- Cover
- Title Page
- Copyright
- Preface
- Disclaimer
- Acknowledgements
- List of Acronyms
- Chapter 1: Introduction
- Chapter 2: Operational Risk, Operational Safety, and Economics
- 2.1 Defining the Concept of Operational Risk
- 2.2 Dealing with Operational Risks
- 2.3 Types of Operational Risk
- 2.4 The Importance of Operational Safety Economics for a Company
- 2.5 Balancing between Productivity and Safety
- 2.6 The Safety Equilibrium Situation or “HRO Safety”
- 2.7 The Egg Aggregated Model (TEAM) of Safety Culture
- 2.8 Safety Futures
- 2.9 The Controversy of Economic Analyses
- 2.10 Scientific Requirements for Adequate Economic Assessment Techniques
- 2.11 Four Categories of Data
- 2.12 Improving Decision-making Processes for Investing in Safety
- 2.13 Conclusions
- References
- Chapter 3: Economic Foundations
- 3.1 Macroeconomics and Microeconomics
- 3.2 Safety Demand and Long-term Average Cost of Production
- 3.3 Safety Value Function
- 3.4 Expected Value Theory, Value at Risk, and Safety Attitude
- 3.5 Safety Utilities
- 3.6 Measuring Safety Utility Functions
- 3.7 Preferences of Safety Management – Safety Indifference Curves
- 3.8 Measuring Safety Indifference Curves
- 3.9 Budget Constraint and n-Dimensional Maximization Problem Formulation
- 3.10 Determining Optimal Safety Management Preferences within the Budget Constraint for a Two-dimensional Problem
- 3.11 Conclusions
- References
- Chapter 4: Operational Safety Decision-making and Economics
- 4.1 Economic Theories and Safety Decisions
- 4.2 Making Decisions to Deal with Operational Safety
- 4.3 Safety Investment Decision-making – a Question of Costs and Benefits
- 4.4 The Degree of Safety and the Minimum Overall Cost Point
- 4.5 The Type I and Type II Accident Pyramids
- 4.6 Quick Calculation of Type I Accident Costs
- 4.7 Quick Calculation of Type II Accident Costs
- 4.8 Costs and Benefits and the Different Types of Risk
- 4.9 Marginal Safety Utility and Decision-making
- 4.10 Risk Acceptability, Risk Criteria, and Risk Comparison – Moral Aspects and Value of (Un)safety and Value of Human Life
- 4.11 Safety Investment Decision-making for the Different Types of Risk
- 4.12 Conclusions
- References
- Chapter 5: Cost-Benefit Analysis
- 5.1 An Introduction to Cost-Benefit Analysis
- 5.2 Economic Concepts Related to Cost-Benefit Analyses
- 5.3 Calculating Costs
- 5.4 Calculating Benefits (Avoided Accident Costs)
- 5.5 The Cost of Carrying Out Cost-Benefit Analyses
- 5.6 Cost-Benefit Analysis for Type I Safety Investments
- 5.7 Cost-Benefit Analysis for Type II Safety Investments
- 5.8 Advantages and Disadvantages of Analyses Based on Costs and Benefits
- 5.9 Conclusions
- References
- Chapter 6: Cost-effectiveness Analysis
- 6.1 An Introduction to Cost-effectiveness Analysis
- 6.2 Cost-effectiveness Ratio
- 6.3 Cost-effectiveness Analysis Using Constraints
- 6.4 User-friendly Approach for Cost-effectiveness Analysis under Budget Constraint
- 6.5 Cost-effectiveness Calculation Often Used in Industry
- 6.6 Cost–Utility Analysis
- 6.7 Conclusions
- References
- Chapter 7: Beyond the State-of the Art of Operational Safety Economics: Bayesian Decision Theory
- Chapter 8: Making State-of-the-Art Economic Thinking Part of Safety Decision-making
- 8.1 The Decision-making Process for an Economic Analysis
- 8.2 Application of Cost-Benefit Analysis to Type I Risks
- 8.3 Decision Analysis Tree Approach
- 8.4 Safety Value Function Approach
- 8.5 Multi-attribute Utility Approach
- 8.6 The Borda Algorithm Approach
- 8.7 Bayesian Networks in Relation to Operational Safety Economics
- 8.8 Limited Memory Influence Diagram (LIMID) Approach
- 8.9 Monte Carlo Simulation for Operational Safety Economics
- 8.10 Multi-criteria Analysis (MCA) in Relation to Operational Safety Economics
- 8.11 Game Theory Considerations in Relation to Operational Safety Economics
- 8.12 Proving the Usefulness of a Disproportion Factor (DF) for Type II Risks: an Illustrative (Toy) Problem
- 8.13 Decision Process for Carrying Out an Economic Analysis with Respect to Operational Safety
- 8.14 Conclusions
- References
- Chapter 9: General Conclusions
- Index
- End User License Agreement
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