Value of Information Analysis for rationalising information gathering in building energy analysis

Abstract: The use of monitored data to improve the accuracy of building energy models and operation of energy systems is ubiquitous, with topics such as building monitoring and Digital Twinning attracting substantial research attention. However, little attention has been paid to quantifying the value of the data collected against its cost. This paper argues that without a principled method for determining the value of data, its collection cannot be prioritised. It demonstrates the use of Value of Information analysis (VoI), which is a Bayesian Decision Analysis framework, to provide such a methodology for quantifying the value of data collection in the context of building energy modelling and analysis. Three energy decision-making examples are presented: ventilation scheduling, heat pump maintenance scheduling, and ground source heat pump design. These examples illustrate the use of VoI to support decision-making on data collection.