Operational Safety Economics

Reniers, Genserik; Erp, H. R. N. van

doi:10.1002/9781118871546

Cited by 15 publications

(17 citation statements)

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“…While the cash worth of non-economy expenses cannot be quantified exactly, it may be deduced from priceable issues. To assess the worth of human life, techniques like the people resource method, the worth of human living, and the desire to accept technique, for example, might be utilized [54]. In the United States, the costs to society from workplace fatalities and injuries are high.…”

Section: Discussionmentioning

confidence: 99%

“…OHS stakeholders seldom factor in the financial Impact of workplace accidents when making investment choices aimed at reducing them [56]. The economic impacts on safety may be divided into three groups [54].…”

Section: Discussionmentioning

confidence: 99%

“…Because there is usually a budgetary limitation for safety procedures, it is difficult to adopt them at all costs. The funds spent on one measure are not accessible for application in other measures [54]. Furthermore, the decreasing relative benefits (marginal profitability) regulate the investment in safety measures; that also is, the relative benefits (e.g., decreased hazard) obtained from a single unit of safety precaution diminish as the single measure is progressively raised [60].…”

Section: Optimization Of Safety Measuresmentioning

confidence: 99%

“…As a result, in the economics of operational safety, the concept of cost is critical [57] The expenditures are mostly made up of costs for safety accident-related measures and expenditures (virtual and actual). Safety should be considered in economic operations, in addition to applying economics to safety, because safety Danger could be a barrier to financial organizations' tall progress [54]. Take the notion of "safety via designing," for example [58].…”

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confidence: 99%

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The Impact of Safety Priorities on the Economic Management of Projects: A Review

Marzooq¹,

Rashid²

2023

IJSSE

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A systematic study for analyzing the foundational concerns of safety economics was presented in this study. Firstly, safety, its historical background, and the accidental issues in construction were explored. Then, for the sake of this research, safety economists are defined as a multidisciplinary topic that examines the interrelationships and covariation of economics with safety. The cost of safety serves as a bridge between economics and safety in the field of safety economics. The definition of safety economics highlights its function in the choice of safety measures and the amount of money spent on manufacturing. Reviewing the literature highlighted the concerns regarding the economic safety including awareness and tackling the conflicts between safety and economics. At the end, a section highlighted the importance of safety economics in construction was provided.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Section: Optimization Of Safety Measuresmentioning

confidence: 99%

mentioning

confidence: 99%

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The Impact of Safety Priorities on the Economic Management of Projects: A Review

Marzooq¹,

Rashid²

2023

IJSSE

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“…Besides, the limited safety and security resources need to be optimized since resources allocated to one target are not available for others, which is referred to in economic literature as the "opportunity cost" [12][13][14]. In other words, economic issues greatly impact the effectiveness of prevention strategies and the profitability of a company in the long term [15]. Therefore, operational safety economics needs to be applied in decision-making on safety and security strategies [15].…”

Section: Introductionmentioning

confidence: 99%

An Economic Approach for Domino Effect Management

Chen

Reniers

Yang

2021

Springer Series in Reliability Engineering

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134 6 An Economic Approach for Domino Effect Management where L k,n,sup represents the supply chain loss of installation n caused by attack k, L k,n,dam denotes the damage loss of installation n caused by attack k, L k,n,leg represents the legal loss of installation n caused by attack k, L k,n,ins denotes the insurance loss of installation n caused by attack k, L k,n,hum denotes the human loss of installation n caused by attack k, L k,n,env represents the environmental loss of installation n caused by attack k, L k,n,per represents the personnel loss of installation n caused by attack k, L k,n,med represents the medical loss of installation n caused by attack k, L k,n,int denotes the intervention loss of installation n caused by attack k, L k,n,rep denotes the reputation loss of installation n caused by attack k, L k,n,inv denotes the accident investigation and the cleanup loss of installation n caused by attack k, L k,n,oth represents other losses of installation n caused by attack k. L u,n,sup represents the supply chain loss of installation n caused by accident scenario u, L u,n,dam denotes the damage loss of installation n caused by accident scenario u, L u,n,leg represents the legal loss of installation n caused by accident scenario u, L u,n,ins denotes the insurance loss of installation n caused by accident scenario u, L u,n,hum denotes the human loss of installation n caused by accident scenario u, L u,n,env represents the environmental loss of installation n caused by accident scenario u, L u,n,per represents the personnel loss of installation n caused by accident scenario u, L u,n,med represents the medical loss of installation n caused by accident scenario u, L u,n,int denotes the intervention loss of installation n caused by accident scenario u, L u,n,rep denotes the reputation loss of installation n caused by accident scenario u, L u,n,inv denotes the accident investigation and the cleanup loss of installation n caused by accident scenario u, L u,n,oth represents other losses of installation n caused by accident scenario u.

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Principles and Limitations of Cost–Benefit Analysis for Safety Investments

Reniers¹,

Talarico²

2017

Handbook of Safety Principles

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Operational Safety Economics

Cited by 15 publications

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The Impact of Safety Priorities on the Economic Management of Projects: A Review

The Impact of Safety Priorities on the Economic Management of Projects: A Review

An Economic Approach for Domino Effect Management

Principles and Limitations of Cost–Benefit Analysis for Safety Investments

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