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And we have developed a simple formula to examine the same event.  Obviously there are many ways to do this, and this particular way may not be valid, but it will serve as an example for thought:

Event value = (((magnitude factor x 2 x months) + (area/community area x 10)) x (24 divided by the warning time in hours + prediction constant) ) x frequency in 100 years / 100

Event value = (((3 x 2 x 8) + (8/9.5 x 10)) x (1/0.1 + 4)) x 1/100
Event value = ((48 + 8.4) x (10 + 4)) x .01
Event value = (56.4 x 14) x .01
Event value = 789.6 x .01
Event value = 7.9 (rounded to tenths)
The result is reassuringly exact.