This paper addresses the need for more rigorous quantitative analysis of health, safety, and environmental data. Regression analysis is proposed and demonstrated as a tool to be used within the data analysis function of an operator's safety management system. It is argued that regression analysis can provide incremental value relative to qualitative or basic statistical analysis. A case study is employed to demonstrate how specific hypotheses can be tested in a systematic way. Results from such studies can be brought to bear on operational and safety management policy decisions. As results of such studies accumulate over the long term, resources will be allocated more efficiently and new best practices will emerge.