The webcast series progresses from basic to advanced technical concepts in the 1st four sessions, concluding with a final session covering management approaches for building internal analytic capabilities. Example models will be demonstrated to show how the theory is put into practice.
Participants will gain a great understanding of:
• What is Monte Carlo analysis and how is it particularly beneficial for electric utilities?
• What types of economic analyses are worth the added complexity of Monte Carlo analysis?
• What are the best practices for building models that can make full usage of @RISK capabilities?
• How do you explain the results and promote the adoption of advanced techniques?
• What are the best practices for introducing and promoting the adoption of advanced methods such as Monte Carlo analysis?
Session 2: Load and Market Price Forecasting
• Behavior of load, spot prices, and forward prices
• Importance and methods for incorporating uncertainty
• Forecasting approaches using Palisade DecisionTools Suite