Economic Evaluation During Physicochemical Characterization Process: A Cost–Benefit Analysis

As academic institutions expand, the proliferation of laboratories dealing with hazardous chemicals has risen. While the physicochemical characterization equipment employed in these academic chemical laboratories is widely recognized, its usage presents a notable risk to researchers at various levels. This paper presents a simplified approach for evaluating the effects of the implementation of prevention investments in regard to working with nanomaterials on a lab scale. The evaluation is based on modeling the benefits (avoided accident costs) and costs (safety training), as opposed to an alternative (not investing in safety training). Each scenario analyzed in the economic evaluation reflects a different level of risk. The novelty of this study lies in its objective to provide an economic assessment of the benefits and returns from safety investments—specifically training—in a chemical laboratory, using a framework that integrates qualitative insights to explore and define the context alongside quantitative data derived from a cost–benefit analysis. The Net Present Value (NPV) was evaluated. The results of the cost–benefit analysis demonstrated that the benefits exceed the cost of the investment. The findings from the sensitivity analysis highlight the significant influence of insurance benefits on safety investments in the specific case study. In this case study, the deterministic analysis yielded a Net Present Value (NPV) of €280,414.67, which aligns closely with the probabilistic results. The probabilistic NPV indicates 90% confidence that the investment will yield a positive NPV ranging from €283,053 to €337,356. The cost–benefit analysis results demonstrate that the benefits outweigh the costs, showing that with an 87% training success rate, this investment would generate benefits of approximately €6328 by preventing accidents in this study. To the best of the researchers’ knowledge, this is the first study to evaluate the influence of safety investment through an economic evaluation of laboratory accidents with small-angle X-ray scattering during the physicochemical characterization process of engineered nanomaterials. The proposed approach and framework are relevant not only to academic settings but also to industry.