The implementation of appropriate platform edge protection systems (PEPSs) is a vital consideration in modern rail platform design to reduce injuries caused at the platform-train interface. This work presents a commercially tried and tested methodology for assessing the practicability of implementing PEPSs based on statistical analyses in combination with an As-Low-As-Reasonably-Practicable (ALARP) assessment, to assist in the justification of asset application viability. By extrapolating fatality-weighted injury data relating to the inclusion or non-inclusion of PEPSs, a safety risk model predicts changes in injury statistics to establish a quantified safety impact. The economic cost analysis identifies the operational expenditure for PEPSs throughout their lifecycle along with the capital expenditure and any impacts on the operational railway. The outcomes from these analyses are combined to produce a ratio of safety and operational benefits to capital and operational cost which is scrutinised against a designated disproportionality factor to establish suitability for use.