By Steven Finlay (auth.)
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Extra resources for Credit Scoring, Response Modelling and Insurance Rating: A Practical Guide to Forecasting Consumer Behaviour
2. Volume. The objective is to increase the volume of customers. This may be by increasing response rates, increasing conversion rates, reducing attrition rates, increasing policy renewals and so on, ideally without detrimental effect to the organization’s ﬁnancial position. 3. Operational. Often a model will be introduced to reduce the level of human involvement in decision making, to facilitate faster decision making or to make better use of the resources that are currently available. 4. Legal/regulatory.
Things that are someone else’s responsibility and will not be considered by the project are “out of scope”. It seems obvious that delivery of a model will be within the scope of a modelling project, but there are a lot of other tasks that occur around the construction of a model that may, or may not, form part of the project. Therefore, a clear view of what is in and out of scope should be established at an early stage. Some typical scoping issues to consider are: • Who has responsibility for gathering the data that will be used to build the model?
Delivery. Has the project delivered what was intended to the required quality standard? 2. Time. Has the project been completed by the planned date? 3. Cost. Has the project been delivered to the agreed budget? Organizations often want to deliver a lot, but are always constrained by time and cost. This means there has to be compromise between what is delivered, the time the project takes and what it costs. Consider an insurer that has seen the number of new policies it underwrites falling by 2–3 percent year on year.