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Old 01-13-2018, 06:39 PM
Hari Seldon Hari Seldon is offline
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Default how to get extra insight in your analysis?

Hello,

Originally, i intended to post in the P&C forum, but as this issue could apply to any actuarial capacity(or even professional), I thought i'd chime in here.

While going over the progress of an assignment with my psuedo manager(there's been a vacancy for my supervisor position for several months, psuedo manager is an actuarial manager for the same product, different area). Any who, while going over what i had prepared to this point and her going over some of my work, one her bits of feedback was that i wasn't showing any additional insight, i wasn't digging deeper into my territory analysis, or something along the lines of, "yeah, you're going through the motions, but you're not showing what any of these areas 'mean' " And i thought to myself that i'm following our typical protocol, what would additional insight look like?

I asked a friend about this, and he responded that it might be good to look into what other types of insights others have seen when reviewing themselves.

But in general, how does one generate extra insights? Say you've been set to task, you may have a tool at your disposal, or a common and reasonable method to doing your work and ultimately coming up with a cost based recommendation. What else is there? i think we need to maybe factor in time constraints as well.

So how do you all generate "extra insight" into your business?

New Years Regards,

Hari Seldon
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Old 01-13-2018, 07:46 PM
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Colonel Smoothie Colonel Smoothie is online now
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Is this how you feel?

https://www.youtube.com/watch?v=oi_5lXIT5AY
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Old 01-13-2018, 10:16 PM
AbedNadir AbedNadir is offline
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maybe you should be trying to understand the causes of changes year to year? What is making the numbers appear the way they are? it will probably have noise, but if there are drastic differences then you could investigate
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Old 01-15-2018, 02:21 PM
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BassFreq BassFreq is offline
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Contrast and compare - which are you currently doing and which should you be doing?

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Hari,
The widgets you want to sell will cost $90 and if we charge $100, we can expect $10 profit on each widget.

What else would you like to know?????

Have a happy day, Hari!!!
BassFreq
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Hari,
The widgets you want to sell will cost $90 and if we charge $100, we can expect $10 profit on each widget.

I noticed on the west coast, widgets are selling on the open market for $95, which we can do, but we'll have to do some heavy advertising if we want to sell at $100. On the east coast, the market price is $105, so we need to be able to keep up with demand. Also, I think we might benefit by differentiating our pricing by geography.

Also, I noticed the cost of the Einsteinium we use for making our widgets has been slowly increasing. We should start now to think about what we should do if the price of Einsteinium increases too much.

Have a happy day, Hari!!!
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Old 01-15-2018, 04:52 PM
Westley Westley is offline
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BassFreq gives some good examples, there are many others but it's really hard for us to say something useful without understanding a lot more about the project itself.

Generally, the issue is one of thinking through the implications for other users, departments, etc. Or things that could be done more efficiently.

But, IME, when somebody says "Want more insight" without saying what they're looking for, it's pretty likely they are pretty clueless. "I want more and I can't (or won't) tell you what I'm actually looking for" is a pretty crappy way to approach things, which is what this sounds like.
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Old 01-15-2018, 05:42 PM
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A good analyst's rule of thumb is to have formulated answers in advance to any reasonably foreseeable questions... I recommend "The 5 W's" (who what when where and why).
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