Accidents and incidents are important because by investigating them you can identify both new factors that may contribute to risks, and existing factors that may not be working adequately. Incidents are eventual indications that at least one contributing factor was not identified, eliminated or managed sufficiently.
There are three distinct time-sequenced parts in all accidents and incidents.
The period leading up to the occurrence of a condition that may give rise to unwanted consequences.
The point in time at which the condition exists, or has come about. It is at this point that there is a complete of loss of control, where probability takes over and no amount of 'management' may affect what may or may not happen.
The period following, during which consequences may result and may need to be dealt with or mitigated.
As a simple example, imagine dropping an industrial knife out of your hand. It drops downwards towards your foot and impacts itself into your shoe. Did it cause harm? Possibly. It did cause damage and probably loss, of time and production at least.
The likelihood that this hazardous condition will arise is called the hazard likelihood.
There are two types of "after the event" management - mitigation and incident investigation. Neither will prevent the incident, which has already occurred.
Mitigation is an attempt to reduce the consequences of loss, damage and harm to stakeholders, resulting from the condition that has already come about. This is done by having implemented an adequate set of emergency procedures for each type of consequence that can occur.
Emergency procedures help in minimising the effects of harm, damage and loss to various stakeholders, the employee, the company, etc.