Thinking Stochastically in a Point Estimate World
October 27, 2019 5:15 PM - 6:55 PM
Actuaries are being challenged to do more stochastic modeling, which basically means calculating and showing a range of potential outcomes. Yet, the world always seems to just want to know “THE number.” How can actuaries effectively do both…communicate the needed and desired answer as well as illustrate the range of potential answers?
In this session presenters review language in the actuarial code of conduct language and ASOPs that govern actuarial communications and ranges of outcomes, show some examples of illustrating point estimates and ranges of outcomes, and have a robust discussion about these issues.
- Session Category
- Cross Discipline
- EA Non-Core2.00