safety engineering and economics
DESCRIPTION
This presentation is to prove the fact that implementation and following of safety norms in construction,mining, etc.. industry will increase the revenue and also save many precious human life.TRANSCRIPT
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SAFETY ENGINEERING AND ECONOMY
DINESH SIVARAM M
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INTRODUCTION
It is a common assumption that implementing safety norms or following safety rules is expensive and not economical.
But it has been proved in the recent past that following safety norms and implementing them is actually economic
Though putting safety precautions in place can be an annoyance and an extra expense for an employer, the financial benefits can drastically outweigh the costs.
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seriousness
The International Labour Organization estimates there were 47,000 deaths from occupational accidents in India in 2003, the latest year for which figures are available, an increase of 17% from a year earlier
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Objective
To bring awareness about the importance of safety engineering
Prove the fact that implementation and strict following of safety rules will boost the economy of the firm by increasing the profit
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Hypothesis
Money spent or invested on implementation and adherence to safety norms is ignorable or minimal when come pared to the revenue generated because of it.
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SAFETY ENGINEERING
Safety engineering is a field that focuses on preventing accidents and lessening opportunities for human error in engineered environments or in engineering design.
Applied to many disciplines, including construction, aerospace, and manufacturing, public works, and product etc…
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ECONOMICS
Economics is the social science that analyzes the production, distribution, and consumptionof goods and services .
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MISUNDERSTANDING
TIME-CONSUMING
NOT ECONOMIC
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Liabilities
serious injury
file a civil suit
employer may have to pay
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Lost Labor
SKILLED LABOURS (training)
training
higher costs and lower efficiency.
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Worker Benefits
WORKERS (health plans ) INJURED
Pay out (injuries and the hospital bills)
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CASE STUDY - ANGLO AMERICAN MINING COMPANY ANGLOW AMERICAN Is the worlds most
diversified mining company
commodity mix Like platinum group metals, diamonds, copper, nickel, iron ore, metallurgical and thermal coal are mined
They operate on six continents with 150000 permanent and contract employees.
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Cynthia Carroll
Between the years 2002 to 2007 ANGLO AMERICAN SUFFERED CLOSE TO 200 FATALITIES
In the year 2007 Cynthia Carroll became the CEO of the ANGLO AMERICAN COMPANY
She was dissatisfied with the safety knowledge of the supervisors and the managers
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ACTIONS
She fundamentally rejected the assumption by some veterans that death is inevitable at such mining company because of the dangers involved in the business.
Visited mines and did a research
A decision was made and the company was shut down and was planed that after a perfunctory safety check would resume production as soon as possible
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Losses
Company suffered not only due to shut down but also due to expenses incurred in training the skilled and unskilled workers, supervisors, managers etc…,
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RESULT - Below are some of the data’s got from HARVARD BUSINESS REVIEW
YEARS Operating Income Revenue
2006 7874 29404
2007 8272 30559
2008 6850 32964
2009 4957 24637
2010 9763 32929
2011 11095 36548
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GRAPHICAL REPRESENTATION
0
5000
10000
15000
20000
25000
30000
35000
40000
2006 2007 2008 2009 2010 2011
OPERATING INCOME IN $ US MILLIONS
REVENUE IN $ US MILLIONS
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FINDINGS
As per the above strategies not only the profit went up but also the life of precious human was saved
In the year 2011, 17 employees lost their life due to accidents which is far less when compared to the year 2006 where there was a loss of 44 employees
That is a reduction of 62%.Time lost due to injuries came down by 50%. Thus ensuring more active productive hours.
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Morale
Morale is very important in construction because employees have to work quickly and efficiently to meet deadlines
While safety considerations may hamper work speed, they can also increase work speed
For instance, a worker who does not have adequate protection equipment may work more slowly than one who does because making a mistake has such a higher chance of causing him injury.
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SUGESTION AND CONCLUSSION
Thus It is evident that thought the is a initial cost incurred in the(SAFETY MANAGING) training of employees, purchase of safety equipment but the in the long run it actually helped not only to save the precious life of human but also for the economic growth of the organization.
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THANK YOU