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 1 (80.32 KiB) Viewed 64 times

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. 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.