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Tips and Tricks

 

Risk

 Let us superficially define risk as the mathematical product of the 'probability of some undesirable event' and the resulting 'negative consequence'


Probability
Consequence
Risk
Result
Low
Low
 		a small number x a small number = a very small number Who cares
High
High
 		a very big number You better care
High
Low
 		an 'undefined' number We should have known better but, oh well, it's no big deal. Life goes on.
Low
High
 		an 'undefined' number Hmmmmm...
Does life go on?
(Probability x Consequences = Risk)






   

Potential Savings
Reduced risk of loss of life or limb

Reduced insurance premiums

Reduced level of liability

Reduction of uninsured expenses:

     - wages paid for working time lost by workers who were not directly involved

     - wages paid for working time lost by injured workers, over and above workers'
        compensation payments

     - wages due to overtime work as a result of an incident

     - wages paid to supervisors whose time is required for activities related to the incident

     - uninsured medical cost borne by the company

     - cost of time spent by higher supervision and clerical workers on investigations or in the
        processing of compensation application forms

     - wage costs arising from the decreased output of the injured worker after his/her return
        to work

     - cost of a new worker's learning period, including the cost of training by his/her supervisor


                     Comments or Questions? Send them to us at  feedback@phoenixsurvival.ca