IEC 63501-2416:2023 describes a parameterized and abstracted power model enabling system, software, and hardware intellectual property (IP)-centric power analysis and optimization. It defines concepts for the development of parameterized, accurate, efficient, and complete power models for systems and hardware IP blocks usable for system power analysis and optimization. These concepts include, but are not limited to, process, voltage, and temperature (PVT) independence; power and thermal management interface; and workload and architecture parameterization. This standard also defines the necessary requirements for the information content of parameterized, accurate, efficient, and complete power models to help guide development and usage of other related power, workload, and functional modeling standards. This standard is published as a double logo IEC-IEEE standard.