Why is cost/benefit analysis such a critical part of hazard ...

[fahad]

Why is cost/benefit analysis such a critical part of hazard analysis and prevention?
 
  What will be an ideal response?

Question 2

What is the purpose of preliminary hazard analysis?
 
  What will be an ideal response?

[Hikerman221]

Answer to Question 1

Typically every hazard has several different remedies. Every remedy has a corresponding cost and corresponding benefit. Management is not likely to want to apply 10 solutions to 1 problems. Therefore, it is important to factor in cost when recommending corrective action regarding hazards. This amounts to listing all of the potential remedies along with their respective costs and then estimating the extent to which each will reduce the hazard (its benefit).

Answer to Question 2

A preliminary hazard analysis (PHA) is conducted to identify potential hazards and prioritize them according to the 1) likelihood of an accident or injury being caused by the hazard; and 2) severity of injury, illness, and /or property damage that could result if the hazard caused an accident.

[fahad]

TYSM

[mcabuhat]

Thanks for the timely response, appreciate it