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Describe ten key steps that should be followed in the modelling process.
in Actuarial Science by Platinum (91,198 points) | 12 views

1 Answer

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The key steps in a modelling process can be described as follows:
Develop a well-defined set of objectives which need to be met by the modelling process.
Plan the modelling process and how the model will be validated.
Collect and analyse the necessary data for the model.
Define the parameters for the model and consider appropriate parameter values.
Define the model initially by capturing the essence of the real-world system.
Involve experts on the real-world system you are trying to imitate to get feedback on the validity of the conceptual model.

Decide on whether a simulation package or a general-purpose language is appropriate for the implementation of the model. Choose a statistically reliable random number generator that will perform adequately in the context of the complexity of the model
Write the computer program for the model.
Debug the program to make sure it performs the intended operations in the model definition.
Test the reasonableness of the output from the model.
Review and carefully consider the appropriateness of the model in the light of small changes in input parameters.

Analyse the output from the model.
Ensure that any relevant professional guidance has been complied with.
Communicate and document the results and the model.
by Platinum (91,198 points)

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