What is the economic evaluation of safety technologies?

Safety investment is a type of proactive investment that represents all the costs required to enhance the security of a company’s systems, prevent various accidents from occurring, eliminate potential accident risks, and improve the working environment. Safety investment projects constitute the main part of mine safety investments. Mastering the technical and economic indicators that can be used for safe investment projects helps enterprises to conduct scientific technical and economic evaluations as well as make informed decisions when investing in safety-related projects.

Safety investment activities mainly take five forms: investment in safety technology, investment in industrial hygiene, investment in auxiliary facilities, investment in education and publicity, and investment in protective equipment. From the perspectives of safety “loss reduction benefits” and “value addition benefits”, they can be further divided into: (1) Reducing the incidence of accidents and the severity of their consequences, thereby minimizing the direct losses resulting from the accidents as well as the compensation costs ； ⑵Reduce the number or frequency of casualties, thereby minimizing production downtime losses in workdays ； ⑶By creating favorable working conditions and improving labor productivity, output value as well as profits and taxes can be increased ； ⑷By providing a safe and comfortable working and living environment, it meets people’s special needs for safety, fosters a positive social environment and atmosphere, and thereby creates social benefits. Different types of safety investments yield varying benefits; for specific evaluation methods, refer to safety benefit evaluation techniques.

It analyzes the interactive effects among factors such as safety management, transportation equipment, over-charging issues, personnel competence, as well as road conditions and the environment. The Analytic Hierarchy Process is used to determine the weights of these various influencing factors, while a fuzzy comprehensive evaluation method is employed for conducting the safety assessment.

It is the economic evaluation of the safety benefits associated with investment activities in safety