Q5. Regarding the safety construction concept. Construction accidents are classified based on their severity: high sever
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Q5. Regarding the safety construction concept. Construction accidents are classified based on their severity: high sever
Company has a high severity accident rate of 6%, the average severity accident is 8%, and the low severity accident is 10%. The final profit is 7% out of the budget cost, and the budget cost is 125,000$. No "Voluntary Protection Program" will be applied. 2. Company 2 has the rate of high severity accidents at 17%, the average severity accident is 20%, and the low severity accident is 17%. The final profit is 7% out of the budget cost, and the budget oost is 300,000$. "Voluntary Protection Program" will be applied to reduce the accident rate. 3. Company 3 has the rate of high severity accidents at 2%, the average severity accident is 3%, and the low severity accident is 4%. The final profit is 5% out of the final budget cost, and the budget cost is 140,000s. No "Voluntary Protection Program" will be applied.
Q5. Regarding the safety construction concept. Construction accidents are classified based on their severity: high severity, acceptable severity, and low severity. Based on some details that state that if the average accident rate is more than 10%, the fine payment will be 20% out of final profit, if the average accident rate is between 5-10%, the fine payment will be the same average accident rate already calculated multiplied by the final profit. Otherwise, the fine payment will be 0.01% of the budget cost. Calculate the fine payment for (6 marks) 1.