Energy and electricity companies worldwide depend on accurate information about the risks and opportunities facing day to day decisions. Statistical analysis is frequently misapplied and many companies find that "a little bit of knowledge is a dangerous thing." In this course we examine the introductory principles of statistical analysis as a foundational course for energy applications. The course focuses on those foundational principles that are most used in energy analytics and serves as the foundational course for more advanced more the advanced application courses in this series.
Learn These Keys to Success:
1. How to use correlation and regression analysis for maintaining a competitive edge.
2. Principles of probabilistic vs. deterministic thinking in successful capital investment
decisions.
3. The analyst tool box in forecasting future opportunities and risks.
Seminar Agenda
• The Basics of Deterministic vs. Probabilistic Thinking in Deregulated Markets
- Means vs. Standard Deviations
- Distribution Shapes
- Confidence Intervals
- Probability
- Simulation
• Correlation and Regression Analysis for Maintaining the Competitive Edge
- Univariate and Multivariate Analysis
- Hypotheses Testing
- Testing for Equal Means and Variances
- Control Charts
• The Energy Forecasting Toolbox
- Historical Trend Analysis
- Univariate Time Series
- Multivariate Time Series
- Econometric Models
- Bayesian Estimation
- End-Use Models
- Engineering or Process Models
- Optimization
- Network Models
- Simulation
- Game Theory
- Scenarios
- Surveys
