EXam techniques

Discussion in 'CP2' started by Angel1, Feb 15, 2019.

  1. Angel1

    Angel1 Member

    Hi, I have following questions for CP2. Appreciate if you are able to assist. Thanks
    1. If you are stuck due to #N/A or #Value errors. I understand that I would lose marks for such errors. Is it better to carry on modelling the scenario with that error (presuming I am unable to resolve the error at all) and explain it in the audit trail? Or Should I really try to fix that error which means I would be losing out time on completing the rest of the paper.

    2. If the question has a very complex formula, can I use the “Snipping tool” to cut and paste the formula from the question paper where I need to include the formula to explain the methodology? As typing mathematical formula in a word could be time consuming (even using mathematical symbol).
     
  2. David Hopkins

    David Hopkins Member

    Hi
    If you are having difficulties with a particular formula in the exam, eg because you're getting an Excel error message or the answer is obviously wrong or you can't see how to do it or you don't fully understand it, you should use a 'placeholder'. Put in a temporary entry in that cell, even though you know it's not right, document what you've done in the audit trail, and then continue with the other parts. If you have time at the end, you may be able to come back and 'rescue' it. If not, you will still get the method marks for the later parts and you won't have wasted time unnecessarily.
    Snipping something from the question should be fine if this is the best way to document something, eg if you have been asked to work with an unusual statistical distribution that has a complicated formula. However, try to avoid including mathematical formulae in your audit trail or your summary report. Where possible, you should describe the method used in words, eg by saying something like "The annual interest rate has been converted to a monthly effective rate" or "The expectation of life has been calculated by summing the survival probabilities for each future year" or "This cell calculates the option price based on the Black-Scholes formula and the parameters on the Parameters tab" or "This cell calculates the probability that the threshold is exceeded using a Pareto distribution based on the estimated parameter values".
    David
     
  3. Viki2010

    Viki2010 Member

    The marking scheme penalised for the "extensive use of excel formulas" in the audit trail, I think. Wouldn't you recommend to always try and put all formulas in words in order to ensure full marks?
     

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