Cost - Benefit Assessment of Aircraft Safety

The constant increase of air traffic volume causes the requirements for development and implementation of numerous measures that will enable monitoring of the safety level in the aviation organizations. An inseparable element of the process of implementing an adequate safety management system in aviation refers to the analysis of economic parameters for assessing the risk of aircraft accidents. Based on the statistical data related to the accidents of aircraft A320, which is considered in this paper, the main indicators of safety were analyzed. However, since aircraft accidents are among a group of rare events, historical data may not always be used to determine the level of safety. In such cases, it is necessary to develop mathematical models that will calculate the safety level. Therefore, this paper presents a methodology for assessing the costs of safety in the event of an aircraft accident, and which is a useful tool in the safety management system that could indicate the potential financial loss in case of an aircraft accident, but also the benefits that may arise by making investments in improving the safety level.