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 the following:
- 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 best practices for building models that can make full usage of @RISK capabilities?
- How do you explain the results and promote adoption of advanced techniques?
- What are best practices for introducing and promoting the adoption of advanced methods such as Monte Carlo analysis?
Session 3: Energy Market Price Forecasting
- Understanding spot prices, forward prices, and forecasts
- Short-term, mid-term, and long-term price forecasting considerations
- Cross-commodity and serial correlations
- Forecasting approaches using Palisade DecisionTools Suite Importance and methods for incorporating uncertainty