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The ability to predict the timing and magnitude of future climate and temperature changes at a regional level has become increasingly important for corporate decision making and enterprise risk management. In the short term, companies could face decisions about acquisitions of water-dependent companies and natural resources or might be planning facilities or operations in communities vulnerable to erosion and flooding, changes in water supplies, and increasing health-care costs. In the intermediate term, companies need to assess these vulnerabilities to determine appropriate insurance coverage, plan for new infrastructure, implement preventative health-care programs, or protect natural resources. A technical approach needs to involve predictive tools that can provide bounding estimates at regional scales. The implications of those changes need to be translated to consequences that can affect specific businesses. Corporations must be cognizant of the uncertainties in this forecasting process and for that reason it is essential to link the likelihood of outcomes with the magnitudes of consequences. This article outlines an approach that is gaining traction as a way to address this complex matter. [ABSTRACT FROM AUTHOR]

The U.S. National Assessment of the Potential Consequences of Climate Variability and Change was a federally coordinated nationwide effort that involved thousands of experts and stakeholders. To draw lessons from this effort, the 10 authors of this paper, half of whom were not involved in the Assessment, developed and administered an extensive survey, prepared a series of working papers, and conducted an invitational workshop in Washington, DC, on April 29, 2004. Considering all these sources, the authors conclude that the Assessment was largely successful in implementing its basic design of distributed stakeholder involvement and in achieving its basic objectives. Future assessments could be significantly improved if greater attention were devoted to developing a collective understanding of objectives, preparing guidance materials and providing training for assessment participants, developing a budgeting mechanism which would allow greater freedom in allocating resources across various assessment activities, and creating an environment in which assessments were part of an ongoing process. [ABSTRACT FROM AUTHOR]