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In a desk was a stack of letterheads with Chinese stamps and a timber price list.
Optionally, the objective function can also consider risks and uncertainties due to natural calamities and timber price fluctuations, using the value at risk approach or risk utility functions.
As YAFO provides the additional flexibility to switch between two timber grading options on stand level, effects of timber price scenarios on grading can be analyzed.
However, it is difficult to predict the future timber price.
The model has been estimated from the historical timber price statistics of Finland. Figure 3 shows an example timber price scenario for six assortments.
Timber price was by far the most significant source of risk and uncertainty.
Similar(29)
It didn't matter if timber prices were low.
Timber prices hit a two-year high in July as Americans built more houses.
Company officials cited the ailing housing market, foreign competition and declining timber prices.
Along with lawsuits and low timber prices, the restrictions have forced many mills out of business.
For one, timber prices are on the up, making the land used to grow trees more valuable too.
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