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Economic Modeling To Improve Estimates Of The Benefits Of Safety Management Systems, Kelly A. Whealan-George

Kelly Whealan George

Safety Management Systems (SMS) in aviation have the potential to minimize costs, protect profits, and increase shareholder value. However, a gap exists in SMS research between the acknowledged safety benefits of SMS and the identified economic benefits. In the current competitive marketplace, SMS will need to demonstrate economic viability through modeling before industry leaders are likely to adopt a voluntary process. This paper reviews the literature related to a variety of possible economic models applicable to measuring the benefits of the application and implementation of SMS in aviation organizations. While the ultimate goal is to increase safety, the utilization of …