The best methodology for uncertainty analysis other than Monte Carlo is called "Latin HyperCube."

The Latin Hypercube (LHC) is much better than Monte Carlo technique because it prevents data clustering which is a major drawback in the Monte Carlo technique.

Hope this helps answer your question.

Professor Yehia Khalil

Yale University

USA

Thank you Sir,

Is running time of   Latin Hypercube (LHC) less than MCS? can LHC give sharper bounds when compared to MCS? 

regards

sudheer

Dear Alamanda,

You can have a look the following reference: 

https://www.researchgate.net/publication/258835771_Decision_making_under_uncertainty_in_energy_systems_State_of_the_art

Article Decision making under uncertainty in energy systems: State of the art

Thank you, Sir, @Alireza Soroudi 

      I have gone through your paper.

Regards

Sudheer.

Hi Alamanda,

a fast method to account for uncertainties is the cumulant based method: this is an analytical method which starts from the cumulants of input pdfs and combines them with linearized LF equations to get the pdfs of outputs (voltages, currents, etc.). The time saving is particularly large in case of independent variables: the cumulant method can be extended to dependent variables, the time saving wrt Monte Carlo is still guaranteed but you need to compute cross-cumulants and this takes more time wrt the case with indipendent variables.

Another solution can be the use of Point Estimate Method: this is a hybrid method which needs the solution of 2m+1 Loadflows instead of thousands of LFs as in MC simulation. Dependence among variables can be accounted for through suitable variable transformations.

In the end, another solution is to apply stratified sampling techniques to reduce the number of MC samples to get the same level of accuracy.

Hope this can help you

Best Regards

Andrea

Ya state of art reference from respected Soroudi Sir is telling all the mathematical possibilities to handle uncertainties in decision making!

Thank you, Sir, @ A. Pitto

for your valuable suggestions

Regards

Sudheer