Quantifying Weather Impact
In addition to being a provider of weather data and weather-based solutions, Weather Source also operates a Weather Data Science Lab (“WDSL”). Our lab conducts daily research on how weather impacts demand for various products and any related effects on businesses.
In the WDSL we process demand data against tens of thousands of weather impact tests to identify and quantify the power of weather on the demand in question. The result is a ranked set of weather impact models that can predict demand based on weather inputs.
- Acquire demand data (process needed legal/security requirements and acquire data)
- Demand data prep (successfully load into database and verify results)
- Demand data exploration (quantitatively understand the data, look for questions, and get answers)
- Configure tests (set date ranges, locations, and weather parameters)
- Execute test suite
- Evaluate results (steps 3, 4, 5 & 6 may iterate a few times)
- Produce a final report
The resulting final report describes the top weather impacts along with statistical summaries of weather impact model performance such as RMSE or MBE.