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The potential-method--an economic evaluation tool
1Finnish Institute of Occupational Health, Finland. monica.bergstrom@ttl.fi
Journal of Safety Research
|July 20, 2005
Summary
This study introduces the Potential, an economic analysis tool to measure safety and health impacts on production. It offers a more efficient method for assessing these crucial business factors.
Area of Science:
- Occupational Health and Safety
- Economics
- Production Management
Background:
- Quantifying the impact of safety and health on production is challenging.
- Existing methods for economic analysis in this area are often complex and data-intensive.
Purpose of the Study:
- To introduce the Potential, a novel instrument for economic analysis.
- To provide a more effective method for gauging safety and health's influence on production.
Main Methods:
- The Potential instrument integrates various conditional changes for economic analysis.
- This method requires significantly less input while analyzing over 300 variables.
Main Results:
- The Potential serves as a valuable indicator for the effects of safety and health initiatives.
- Despite inherent challenges in such calculations, this method demonstrates strong performance.
Conclusions:
- Organizations can leverage the Potential to demonstrate the financial benefits of safety and health programs.
- The study highlights a positive business case for investing in workplace safety and health.
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