Intangible loss

Severity The magnitude of physical or intangible loss consequences (qualitative measure of consequences compared to industry experience). 

Severity The magnitude of physical or intangible loss consequences. 

Flood risk is not just about probabUities, but also about the consequences of floods. The Dutch approach to the evaluation of flood safety has traditionally been to minimize the sum of the discounted investments in flood defense and the discoimted expected value of fhmre losses (Van Dantzig 1956). Various intangible losses, including loss of life, are valued in money terms and included in the financial balance. 

The newest and updated version is the multi-colored manual (MCM) The MCM provides methods for the quantification of many damage categories in monetary terms, not only for direct tangible damages, but also for indirect and some intangible losses, particularly regarding the damages to residential and nonresidential properties. 

The description of the acceptability of the risk can be a function of the consequence. This function offers a maximum allowable probability of exceedance for all possible consequences. If the damages are expressed in monetary terms, the target flooding probability may be formulated as a cost-optimization problem. Most of the difficulties arise when trying to evaluate the so-called intangible losses, such as human injury, loss of life, and environmental and cultural losses caused by flooding. 

Once the predicted flood risk (i f) and the acceptable flood risk (i f) are obtained, a measure of the flood risk level that is appropriate for the decision making under consideration can be formulated as a function of cost and further intangible losses. For instance, a risk scale C = /i f = 0 shows an optimum risk level. 

Damage type Tangible losses Intangible losses... 

The health economic evaluation model and the COl model are closely related. The consumption of agents of production causes direct costs. Indirect costs are a monetary expression for the loss of economic wealth, that is, the impact of a health intervention is the reduction of indirect costs. The increase of health is reflected by the reduction of intangible costs. 

Determining the value of potential benefits from risk reduction is relatively straightforward for tangible losses such as property damage, business interruption, and increased insurance costs. However, intangibles such as loss of reputation are difficult to estimate and must be considered on a case-by-case basis. In addition to increased staff costs associated with public relations, items such as possible employee attrition due to low morale and possible loss of market share must be considered. 

Cost Includes tangible items such as money and equipment as well as the operational costs associated with the implementation of risk reduction options. There are also intangible costs such as loss of productivity, moral considerations, political embarrassment, and a variety of others. Costs may be borne by the... 

What gets measured usually gets done. Safety is an intangible concept and is traditionally measured after the fact—once a loss has occurred. The SMS must be an audit-driven system that calls for ongoing measurement against the standards and quantification of the results. As Scottish scientist Lord Kelvin (1883) said, When you can measure what you are speaking about, and express it in numbers, you know something about it. ... 

The highly motivated industrial physician should have the facilities to address most environmental, factory, and facility problems. If management recognizes and adequately funds a health assurance program, tangible evidence of the health improvement (reflected in decreased loss time) would be found to be cost effective. Intangible evidence is hard to accme, but well employees are likely to feel more content with their work and remain with the company longer, and are more likely to accept healthful ways of work and pursue similar attitudes at home. 

Intangible or subjective, as loss of image, motivation and clients. 

For efficiently maintenance in term of costs, possible risks (1S027001, 2007) must be analyzed to value the magnitude of affection, consequences and probability determining the appropriate corrective actions and anticipating the necessary preventive actions. In this analysis, we will focus on intangible costs of chent impact of failures to represent company consequences as loss of image, production or persoimel motivation. We have to quantify the important risks to determine consequences. For this, distinct methods... 

We will employ the initial hypothesis as a base of this study, applying methods to relate the failures in the service to their intangible consequences in terms of costs. The intangible costs about loss of reputation or market are studied in this paragraph. 

The quality is accepted by the customer when it is maintained inside a level of tolerance, between an upper and a lower value of the service (Fig. 3). In DNSP, the consiuner tolerance is defined by standards in the sector. So the cost of any deviation, in terms of quality, increases in a quadratic form from the target value as centre of the curve, see Fig. 3. In our case, focus only on intangible costs, the re-establishment time has been considered to reflect the maintenance impact in quality service. The Taguchi s Function Loss (TFL) is ... 

The image of the company or organisation is also likely to be tarnished as a result of adverse publicity received in connection with any prosecution for breaches of statute. Loss of company image has predominantly economic disadvantages, usually because of the loss of good will or other intangible and invisible company assets, which in turn indirectly leads to a loss of business. 

Economic feasibility takes into account the cost of the remedial action as composed to the benefits it provides. These benefits include deferred maintenance, avoidance of damage (including loss of life), and other tangible and intangible benefits. 

Other intangible costs are also legitimate costs to incorporate into cost-benefit analysis. These could be psychological and emotional costs, such as the cost of pain, suffering and loss of quality of life resulting from victimisation (Cohen et al. 2004). Estimation of these costs can be also difficult. However, a number of methods, such as method based on jury award data (Cohen 1988 Cohen 2000 Miller et al. 1996) or willingness to pay (Cohen 2000), have been developed to place monetary estimation on those intangible costs. 

Occupational safety management should take a comprehensive approach. Occupational safety management is a broad field of management related to loss prevention, physical and logical controls, occupational safety, and asset protection functions. It entails the identification of an organization s employees, physical assets, and intangible assets and the development, documentation, and implanentation of physical measures, policies, procedures, and guidelines. 

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