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Societal Perspective in Risk Management: Application of Life-Quality Index

  • Mahesh D. PandeyEmail author
  • Neil C. Lind
Part of the Risk, Governance and Society book series (RISKGOSO, volume 19)

Abstract

Risk can always be reduced but at some cost. Since disproportionate cost of risk reduction diverts societal resources away from other critical needs, efficiency argument has been enshrined in regulatory practices worldwide. This means the benefits of improved safety must be balanced against the cost of risk reduction. Aging and degradation of infrastructure facilities and systems have raised concerns over the safety of public, environment and economic productivity. Large investments are required to upgrade civil and industrial infrastructures in compliance with safety regulations. The chapter presents the Life Quality Index (LQI) formulation to assess the effectiveness of regulations and infrastructure projects that have major impact on life safety.

Keywords

Life Expectancy Gross Domestic Product Cost Rate Life Safety Real Gross Domestic Product 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  1. 1.Department of Civil and Environmental EngineeringUniversity of WaterlooWaterlooCanada
  2. 2.Department of Civil and Environmental EngineeringUniversity of WaterlooWaterlooCanada

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