T for Total Loss of Control / page 2
Summary
The casualty lost at least 57 hours which at £10/hr cost £570. The friend lost at least 28 hours which at £10/hr cost £280. Other costs were £160 (additional costs are possible).
The total cost of these items comes to £1010.
There are probably many more costs which you may think of and wish to include. The critical thing is to understand that the total cost of an incident is invariably much greater than our initial estimate of the cost.
There is no allowance for the pain and distress resulting from this incident.
LEARNING POINTS
The actual, final real cost of an incident is invariably much greater than our initial estimate. The higher true costs of accidents justifies additional effort to reduce the number and severity of these events.