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34 Chapter Three
FIGURE 3.3 Safety–cost curves.
Without any doubt we could lower the residual risk by increasing
the financial investment in protective measures. Safety would accord-
ingly increase as a function of the cost C of the PMs, following the
safety–cost curves diagrammatically shown in Fig. 3.3, relative to dif-
ferent pieces of equipment (i.e., equipment 1 to 4).
It can be noticed that if we do not apply any protective measure to
theelectricalitem(i.e.,C =0),theresultingsafetyagainstelectricshock
is at its minimum value S 0 , which may be unacceptable (e.g., S 04 for
the item of curve 4 in Fig. 3.3). The safety–cost curves asymptotically
approach the absolute safety, equal to 1, when the cost of protective
measures approaches infinity. In reality, the cost of safety must be
a finite value, and criteria are necessary to determine the optimum
investment to realize it.
One criterion consists of determining the maximum cost C 1 for the
PMs that we are willing to tolerate to face the value k 1 v 1 characteristic
of the equipment being analyzed. We can then find on the curve the
resultant value of S 1 that the item has achieved (e.g., Fig. 3.3; vertical
line to curve 3). If the magnitude of S 1 satisfactorily lowers r(t), we
deem the equipment safe.
Itisimportanttonotethattheproductk 1 v 1 forapieceofequipment
may increase with time to the value k 2 v 2 > k 1 v 1 , for example, if we
move it from ordinary locations to restrictive locations. In that case,
a superior cost C 2 may be necessary to compensate the larger value
k 2 v 2 through a higher S 2 (Fig. 3.3).