Quantitative risk management for energy retrofit projects

Yeonsook Heo, Godfried Augenbroe, Ruchi Choudhary

Research output: Contribution to journalArticle

23 Citations (Scopus)

Abstract

This article presents a risk analysis method based on Bayesian calibration of building energy models. The Bayesian approach enables probabilistic outputs from the energy model, which are used to quantify risks associated with investing in energy conservation measures in existing buildings. This article demonstrates the applicability of the proposed methodology to support energy saving contracts in the context of the energy service company industry. A case study illustrates the importance of quantifying relative risks by comparing the probabilistic outputs derived from the Bayesian approach with standard practices endorsed by International Performance Measurement and Verification Protocol and ASHRAE guideline 14.

Original languageEnglish
Pages (from-to)257-268
Number of pages12
JournalJournal of Building Performance Simulation
Volume6
Issue number4
DOIs
Publication statusPublished - 2013 Sep 5
Externally publishedYes

Fingerprint

Energy Model
Risk Management
Risk management
Bayesian Approach
Energy conservation
Protocol Verification
Relative Risk
Performance Measurement
Output
Risk Analysis
Energy Conservation
Risk analysis
Energy Saving
Energy
Industry
Quantify
Calibration
Network protocols
Methodology
Demonstrate

Keywords

  • Bayesian calibration
  • Building energy models
  • Energy efficiency projects
  • Energy service companies
  • Risk analysis

ASJC Scopus subject areas

  • Architecture
  • Building and Construction
  • Modelling and Simulation
  • Computer Science Applications

Cite this

Quantitative risk management for energy retrofit projects. / Heo, Yeonsook; Augenbroe, Godfried; Choudhary, Ruchi.

In: Journal of Building Performance Simulation, Vol. 6, No. 4, 05.09.2013, p. 257-268.

Research output: Contribution to journalArticle

Heo, Yeonsook ; Augenbroe, Godfried ; Choudhary, Ruchi. / Quantitative risk management for energy retrofit projects. In: Journal of Building Performance Simulation. 2013 ; Vol. 6, No. 4. pp. 257-268.
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