Method and apparatus for calculating a return on investment for weather-related risk management
First Claim
1. A computer-implemented method of calculating a return on investment for a form of weather-related risk management comprising the steps of:
- (1) receiving in a computer information about a company'"'"'s cost of responding to weather warnings;
(2) determining a cost of weather-related risk us ing a first form of weather-related risk management;
(3) determining a cost of weather-related risk using a second form of weather-related risk management; and
(4) generating a displayable output reflecting the difference between the cost of weather-related risk using the second form of risk management and the cost of weather-related risk using the first form of weather-related risk management.
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Accused Products
Abstract
A computer-implemented method and system evaluates and displays a return on investment for using weather-related risk-management services. The system includes user interfaces, databases containing information about the accuracy of different forms of weather-related risk-management services and the types and frequency of weather events in different geographical areas, and return on investment functions. The system accepts information about a user'"'"'s costs of responding to weather warnings and events, retrieves information from its databases and applies the appropriate function to determine a return on investment. The result is then displayed to the user. The method determines the costs of weather-related risks faced by a user under two different risk-management services and compares them, determining a return on investment for the use of one service over the other.
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Citations
41 Claims
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1. A computer-implemented method of calculating a return on investment for a form of weather-related risk management comprising the steps of:
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(1) receiving in a computer information about a company'"'"'s cost of responding to weather warnings;
(2) determining a cost of weather-related risk us ing a first form of weather-related risk management;
(3) determining a cost of weather-related risk using a second form of weather-related risk management; and
(4) generating a displayable output reflecting the difference between the cost of weather-related risk using the second form of risk management and the cost of weather-related risk using the first form of weather-related risk management. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26)
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27. A computer-implemented method of calculating a return on investment for forms of weather-related risk management comprising the steps of:
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(1) receiving in a computer information about a company'"'"'s cost of responding to hurricane warnings;
(2) determining a cost of unnecessary hurricane precautions; and
(3) displaying the cost of unnecessary hurricane precautions. - View Dependent Claims (28, 29)
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30. A computer-implemented system for the calculation of a return on investment for forms of weather-related risk management, comprising a computer having:
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a database containing information about a plurality of forms of weather-related risk management;
a computer-implemented interface function that receives information about a cost of weather-related risk; and
a computer-implemented return on investment function that operates on information retrieved from the database and information received by the interface function and generates a displayable return-on-investment result,where the database contains information about a plurality of critical success indices of a plurality of forms of weather-related risk management.
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31. A computer-implemented system for the calculation of a return on investment for forms of weather-related risk management, comprising a computer having:
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a database containing information about a plurality of forms of weather-related risk management;
a computer-implemented interface function that receives information about a cost of weather-related risk; and
a computer-implemented return on investment function that operates on information retrieved from the database and information received by the interface function and generates a displayable return-on-investment result, where the interface function receives information about a user'"'"'s industry, location, and number of weather warnings responded to per unit time. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38)
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39. A method of generating a displayable return-on-investment value for use in evaluating a weather-related risk-management service for an electric utility, comprising the steps of:
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(1) receiving in a computer a range of predicted temperatures over which no change in electrical production will occur;
(2) comparing an actual high temperature occurring on a given day with the temperature range, if the actual high temperature falls outside the range received in step (1), determining a loss based on a deficiency in electrical production;
(3) determining a return on investment for using the weather-related risk-management service based on the loss determined in step (2); and
(4) displaying the result determined in step (3). - View Dependent Claims (40, 41)
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Specification