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cost-benefit analysis

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 Write Term Paper: - APA format with a title page, 3-5 pages of content, and a References page if necessary. - Submit a 3-5 page paper expanding on one of the previous safety papers from earlier in the term (e.g. safety culture, cost-benefit analysis, safety policy, risk management, safety assurance or safety promotion). You may use your previous work as a basis for this paper. - Format the draft to APA format as it will be graded to the same standard as your final paper.

Previous Safety papers

Cost-Benefit Analysis

According to the statistics provided, the $10,000 investment is worthwhile. From the data in the table, the company contributes a smaller percentage of overall accidents in the country. Essentially, 8 percent of accidents in the country are from this company. Thus this investment is worthwhile because the investors will not incur any losses caused by accidents and money spent to address fatalities. Besides, the company has been able to increase the security of their aircraft by preventing 2.3 of the casualties. This increases the plane's safety and ultimately attracts many customers, thus increasing profits for the aircraft company. Therefore, this would benefit the investors. 

Besides, the company has a record of 500 flights per year. This indicated that the company had had a fair number of fights, and it might be popular in the country. Theoretically, recording 500 flights per year means that the company schedules a fair amount of flights per year. Therefore, this is a good investment because more revenue is generated for the company when there are more flights and eventually more profits for the investors. Most importantly, the DOT VSL of the company stands at $11,600,000. As evidenced by the US Department of Transportation, the company has had a steady VSL over the past nine years. As Kniesner & Viscusi (2019) presented, VSL shows the organization's willingness to pay for marginal costs of improving safety. From the statistics provided in the table, the company has an increasing VSL, which means that their desire to allocate money for security increases every year, thus increasing the company's safety. For this reason, this is a good investment.

Reference

Kniesner, T. J. & Viscusi, W.K. (2019). The Value of a Statistical Life. Retrieved 6th November from https://oxfordre.com/economics/view/10.1093/acrefore/9780190625979.001.0001/acrefore-9780190625979-e-138

Safety Assurance Paper

Classically, external safety audits are designed to observe and assess the compliance of organizations, in this case, the aviation company with recommended practices, applicable procedures, and regulations. Therefore, if I were contracted to provide an eternal safety audit for an aviation company, there are certain crucial questions that I would include in a confidential survey through a questionnaire to ask staff members about the safety measures in the aviation company. The three questions that I would use in my external audit are “Are the qualifications of every employee updated?”, “Are all SPI/KPI metrics updated, are there documents to provide evidence?”, and “Did the company perform routine and required safety inspection, and how often does the company do this?”.

These three questions are the most important while performing an external audit on an aviation company because they would help an auditor determine the safety of the company. For instance, assessing whether the qualifications of employees, particularly, aircraft engineers and pilots is essential because it would help determine how safe using the aircraft of this particular company is. Ideally, it would be detrimental to let a pilot with expired qualifications man an aircraft let alone allow aircraft engineers whose qualifications have expired to repair or run diagnostics of an airplane before allowing it to be used for transportation. 

On the other hand, checking whether the SPI or KPI metrics are updated is crucial because are applied in monitoring or measuring the safety performance of a company and how to manage it. As Pierobon (2016) presented, Safety Performance Indicators are critical in the aviation industry because they enable a company to assess its past, current, and future safety performance. Lastly, asking how often the company performs its safety inspection would be essential for this external audit because it would help determine whether the company has established effective safety measures in the company. 

Reference

Pierobon, M. (2016). Unleashing SPIs. Flight Safety Foundation. Retrieved on 27thOctober 2021 from https://flightsafety.org/asw-article/unleashing-spis/



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