A
AKA
Member
In the section on model suitability (from the old CT4) the notes (and the IFoA answer to the specimen paper Q10) say that one must consider:
A) Data/model/assumptions validity
B) Data/results credibility
What's the difference between them? I assume credibility is "is the data true or not?" - but what's validity then? If it's true how can it be invalid? Is it a relevancy level?
A) Data/model/assumptions validity
B) Data/results credibility
What's the difference between them? I assume credibility is "is the data true or not?" - but what's validity then? If it's true how can it be invalid? Is it a relevancy level?