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Please use this identifier to cite or link to this item: http://hdl.handle.net/10119/4148

Title: Decision Making Models Using Weather Forecast Information
Authors: Hiramatsu, Akio
Huynh, Van-Nam
Nakamori, Yoshiteru
Keywords: Weather Forecast
Economic Value
Decision Making
Expected Utility
Fuzzy Target
Issue Date: Nov-2007
Publisher: JAIST Press
Abstract: The quality of weather forecast has gradually improved, but weather information such as precipitation forecast is still uncertainty. Meteorologists have studied the use and economic value of weather information, and users have to translate weather information into their most desirable action. To maximize the economic value of users, the decision maker should select the optimum course of action for his company or project, based on an appropriate decision strategy under uncertain situations. In this paper, we will discuss several decision-making models in situations at what weather information is involved in decision problem under consideration. Firstly, the cost-loss model, which has been widely used in meteorological literature, will be briefly reviewed. Secondly, we will introduce the expected utility measures followed by a discussion on the fuzzy target based model. Finally, the relationship between the expected utility model and the fuzzy target based model will be discussed by means of a sample example taken from the literature.
Description: The original publication is available at JAIST Press http://www.jaist.ac.jp/library/jaist-press/index.html
Proceedings of KSS'2007 : The Eighth International Symposium on Knowledge and Systems Sciences : November 5-7, 2007, [Ishikawa High-Tech Conference Center, Nomi, Ishikawa, JAPAN]
Organized by: Japan Advanced Institute of Science and Technology
Language: ENG
URI: http://hdl.handle.net/10119/4148
ISBN: 9784903092072
Appears in Collections:KSS'2007

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