the EMTs.
Interesting whitepaper and powerpoint here explaining some of the thinking behind the training. I tried to post this to the national LCI list earlier today. Has not appeared yet.
An example here.