Do we have to ignore value of human life in benefit cost analysis?

Expert Solution

No,we shouldn't ignore the value of human life in benefit cost analysis.Life of a human is more precious than the business analysis and cost analysis.People's life cannot be valued with a fixed price.It is inestimable.The losses occured due to incorrect cost analysis can be recovered but the loss of human life cannot be recovered.Benefit cost analysis is done to derive feasible and most appropriate strategies for business which helps in gaining profits.As loss of life cannot be recovered,even human life should be taken into consideration while analysing cost benefits .Necessary strategies and decsions should be taken where life of a person is safeguarded.Salaries,insurance,medical benefits,etc should be given prior importance by serving them for workers,employees and labourers.Every business should try to safeguard the lives of workers.If in case ,activities of business causes any harm to lives of people,then that will be the huge loss as it may damage reputation of that business.So,it is necessary for every business to consider and protect the lives of people.Human life should never be neglected and should be given prior importance while deriving benefit cost analysis.Strategies and decisions should be implemented where lives of workers are given strong protection.Therefore,value of human life shouldn't be ignored even in benefit cost analysis as the loss of life cannot be regained.

Rahul Sunny answered 2 years ago

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