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[Display omitted] • A model for multi-objective optimization operation of multiple water sources under uncertainties was proposed. • Uncertainties in inflow and water demand forecasts can be considered simultaneously, and the correlation between uncertainties can be considered quantitatively. • The impact of inflow-water demand forecast uncertainties and their correlations on water resource operations are explored for water resources managers. Uncertainties in inflow and water demand forecasts bring risks to water resources management. Therefore, the research on multi-objective optimization operation of multiple water sources under uncertainties holds critical research significance and application value. This paper proposes a model for the multi-objective optimization operation of multiple water sources that can consider the inflow and water demand forecast dual uncertainties. In handling uncertainties, this paper adopts a scenario generation method based on joint distribution-Monte Carlo (JDMC), which allows for a quantitative consideration of the correlation between uncertainties. Moreover, the variable weight method and LINGO 20.0 are employed for solving multi-objective optimization issues to obtain stable Pareto frontiers. The proposed model is applied to the water receiving area inside Jiangsu Province of the South-to-North Water Transfer East Route Project (SNWTERP) in China. The main findings are as follows: 1) The impact of the inflow and water demand forecast uncertainties on the operation results is synergistic rather than antagonistic. Considering only a single uncertainty may result in water receiving area facing more severe water shortages or purchasing spot water at high prices. 2) There is a strong spatial correlation between uncertainties. If we ignore or only qualitatively consider the correlation between uncertainties, the impact of uncertainties on operation results will be underestimated or overestimated. 3) The Pareto frontiers are convex functions, indicating that decision-makers should choose a solution in the middle part. [ABSTRACT FROM AUTHOR]

[Display omitted] • Hydrological model predictions are crucial for risk-based water management decisions. • Errors in hydrological predictions are typically neglected for risk-based decision-making. • New framework shows neglecting errors over-estimates yield, under-estimates risks. • Outcomes underscore the need to account for hydrological errors in decision-making. Risk-based decision making for water resource systems often relies on streamflow predictions from hydrological models. These predictions are integral for estimating the frequency of high consequence extreme events, such as floods and droughts. However, streamflow predictions are known to have errors due to various factors such as incomplete hydrological understanding, parameter misspecification, and uncertain data. Despite these errors being well known, they are frequently neglected when undertaking risk-based decision-making. This paper demonstrates that neglecting hydrological errors can impact on drought risk estimation for high stakes decisions with potentially severe consequences for water resource system performance. A generic framework is introduced to evaluate the impact of hydrological errors for a wide range of water resource system properties. This framework is applied in two Australian case study catchments, where we use a stochastic rainfall model, the GR4J hydrological model, a residual error model, and a simplified reservoir storage model to estimate water resource performance metrics (risk and yield). The results underscore the impact of neglecting hydrological errors on decision-making. In one case study catchment, the yield was over-estimated by ∼15%–55%, resulting in the (actual) risk of running out of water being ∼2–30 times larger than reservoir design. The magnitude of these errors in water resource performance metrics is striking, especially considering that the streamflow predictions appear reasonable based on typical performance metrics (e.g., NSE of ∼0.7). The errors in performance metrics stem from the complex propagation of hydrological errors through the water resource system modelling chain. By accounting for critically important hydrological errors we can mitigate highly erroneous risk estimates and improve decision-making related to water resource management. [ABSTRACT FROM AUTHOR]