Cost-Benefit Graph shows the point of maximum benefit beyond which any resources (time, money, energy and people) spent on accident prevention, accident control and risk reduction is considered wasteful and unnecessary.
Cost of Safety
Cost of Safety basically represents the costs associated with incident/ accident prevention, accident control, risk reduction etc. These costs can basically be divided into the following.
Organizational Costs
These are costs associated with employing people/ staff, the time and energy spent on incident accident investigation so as to identify immediate and root causes. Also costs of arranging first and medical provisions.
Cost of Planning
As the name suggests these are costs associated with planning of organizational and engineering controls that have to be implemented. The arrangements and procedures that have to be in place. For example new safe system of work that has to be implemented, new permit to work system, new layout that has to be planned for the workplace, factories or workshop.
Design Costs
Design as the name suggests are costs associated with design, development, fabrication, installation and purchase of safety devices necessary for the implementation of both engineering and managemental control measures planned to prevent and control accidents.
Operational Costs
Operational costs as the name suggests are the day to day running costs of both engineering and managemental control measures that have been implemented. For example costs associated with testing, maintenance and sampling of safety devices. Some more examples are costs associated with periodic audits, reviews and active monitoring of the arrangements and procedures that are in place.
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