Whenever I've had a full-on, "holy crap get out the POH, you work the radios and I'll work the problem", systems knowledge always saved the day.
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Thats a luxury we don't get single seat,
I agree, having a working knowledge of what's what definitely helps. Again, no need to know how to build it, but know the basic workings of it so you can have a clue when stuff does hit the fan.
For example in the Hog (going to the way back machine here...but as much as this was hammered into us, it was hard to forget), the Immediate Action/Boldface steps for dual engine failure were:
Throttles - OFF
APU - Start
Flight Controls - Man Reversion
Left Engine - Motor
Left Engine - Start
Now this was pretty straightforward immediate action, but there were some things you had to know a little more in-depth. First off, being single seat, there's no time to break out a checklist, there's no POH, and there's no one but you. So knowing some of the systems knowledge and using it, will actually cover many of the follow-on items after the immediate action items are completed, without having to reference the expanded checklist. With this emergency, one had to know that the APU, once started, has an APU generator switch that powers backup electrical and hydraulic. The immediate actions above are all there for a reason, and systems knowledge insures you know why. Throttles go to off versus idle, since at idle, the engine will attempt to auto-start on it's own.....not good if you have temps above 200 and need to motor them down first, or you'll have an overtemp. APU start provides air only in order to be able to begin motoring. Going Man Reversion gives you some flight control ability. Motoring and then start of the Left engine gets you going again systems-wise. IF the left won't start and you go to start the right, you have to know that the APU Generator has to be switched on first in order to get the electric boost pumps going if starting with the right engine instead of the left first. Once you get an engine started and hydro going, immediately get out of man reversion and into normal flight controls again. Both of these aren't on the immediate action checklist items, but knowing the basic system workings makes these into now-"common sense" items that you just know to take care of; and when you have a chance to get into the expanded checklist, you'll note that you've already taken care of them.
This is just an example of how knowing systems at a working level will really help you. Do I know how to build the electrical/pneumatic/hydro systems on that plane? No. But I also don't need to. Pilot knowledge is one thing, FE knowledge is another. Also, as an aside, its a testament to the disciplined training the military gives in regards to systems knowledge and EPs, as I haven't flown a Hog in 5 years, yet I still remember the immediate actions and "why's" behind them, systems-wise, as if it were yesterday.
On a similar topic: Doug, at your airline when you were on the 727, did you personally notice a difference between the systems knowledge levels of the Second Officers (pilots that were riding the FE panel) and the Professional FEs who weren't pilots? IE- did the PFEs seem to have a more in-depth knowledge, and if so, was it simply because that's all they did?