Get The Most Out of Your Test Data
Speaker: Chris Gross, Gross Consulting
The data not used in parameterizing your model is very valuable. Unleash the value in the out-of-sample data in both its validation and test roles. Chris will discuss the following approaches:
- Bootstrap samples to provide statistical tests of the difference between alternative models, without assuming an underlying distribution
- Measurement not only of the fit at a granular level, but also measurement of bias, most easily seen at an aggregated level
- Provide empirical distributions of residuals, capturing process, parameter, and model risk, and reflecting differences in the distribution across different variables. Use bootstrapping techniques to flesh out the distribution.
Register at http://www.cgconsult.com/MuSigma
Watch Previous Webinars
- 2021-01: What’s It Worth? Quantifying the Impact of Predictive Models
- 2020-12: Assigning “Minimum Variance” Weights to Reserve Methods
- 2020-11: Identically Distributed? Don’t Bet On It!
- 2020-10: Building a Cloud Data Analytics Platform
- 2020-09: Practical Predictive Modeling for New Modelers (and Their Managers)
- 2020-08: The Biggest Problem With Your Pricing Model…
- 2020-07: ERM: One Actuary’s Perspective
- 2020-06: Data Visualization for Actuaries
- 2020-05: From What to Why: Delivering Meaning From the Model
- 2020-04: Predictive Modeling Targets (You May Not Have Considered)
- 2020-03: Actuarial Case Reserves
- 2020-02: Topic Modeling Using LDA
Presented by Gross Consulting, the MuSigma Webinar Series is an excellent opportunity for actuaries and insurance professionals to engage in free, interactive, and relevant content designed to provide quality continuing education.