Common Denominator of Economic Effect

Common Denominators of Economic Areas of Analysis

The common denominators of most major process safety disasters is that they seem to happen in facilities where people are not well trained and they work in units where equipment and systems are not always in the best condition. Much of that is probably cost driven where management finds it difficult to make appropriate investments. When profitability is below expectations, such things are cut early and deeply. The result is an environment where the conditions for a major incident are always lurking just below the surface.

Management that allows such a plant to operate is rolling the dice on a daily basis to see if it can get another 24 hours of production out the door or down the pipeline without suffering a catastrophe. It’s a gamble, but there are many operations for which it is a way of life.

Best in class companies, typically exhibit a strong safety culture and very low unscheduled asset downtime, very low injury rate and very low repeated accident rate compared to their peers. These figures are almost half of those reported by the average peer-companies in a given industry sector. More on Aberdeen Report

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