The actuarial control cycle is a specific business activity which involves the application of actuarial science to real world business problems. The actuarial control cycle requires a professional within that field (i.e. an actuary) to specify a problem, develop a solution, monitor the consequences thereof, and repeat the process. The Society of Actuaries in the US is increasingly integrating the actuarial control cycle into the examination/qualification process as a framework that helps to define actuarial projects.
Famous quotes containing the words control and/or cycle:
“Knowledge in the form of an informational commodity indispensable to productive power is already, and will continue to be, a major—perhaps the major—stake in the worldwide competition for power. It is conceivable that the nation-states will one day fight for control of information, just as they battled in the past for control over territory, and afterwards for control over access to and exploitation of raw materials and cheap labor.”
—Jean François Lyotard (b. 1924)
“Only mediocrities progress. An artist revolves in a cycle of masterpieces, the first of which is no less perfect than the last.”
—Oscar Wilde (1854–1900)