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How important should cost-benefit analysis be in risk management decisions? Should such considerations be uniform for all environmental issues?


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Cost benefit analysis is extremely important in risk management decisions. Cost-benefit analysis is one of the tools available to aid decision-making in the consumer safety field and risk management decisions. Cost benefit analysis can be done by assessing terms of savings in: i) medical costs (accident and emergency department costs, in-patient costs, ambulance costs, out-patient costs); ii) loss of output (lost output of victim, lost output of others); iii) other service costs (e.g. fire fighting costs, social service costs); iv) property damage costs; v) other costs (e.g. additional costs experienced by the victim and his family for transportation, provision of home care, legal costs, etc.). As well, other costs include i)manufacturers' costs (change in set-up costs, change in operating costs); ii)social costs of ...

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This solution is provided in 487 words. It discusses cost-benefit analysis in decisions for risk management, specifically in relation to the environment and awareness.

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