Quote:
Originally Posted by blayn
In one of my civil engineering lectures my prof mentioned that the government uses a certain figure ( i think it was either 1.5 or 2 million) to decide if a project gets the go ahead. aka if the project will save one life and cost less than that figure, it gets the go ahead. If it costs more than that and is estimated to only save one life over its lifetime, it doesnt.
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I've done a few cost-benefit scenarios in my job and yes, we typically use about $1 million. However, this is from a civil engineering perspective. I'm sure the legal and insurance professions would have a different take.