Decision Theory can be used as a tool for discussing the relative costs of complacency and false alarms with users of space weather forecasts. We describe a new metric for the value of space weather forecasts, derived from Decision Theory. In particular we give equations for the level of accuracy that a forecast must exceed in order to be useful to a specific customer. The technique is illustrated by simplified example forecasts for global geomagnetic activity and for geophysical exploration and power grid management in the British Isles. ¿ 2000 American Geophysical Union