Multi-Hazard Mitigation Plan: Glossary

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Chapter 22:Glossary CHAPTER 22 - GLOSSARY Adverse Consequences-Negative impacts that may result from failure. The primary concerns are loss of human life, economic loss (including property damage),lifeline disruption, and environmental impact. Annualized Benefits and Costs- The value of benefits and costs based on the probability the benefit or cost will be realized in a given year. Assets-Lives,buildings,utilities and transportation systems, cultural, social. . . Benefit-Any increase in utility or well-being to an individual, group or society associated with an action or choice. Bounded from below by price. It is synonymous with value in economic theory. Benefits and costs are complementary-a cost is a negative benefit, since costs decrease well-being and benefits increase well-being. Benefit/Cost Analysis - A systematic quantitative method of assessing the desirability of government projects or policies when it is important to take a long view of future effects and abroad view of possible side-effects. Benefit/cost analysis is recommended as the technique to use in a formal economic analysis of government programs or projects. (From OMB A-94) Consequences-Damages (full or partial), injuries, and losses of life,property, environment, and business that can be quantified by some unit of measure, often in economic or financial terms. Cost-Any reduction in utility or well-being to an individual, group or society associated with an action or choice. Generally it is not the same as price,which bounds cost from above. Cost Effective-The least cost alternative means for achieving the same stream of benefits or a given objective. Cost-effectiveness analysis is less comprehensive than benefit/cost analysis, but can be appropriate when the benefits from competing alternatives are the same or where a policy decision has been made that the benefits must be provided. It can be used to compare programs with identical costs but differing benefits. FEMA guidance has defined cost-effective as the benefits equal to or exceeding the costs. (From OMB A-94) Damage-Damage refers to physical destruction measured by physical indicators such as the number of deaths and injuries or the number of buildings destroyed. Disaster- The impact of a natural event upon a vulnerable community resulting in disruption, damage, and casualties that cannot be relieved by the unaided capacity of locally- mobilized resources. Disaster Management-The efficient use of resources to coordinate the processes of relief, recovery, and reconstruction. 22-1 Hawaii County Multi-Hazard Mitigation Plan