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:
“There has been something crude and heartless and unfeeling in our haste to succeed and be great. Our thought has been “Let every man look out for himself, let every generation look out for itself,” while we reared giant machinery which made it impossible that any but those who stood at the levers of control should have any chance to look out for themselves.”
—Woodrow Wilson (1856–1924)
“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)