Accurate assessment of uncertainties in cross-section data is crucial for reliable nuclear reactor simulations and safety analyses. In this study, we focus on the interpolation procedure of the partial derivatives (PD) cross-section model used to evaluate nodal parameters from pregenerated multigroup libraries. Our primary objective is to develop a systematic methodology that enables prediction of the incurred errors in the cross-section model, leading to the development of optimal case matrices, more efficient cross-section models, and informed case matrix construction for reactor types lacking substantial data and experience. We make progress toward this objective through a rigorous analytic error analysis enabled by the derivation of error expressions and bounds for the PD model based on the discovery that the method is a form of Lagrange interpolation. Our investigations reveal distinct outcomes depending on the chosen cross-section functionalizations, achieved by identifying the sources of error. These error sources are found to include interpolation error, which is always present, and model form error, which is a property of the supplied case matrix. We show that simply increasing grid refinement through the addition of branches may not always lead to decreased cross-section errors, particularly in cases where the model form error predominantly contributes to the total error. We present numerical results and verification in a companion paper, showing these different error characteristics for various cross-section functionalizations. Although applied to current light water reactor environments, our methodology offers a means for advanced reactor analysts to develop case matrices with quantified error levels, advancing the goal of a general methodology for robust two-step reactor analysis. Future work includes exploring different lattice types and functionalizations, extending reactivity bounds to multilattice problems, and investigating historical effects within the macroscopic depletion model.