Our state has a memorandum state that we use our crash cost (fatality, injury, pdo. . . ). Looking you the web site, I'm not seeing
how to arrive at the adjusted crash cost use in the application. Could you show or give an example how to go through this?
state has particular values for crash severity you should enter the cost of a fatal crash on the Project Information worksheet in
the cell indicated for the Value of Statistical Life (VSL). As explained in the next few questions, all severities (i.e., PDO,
B, C, A and K) are all included but everything is referenced to the fatal crash cost.
Where are the crash costs coming from?
Are they entered or calculated?
The FWHA switched from the crash cost methodology used in FHWA 7570.2 (1994) to the value of statistical
life approach in 2008 (see http://www.dot.gov/office-policy/transportation-policy/guidance-treatment-economic-value-statistical-life#).
The value of statistical life (VSL) is essentially the crash cost of a fatal crash. The default on the Program Information worksheet
is $6,000,000 (i.e., the 2009 value) but the user can change that if they like. The other crash severities (i.e., PDO, C, B
and A) are based on the proportions in FHWA T 7570.2. For example, the PDO crash cost is 0.00077 times the fatal crash cost;
the C crash cost is 0.00731; etc. The user can change the VSL (i.e., fatal crash cost) but cannot change the ratio with respect
to the other crash severities.
crash cost seem to only show fatalities? What about property damage and other level of associated with a crash?
All crash severities
are included but everything is referenced to the value of statistical life (VSL) which is essentially the cost of a fatal crash.
The 2009 FHWA suggested VSL is $6,000,000. You can adjust it to the anticipated construction year on the Project Information
page. See the previous question regarding how other severities are included.