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The Role of Weather Risk in Meteorology

The Role of Weather Risk in Meteorology. Dr. George S. Young WxRx Option. WxRx. What : Using Weather and Climate observations and forecasts to help users make optimal decisions How: Combines Meteorology, Statistics, and Computer Science to monetize our Weather and Climate knowledge

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The Role of Weather Risk in Meteorology

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  1. The Role of Weather Risk in Meteorology Dr. George S. Young WxRx Option

  2. WxRx • What: • Using Weather and Climate observations and forecasts to help users make optimal decisions • How: • Combines Meteorology, Statistics, and Computer Science to monetize our Weather and Climate knowledge • Why: • Wx + Quant skills = fun + money

  3. What does WxRx have to do with Meteo? • EVERYTHING! • Forecasting • Numerical weather prediction models • Model ensembles • Statistical post processing • Artificial intelligence / machine learning • Understanding • Risk assessment • Planning • Mitigation

  4. What does being a Quant have to do with WxRx? • EVERYTHING! • Applied math and statistics • Numerical weather prediction models • Statistical post processing • Artificial intelligence / machine learning • Finance • Quantitative decision making • Insurance / re-insurance • Weather derivatives • Commodity trading

  5. What types of JOBS exploit WxRx? • Commodities (energy, agriculture) • Forecasting • Trading • Insurance / re-insurance • Risk modeling • Model user support • Client education • Planning • Weather AND climate risk

  6. The Bottom Line Meteo is valuable only to the extent that users can make better decisions using our input Even big institutional users need hand-holding on the meteorology and statistics Combine both and your market expands! Monsanto just bought Climate Corporation (a WxRx startup) for a cool $1 Billion! They kicked in another $200 Million for the employees – someone values WxRxers

  7. Knowledge is Power • The Department offers a WxRx Option for the Meteo degree • If you’re part quant and part weather fan, you can see how its done at: • ploneprod.met.psu.edu • – look under undgradand then options • Want to learn even more? • First take the steps outlined above • Then, contact Dr. George Young, 620 Walker

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