OH&S Business Case Preparation

OH&S Business Case Preparation

A business case is a decision support and planning tool that spells out the financial and other business impacts of initiatives. Making the business case for expenditures related to health and safety has become a critical skill for health and safety professionals. A good business case will help to identify interventions/initiatives that will improve health and safety and to demonstrate the value of improving health and safety in concrete terms consistent with other business objectives. The key components to business case development for OH&S include:
• Scope and boundary definitions
• Financial metrics and decision criteria
• Major assumptions
• Data sources
• Scenario design
• Data structure; incremental vs. full value data
• Cost impact model
• Benefits model and benefits rationale
The business case for OH&S interventions must accurately assess the true costs and benefits in terms consistent with the company’s financial framework.