Cost-Benefit Analysis for Accident Prevention in Construction Projects

AbstractConstruction is the most dangerous land-based work sector in Europe and the United States The cost of accidents has received much attention in the recent past, and online interactive tools were developed to assess the cost of accidents to organizations. Online tools and other sources of information on costs of accidents in the construction industry were a useful development but failed to support the decision-making process in regard to construction health and safety measures. A cost-benefit analysis (CBA) methodology is presented that would enable contractors to assess the true cost of accidents prevention and the associated benefits of accident prevention as part of pre- and postcontract project evaluation. The research investigated the cost and benefit of accident prevention, with a view to drawing attention to the economic consequences of effective/ineffective management of health and safety by contractors. A quantitative research methodology was employed in investigating these costs and benefi...

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