- Risk Managers
Select Weather Forecast Providers Based on Accuracy
It has been mentioned that a one-degree improvement in the accuracy of weather forecasts could save at least one billion dollars annually in United States electric costs. There are differences in weather forecasts from different weather forecasters and weather forecast companies. Choosing the right weather forecast provider can save you money. ForecastWatch can help.
Not all weather forecasts are created equal. Private companies like Accuweather, Custom Weather, and WSI don't just pass along the National Weather Service forecast. They actually use models of their own, and supplement the model output with their own meteorologists' analysis. It really does matter where you get your weather forecast from.
Because ForecastWatch tracks forecasts for over eight hundred U.S. and international cities, we can pinpoint where forecasts hit and where they miss. Some forecasters may have a weaker coastal model than others, while others may do better in the Midwest. Regardless of your needs, ForecastWatch can tailor an evaluation that will help you to select the weather forecast provider that meets your needs.
Monitor the Accuracy of Your Weather Forecast Provider
Once you have selected a weather forecast provider, or have an in-house meteorological staff, ongoing accuracy data is just as important as during the evaluation. This additional data can be used to improve forecasts, give insight on accuracy over time rather than just an evaluation period, and give you leverage at contract renewal time. Additionally, the statistical accuracy data can be used as part of your daily decision-making process.
For example, a commodities trader may rely on the five-day-out forecast as input into a trading system. Knowing how accurate the five-day-out forecast is each month gives the trader an additional metric that can be used as input to the model. If a five-day-out forecast is fifty percent less accurate during December than June, that information can be used to determine the level of confidence to place in the forecast.
ForecastWatch currently tracks weather forecast accuracy on a continuous basis for seven weather forecast providers. But ForecastWatch can accept forecasts from any provider, covering any region of the United States or Canada, and evaluate accuracy. ForecastWatch can monitor high and low temperature, rain, snow, or other precipitation, thunderstorm prediction, and soon cloud cover and sky condition.
Access Information and Analysis for Competitive Edge
Your job depends on accurate weather forecasts. ForecastWatch.com provides you with tools and information that will help you select weather forecast providers using your criteria. It will assist you in monitoring the accuracy and performance of your weather forecast provider and give you information and analysis that will help you place the right value on the weather forecast.
This additional information will help you make better decisions, and give you an edge over the competition. Whether you are a commodities trader, a utilities manager, an energy firm, a construction company, or in any business where your planning and success depend on an accurate weather forecast, we can help.