CP2 Paper 1- Graphs

[o.menary]

Hi,

Should the graphs be pasted into the audit trail or should they just be described?

Thanks,
Orla

 

[Dar_Shan0209]

Hi Orla,
The audit trail allows the model to be followed by a senior actuary and to be corrected and worked on by a fellow student. So, we are only documenting the work and as such, we would only be explaining how a particular graph was constructed and not "pasting" the actual graph.
Hope this helps.

 

[o.menary]

That's great Darshan, thanks

 

[DamienW]

A similar question: if we think a table can better describe a list of parameters, and we add that table into the Parameters section in the audit trail or summary document or both? Thanks.

 

[Sarah Byrne]

Your summary report is an explanation to a senior actuary of the overall project. The explanation of the model should be at a high level and so a list of parameters would not be appropriate.

You could include a table of parameters in the audit trail, you don't need to include the values unless you need to explain how you have determined any of the values. You should state the source of the parameters in your audit trail (from the information given in the question).

 

[DamienW]

Your summary report is an explanation to a senior actuary of the overall project. The explanation of the model should be at a high level and so a list of parameters would not be appropriate.

You could include a table of parameters in the audit trail, you don't need to include the values unless you need to explain how you have determined any of the values. You should state the source of the parameters in your audit trail (from the information given in the question).

Thanks Sarah. For Sep 2021 paper 1, both IFOA and ASET solution lists very detailed parameters including values. Why we need to do this?
In contrast, Sep 2018 paper 1, which has similar background, only briefly highlights key parameters, i.e. 5 bullet points. Similarly, 2021 April paper 1 has a very brief list of three types of parameters instead of listing each parameter.
So, what is the general rule applying here to balance the time and to ensure the quality of writing?

 

[Steve Hales]

The general rule is as Sarah described it above.
However, you will be able to find past IFoA solutions (which are therefore mirrored in the ASET) where this isn't strictly adhered to.
The fact that multiple IFoA past solutions adopt differing approaches probably indicates that this isn't too significant a point.