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Modern design of wireless devices requires the designers to have a special focus on power consumption to prolong the battery life of the final system. The designer therefore needs power consumption information very early in the process to be able to decide on system parameters, design methods, communication protocols, functionality restrictions. Typically, this is done by running simulations of the system to be developed and performing design space exploration. However, there is a tradeoff between speed and accuracy of simulation, therefore the designer has to be aware of available tools and simulation methods he can choose from to achieve the best possible solution for his case.