VSL meaning in Business ?

Business Miscellaneous in Business . 2 months ago

  710   0   0   0   0 tuteeHUB earn credit +10 pts

5 Star Rating 1 Rating
What is Value of a Statistical Life mean?

The value of life is an economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality (VPF) and implied cost of averting a fatality (ICAF). In social and political sciences, it is the marginal cost of death prevention in a certain class of circumstances. In many studies the value also includes the quality of life, the expected life time remaining, as well as the earning potential of a given person especially for an after-the-fact payment in a wrongful death claim lawsuit.

As such, it is a statistical term, the cost of reducing the average number of deaths by one. It is an important issue in a wide range of disciplines including economics, health care, adoption, political economy, insurance, worker safety, environmental impact assessment, and globalization.

In industrial nations, the justice system considers a human life "priceless", thus illegalizing any form of slavery; i.e., humans cannot be bought at any price. However, with a limited supply of resources or infrastructural capital (e.g. ambulances), or skill at hand, it is impossible to save every life, so some trade-off must be made. Also, this argument neglects the statistical context of the term. It is not commonly attached to lives of individuals or used to compare the value of one person's life relative to another person's. It is mainly used in circumstances of saving lives as opposed to taking lives or "producing" lives.

reference
Full Form Category
Virginia State Library Academic & Science
Value of Statistical Life Academic & Science
Value of a Statistical Life Business
VIO Systems Limited Business
Videsh Sanchar Nigam Limited American Depositary Receipts Business
Vienna Symphonic Library Community
Visual Spatial Learner Community
Venture Scout Leader Community
Volume of Sacred Law Community
Virtual Software Library Computing
Virtools Scripting Language Computing
Virtual Shareware Library Computing
Virtual Sampler Library Computing
Virtual Stream Library Computing
Video Services Library Computing
Virtual Socket Library Computing
Virtual Switch Links Computing
Virtual Studio Live Computing
Variable Speed Of Ligth General
Very Small Llama General
Varible Speed Of Light General
Varrio Street Locos General
Virginia State Line General
Very Short List General
Virtual Storage Layer General
Very Smooth and Light General
Very Sporty Lifestyle General
Visual Spatial Learners General
Video Sales Letter General
Variable Speed of Light General
Village Savings and Loan General
Variable Speed Limit General
Variable Speed Limits General
Venture Stock Loan General
Varying Speed Of Light General
Vinh Som Liem General
Vintage Super League General
Versus Starcraft League General
Very Smooth Lager General
Vehicle Speed Limiting General
Vehicle Speed Logger General
Vehicule Sanitaire Leger General
Valve Seal General
Vitreous State Laboratory Medical
Virtual Steganographic Laboratory Medical
Van Swinden Laboratory Medical
Varietys The Spice of Life Messaging
Vessel Military and Defence
Vermont Soccer League Sports
Virginia Soccer League Sports

Posted on 28 Sep 2024, this text provides information on Business related to Miscellaneous in Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

Take Quiz To Earn Credits!

Turn Your Knowledge into Earnings.

tuteehub_quiz

Tuteehub forum answer Answers

Post Answer

No matter what stage you're at in your education or career, TuteeHub will help you reach the next level that you're aiming for. Simply,Choose a subject/topic and get started in self-paced practice sessions to improve your knowledge and scores.