Article
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Bayesian Energy Measurement and Verification Analysis
Version 1
: Received: 5 December 2017 / Approved: 6 December 2017 / Online: 6 December 2017 (06:36:02 CET)
A peer-reviewed article of this Preprint also exists.
Carstens, H.; Xia, X.; Yadavalli, S. Bayesian Energy Measurement and Verification Analysis. Energies 2018, 11, 380. Carstens, H.; Xia, X.; Yadavalli, S. Bayesian Energy Measurement and Verification Analysis. Energies 2018, 11, 380.
Abstract
Energy Measurement and Verification (M&V) aims to make inferences about the savings achieved in energy projects, given the data and other information at hand. Traditionally, a frequentist approach has been used to quantify these savings and their associated uncertainties. We demonstrate that the Bayesian paradigm is an intuitive, coherent, and powerful alternative framework within which M&V can be done. Its advantages and limitations are discussed, and two examples from the industry-standard International Performance Measurement and Verification Protocol (IPMVP) are solved using the framework. Bayesian analysis is shown to describe the problem more thoroughly and yield richer information and uncertainty quantification than the standard methods while not sacrificing model simplicity. We also show that Bayesian methods can be more robust to outliers. Bayesian alternatives to standard M&V methods are listed, and examples from literature are cited.
Keywords
statistics; uncertainty; regression; sampling; outlier; probabilistic
Subject
Engineering, Energy and Fuel Technology
Copyright: This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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