Using LiDAR data we can determine for each merchantable tree on the ground …
 
XYZ coordinates
Height
Timber Species Identification (TSI)
Estimate of volume
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Other applications for LiDAR in forestry include …
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Assisting foresters plan cutblocks
Assisting foresters in planning yarding
Planning cost-effective roads/creek crossings
Assisting geotechs to determine where slides are likely/unlikely
 
Orthophoto with Colour Infrared (CIR) and/or RGB (Natural Colour / Red Green Blue)
Digital Elevation Model (DEM) / "Bare-Earth" (surface of earth with trees removed)
Canopy Height Model (CHM)