Value Of Life
Definition - What does Value Of Life mean?
The value of life assigns a "money value" for a lost life during a trenchless construction project, whether new construction or rehabilitation. This dollar value is one of the factors used in a comparative analysis where multiple design options are considered for the project, each with different safety considerations, implications, and processes. The question raised, asked and answered by the analysis is, "Does the potential for the loss of life outweigh the potential profit of undertaking this project option with its known risks?"
Trenchlesspedia explains Value Of Life
Value of life calculations may be made from stock formulas, individual insurance carrier recommendations or company loss-of-life policy information. Its inclusion in the analysis of particular design options isn't reflective of the company's culture or individual preferences; rather, it's a hard-nosed business concept that allows the stakeholders in the design and project teams to evaluate the cost of project completion options solely from a financial perspective.
Likewise, the value of life factor has no bearing on the safety of a carefully managed project or likelihood of a loss of life because a specific option or methodology was chosen.