Safety Management Systems combined engineering, economics and management focusing on procedures and processes that protect engineered systems, people, environment and the assets. Standards of care, regulatory requirements and industry recognized principles, ethics and tools comprise the tools available to the engineering economist.
While recognizing that eliminating all risks is unrealistic, the principle of "As Low as Reasonably Possible" or "ALARP" is usually applied. In doing so, a major accident risk analysis is conducted, and then evaluated against increasing safeguards and the costs associated with the safeguards.
BEAR has perfomed many cost/benefit analyses to help determine the lowest level of risk that is reasonable. This is called ALARP: As Low As Reasonable Possible.