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:
“The basic tool for the manipulation of reality is the manipulation of words. If you can control the meaning of words, you can control the people who must use the words.”
—Philip K. Dick (1928–1982)
“The cycle of the machine is now coming to an end. Man has learned much in the hard discipline and the shrewd, unflinching grasp of practical possibilities that the machine has provided in the last three centuries: but we can no more continue to live in the world of the machine than we could live successfully on the barren surface of the moon.”
—Lewis Mumford (1895–1990)