PubMed · 11268798
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P Kanis. 2001. Controlling the human element.. https://pubmed.ncbi.nlm.nih.gov/11268798/
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Two similar serious accidents occurred at a metal refining process installation within a 6-month time interval. The first one killed ten people, and the second accident one person. The accidents provide a typical case history of how a safety management system and a corresponding organisation could have prevented the occurrence of such an accident or, at least, have reduced its effects. The case is also interesting because it illustrates the physico-chemical complexities forming the root cause of the accidents.
Investment appraisal concerned with investments in fire safety systems is discussed. Particular attention is directed at evaluating, in terms of the Bayesian decision theory, the risk reduction that investment in a fire safety system involves. It is shown how the monetary value of the change from a building design without any specific fire protection system to one including such a system can be estimated by use of quantitative risk analysis, the results of which are expressed in terms of a Risk-adjusted net present value. This represents the intrinsic monetary value of investing in the fire safety system. The method suggested is exemplified by a case study performed in an Avesta Sheffield factory.
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