Accuracy of Per Unit Costs: A Fuel Example with Transformed Units

by James R. Knaub, Jr.

Abstract: Unit fuel costs for electric power plants are discussed, and the accuracy with which they might be measured after a conversion of units. Consideration is given to the variability of the fuel heat content, for which there may be inadequate data. This has application to unit cost data in other fields.

Key Words: relative standard error, bias, variance, covariance, ratio of variables, receipts, total costs, heat content, unit conversions, electric power plants, measurement accuracy, data quality, sensitivity analysis, commodity, sampling error, nonsampling error, total survey error

James R. Knaub,

Editor: S. Sampath,

Note: This article was revised on March 2, 2010.

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