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  • Excel Add-Ins

    Hi Everyone,

    What Excel Add-Ins do you have to use as part of your work? Anybody uses StatTools, @RISK, BestFit, RISK Optimizer, Crystal Ball Predictor? If not, what do you use for forecasting and simulation?

    Thank you very much.

    Math teacher

  • #2
    None of them. I just use the basic Excel for my daily work.

    Comment


    • #3
      Same here.
      "You better get to living, because dying's a pain in the ***." - Frank Sinatra

      http://www.hockeybuzz.com/blogger_ar...blogger_id=174 - where I talk about the Blues and the NHL.

      Comment


      • #4
        Two more questions

        Hi All,

        Thanks to everyone who replied to my message.

        I have a couple of Excel-related questions.

        1. What Excel commands/tools are the most useful for your work? Someone here mentioned earlier vlookup, macros and pivot tables. What else is useful?

        2. What kind of simulation do actuaries do? Could you please give some examples? I have done some simple simulation, like Bernoulli trials or rolling a pair of dice, which do not require VBA. What kind of simulation do actuaries do? Any ideas and information would be GREATLY appreciated.

        This information could be very helpful for the design of my modeling course.

        Math teacher

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        • #5
          This is my own subjective list:

          1. List of Commands to know (by no means a complete list)
          -- ''''' sums (extremely valuable, often ignored)
          -- LOOKUP, HLOOKUP, VLOOKUP, INDEX (know how/when to use all of them)
          -- SUMIF, COUNTIF, conditional sums (see ''''' sums - if "X" in this column, add/count "Y" in that column)
          -- Pivot Tables (understand when you can/can't create one, changing from count to sum for fields, effects of dropping fields in various parts of the table, etc. etc.)
          -- Using the Formula Auditing toolbar (amazing how much stuff you can solve with it!)
          -- Paste Special (again, completely underrated but potentially very useful)
          -- VBA (not so much raw programming - know how to record a macro, then edit to get the program to do what you want; also understand basic debugging. This can be ignored as most companies will have a class on this for incoming actuaries at some point)

          2. I can't go into specifics about what simulations we do (something about that stuff potentially being proprietary) but the easiest thing to teach would be writing something that simulates a random draw from a distribution, then doing something with it.

          Example:
          A. Simulate # of claims using a Poisson distribution with mean lambda, simulate $ of loss from a discrete distribution and determine the total loss. (Something like this is on one of the preliminary exams)
          B. Do this 1,000 times and find the mean, min, max, and ##th percentiles. (This would be a logical extension of the first part if, say, you wanted to estimate how much loss to expect for a given policy.)
          C. Now do B in a VBA program. ( - watch some of them cry in despair trying to write an efficient piece of code for this.)
          "You better get to living, because dying's a pain in the ***." - Frank Sinatra

          http://www.hockeybuzz.com/blogger_ar...blogger_id=174 - where I talk about the Blues and the NHL.

          Comment


          • #6
            Thank you

            Hi Irish Blues,

            Thanks a lot for the information. I will try to make up some interesting projects for my students. I cannot make it too hard though because I am the one who will have to do their homework in my office if it is anything beyond elementary.

            Math teacher

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            • #7
              I guess writing a macro that solves a Sudoku problem is right out then.
              "You better get to living, because dying's a pain in the ***." - Frank Sinatra

              http://www.hockeybuzz.com/blogger_ar...blogger_id=174 - where I talk about the Blues and the NHL.

              Comment


              • #8
                I will think about this. Sounds interesting. Thanks again.

                Math teacher

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