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A Risky BusinessData

A Risky Business: Data [You have probably used data before in some form or another. For example, you may have looked up the average temperature in Florida before packing for holidays, or quickly considered the odds of drawing a certain card in a game before making a bet. You may have also calculated summary statistics (mean, mode, median, variance, skew) for a set of data in a preliminary statistics or math course. For most people, summary statistics are more than adequate for their purpose. When deciding what to pack for a holiday, receiving time series of temperature and rainfall for the area, along with recent charts of air pressure, humidity, and a year’s worth of odometer readings would be overwhelming, and totally disproportionate for your purpose—less is more, right? But when actuaries use data, there is only one rule: more is more.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Risky BusinessData

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Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022
ISBN
978-3-031-11672-8
Pages
69 –94
DOI
10.1007/978-3-031-11673-5_4
Publisher site
See Chapter on Publisher Site

Abstract

[You have probably used data before in some form or another. For example, you may have looked up the average temperature in Florida before packing for holidays, or quickly considered the odds of drawing a certain card in a game before making a bet. You may have also calculated summary statistics (mean, mode, median, variance, skew) for a set of data in a preliminary statistics or math course. For most people, summary statistics are more than adequate for their purpose. When deciding what to pack for a holiday, receiving time series of temperature and rainfall for the area, along with recent charts of air pressure, humidity, and a year’s worth of odometer readings would be overwhelming, and totally disproportionate for your purpose—less is more, right? But when actuaries use data, there is only one rule: more is more.]

Published: Sep 25, 2022

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