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Which model to select if you can use only one?

In load forecasting, there are numerous models. Engineers often face this dilemma that which models among the many can be selected for forecasting of electrical load or demand needed from a power generation unit. The trick is to use the most significant factors and ODM tool to identify the best tool for load forecasting.

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Which model to select if you can use only one?

  1. 1. WHICH MODEL TO SELECT IF YOU CAN USE ONLY ONE? DR.MRINMOY MAJUMDER (ORCID ID : 0000-0001-6231- 5989) Lecture 1 of “INTRODUCTION TO WATER BASED RENEWABLE ENERGY” course and “RENEWABLE ENERGY” of MTECH(HYDROINFORMATICS ENGG) Blog :https://waterandenergynexus.blogspot.com
  2. 2. IMPORTANCE There are numerous models available for load prediction. But not all the models are equally efficient and model accuracy varies with many different factors. That is why the smart selection of a model for approximation of electrical load or consumption or generation is essential for useful decision making which again will be the main platform for policymaking. Identification of the most significant factor and selection of models based on those factors ensure accurate but quick prediction. First, go through the important factors that will be useful for the selection of an optimal forecasting model and second visit the optimal decision-maker web apps and to find a better option among all the available models.
  3. 3. IMPORTANT FACTORS For short-term load forecasting : 1.Time factors 2.Weather data 3.Possible customers’ classes
  4. 4. Important Factors For the medium- and long-term forecasting models Historical and weather data Number of customers in different categories Appliances in the area and their characteristi including age Economic and demographic data and their forecasts Appliance sales data Other
  5. 5. OPTIMAL DECISION MAKER IDENTIFY THE BEST OPTION VERSION 1 LINK : HTTPS://TINYURL.COM/Y7SJM4MQ

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