When dealing with health and safety decisions, people often need to deal with one-in-a-million types of risks.
In nuclear safety, I hear, they use a measure called “nanomelts” or a one-in-a-billion risk of a meltdown. They then can rank risks based on cost-to-fix per nanomelt, for example.
In both of these, though, it might be more based on data and then scaled down to different timescales (e.g. if there were 250 deaths per year in the US from car accidents = about 1 in a million per day risk of death from driving; use statistical techniques to adjust this number for age, drunkenness, etc.)
When dealing with health and safety decisions, people often need to deal with one-in-a-million types of risks.
In nuclear safety, I hear, they use a measure called “nanomelts” or a one-in-a-billion risk of a meltdown. They then can rank risks based on cost-to-fix per nanomelt, for example.
In both of these, though, it might be more based on data and then scaled down to different timescales (e.g. if there were 250 deaths per year in the US from car accidents = about 1 in a million per day risk of death from driving; use statistical techniques to adjust this number for age, drunkenness, etc.)