Understanding Measuring Component Comparison Types

Measuring component comparison types define the details by which measuring component data can be compared to determine the days that most closely resemble a specific day being evaluated. For example, measuring component comparison types can be used on measuring components that store weather data so that comparisons can be made based on temperature. These are used when performing “proxy day” estimations, allowing the application to search for days that are similar to historical data (for instance, the same date from the previous month or previous year ) to use as the basis for estimation.

Measuring component comparison types use the following parameters:

  • A specific metric to be calculated to enable data comparisons. The “Calculate Comparison Coefficient - Pearson Correlation Coefficient” algorithm, included with the base package can be used to calculate a coefficient based on the linear correlation between two data sets (specifically between weather data stored on a measuring component and on the comparison object).

  • The specific object to be compared. This can be either the same measuring component (to compare against historical data for the same measuring component), or a factor profile (to compare against profile data).

  • The date range for the comparison period, including the start of the comparison period (current date, same date last year, or both), the time each day through which the comparison will be calculated, and the number of days prior to and after the start date that will be compared with the comparison object.

  • Average Difference Eligibility: An average value either above or below the average for the current date that will be eligible for comparison. For example, assume the current date’s average is 75, and the prior day’s average is 72. If the Average Difference Eligibility is set to 3 then the prior day value of 72 will be eligible for comparison to the current day average of 75.

  • The maximum number of resulting calculations that should be stored as measuring component comparable periods.

  • A template that defines which days are considered like each day of the week (for example, weekdays are like other weekdays, weekend days are like other weekend days). This template is defined as a record for the “Like Day Eligibility Template” extendable lookup.

  • Work calendars used to determine if specific data should be compared to other weekend days or to the same date in prior years, and which dates, if any, should be excluded from historical data used for comparison.