What is the difference between accuracy and utility

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1. What is the difference between accuracy and utility? Give an example of when the most accurate prediction or forecast might not be the most desirable.

2. Wet Bias is an example of a preference for Type I errors (false positives) over Type II errors (false negatives). Come up with one additional example of where you might prefer Type I errors and an example of where you might prefer Type II errors.

3. Explain how an extremely small lack of precision can have a big impact on weather forecasting (Hint: Chaos Theory)

4. Should there be open competition in the marketplace for weather forecasting? Why or why not? What other “areas” if any might be questionable for open competition?

Reference no: EM132212909

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