Archive for the 'Measuring industrial safety' Category

Accident stats don’t tell you much about safety

On April 9, 1992 the Canadian Institute of Mining, Metallurgy and Petroleum awarded the Westray Mine the coveted John. T. Ryan Award. The Institute grants the award every year to the mine that had the lowest accident frequency per 200,000 hours worked during the previous calendar year in Canada. On May 9, 1992, the mine [...]

Why you cannot measure risk

In 2008, Collateralized Debt Obligations (CDO) that had been given very high ratings by the credit rating agencies collapsed. The rating agencies got blamed for faulty ratings. Once a mining association gave a coal mine the “Safest Mine Award.” One month later the mine blew up and killed 32 miners. The award is based on [...]