Local mitigation strategy (LMS) - Volusia County Government

SECTION 6: VULNERABILITY ASSESSMENTFigure 6.2: Conceptual Model of the Statistical Risk Assessment MethodologyThe vulnerability assessment findings are presented in terms of potential annualized losses, whereverpossible. In general, presenting results in the annualized form is useful in three ways:1. This approach accounts for the contribution of potential losses from all future disasters;2. Annualized results for different hazards are readily comparable, thus easier to rank; and3. The use of annualized losses is the most objective approach for evaluating mitigationalternatives.Annualized losses for the hazards where the parametric approach was utilized were computed in a threestepprocess:1. Compute/estimate losses for a number of scenario events with different return periods [e.g.,10-year, 100-year, 200-year, 500-year, etc.];2. Approximate the Probability versus Loss Curve through curve fitting; and3. Calculate the area under the fitted curve to obtain annualized losses.Volusia County Multi-jurisdictional Local Mitigation StrategyFebruary 20106:5