An article in Electric Power Systems Research [On the Self-Scheduling of a Power Producer in Uncertain Trading

An article in Electric Power Systems Research [€œOn the Self-Scheduling of a Power Producer in Uncertain Trading Environments€ (2008) considered a self-scheduling approach for a power producer. The following table shows the forecasted prices of energy for a 24-hour time period according to a base case scenario.

(a) Construct individuals and moving-range charts. Determine whether the energy prices fluctuate in statistical control.

(b) Is the assumption of independent observations reasonable for these data?

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Price Hour Price Hour Hour Price 1 38.77 9. 48.75 17 52.07 37.52 10 51.18 18 51.34 51.79 3 37.07 11 19 52.55 35.82 55.22 4. 12 20 53.11 5 35.04 13 53.48 21 50.88 6. 35.57 14 51.34 22 52.78 36.23 15 45.8 23 42.16 42.16 8. 38.93 16 48.14 24 2.