Final answer:
The most important component of emergency preparation is planning, as it ensures safety and minimizes harm by orchestrating a response to emergencies, incorporating training, compliance with standards, and communication with OSHA.
Step-by-step explanation:
In the context of emergency preparation, the most important component among the options provided is planning. This process involves arranging in advance for a response to any potential emergencies and is critical for ensuring safety and minimizing harm. Without proper planning, exercise of the Right to Know, compliance with OSHA standards, and cost considerations may not be effective in an emergency situation. Planning encapsulates various essential activities, including safety training for workers, maintaining records of injuries and illnesses, performing necessary tests in the workplace such as air sampling, providing personal protective equipment and medical tests, posting OSHA citations, and notifying OSHA in the case of serious workplace incidents.