Which HPI element is defined as the patient’s statements about what makes the problem better or worse?

The correct choice is modifying factors because this term specifically refers to the elements in the patient's history of present illness (HPI) that describe factors influencing the symptoms, such as what alleviates or exacerbates the issue. Understanding these factors is crucial for a comprehensive patient assessment, as they provide insights into how the symptoms may be managed or treated.

In contrast, context refers to the circumstances surrounding the problem or situation but doesn’t provide direct information about the symptoms themselves. Severity indicates the intensity of the symptoms, which helps in evaluating the urgency and extent of the condition, while location pertains to the specific area where the symptoms are experienced. Modifying factors, by focusing specifically on what influences the symptomatology, are essential for developing an effective treatment plan based on the patient's experience.