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Accident Cost:
Seminar on Finding Detailed Cost Of Accident. Understand Why Safety is Important?

Finding Detailed Cost Of Accident. Understand Why Safety is

Important?

Date: 7th July 2012 , City: Mumbai

Introduction: In market economy it is not difficult to maintain a focus on production. The

culture in any manufacturing plant supports this focus. Managers and supervisors at all
level need to support it. Measurement systems are in place to provide frequent, daily
feedback on small variations in production performance. Everyone understands the
priority of production. However, safety has taken a back seat in many companies as the
culture and support system is lacking. Each activity carried costs the company.

Magnitude of the problem.

Every minute two people are killed in work related accidents. Every eight seconds there
is a lost time work related accident. Furthermore, “only” 7% of all accidents occurs at
the work place or occupation whereas 93% in traffic or in private life. They also cause
losses to the national wealth. Nevertheless, not only it is worthwhile to invest in safety,
but it must become mandatory. The economic loss related to these accidents and
diseases are estimated to 4% of world gross national production. (10th National
Conference-Delhi 2002)

A study implemented in the Federal Republic of Germany has shown that out of 100
Marks of turnover 3 Marks are lost due to accidents. A sales increase of 3 % would in
many markets be seen as economic success. According to an Austrian study, the costs
incurred by the national economy on accidents are three times higher than the losses
within the enterprise. Every national economy suffers damage from accidents; they
majorly affect production, resources, purchase power ..etc.

It is noteworthy that companies who have safety as core value have discovered that its
long-term effects are often more profound than those following quality improvements.
Many companies have reported that they “learned more about quality from safety
activity than from quality”. The changing scenario of the business to sustain in this
competitive world demands cost effective management. The reliable cost information is
a basis for making decisions upon which efficiency and profit depends. Occupational
accidents are costly. This is an important reason why we should know accurately the
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real cost of accidents arising out of and in the course of employment.

Why you cannot miss this?? After the completion of the workshop, the participants will
have a good insight on the fundamentals of “Cost of An Accident”. They will be able use
the various techniques discussed with the help of various case studies, in their day to
day working.

The workshop is intended to acquaint the participants with the fundamental aspect of
cost of accident and hence should be useful for them in operations that they are
carrying out. It will help the organization to bring focus on safety and treat it as a core
function.

There is a growing awareness in business that the level of product quality required to
compete and even to survive will not be achieved without complete and true financial
picture of all the activities.

Key learning's!

Practical approach with case studies to evaluate cost of accident.

Property damage, near miss, unsafe act and unsafe condition.
Cost of occupational health.
Understanding cost of accident in view of finance people.
Systems to find out cost of incidences.
Participant will be equipped with a skill to develop customized system for calculating
cost of accident or prevention of the same for his/her industry.
Note: More than 15 case studies video’s will be discussed & shared with the
participants.

One Day Course Agenda

Cost of accident and its impact – over view

Techniques used in cost of accident
Discussion on actual case studies
Cost of accident verses cost of prevention
Point of view of Finance and Account professionals with respect to cost of accident
Integration of different systems used in industries for monitoring business like Enterprise
Resources Planning (SAP, BAAN etc) for cost of accident