Graduation Choice

Question 1

State the factors that will be considered to assess the choice of graduation method

Answer 1

Smoothness
Adherence to data/crude data
Ease of use
Amount of data required
Flexibility in allowing special features
Validity of the problem given the problem at hand

Question 2

Describe the steps for graduation by parametric formula

Answer 2

Decide on a graduation formula
Determine the parameter values
Calculate the graduated rates
Test for graduation

Question 3

Describe the steps for graduation by standard tables

Answer 3

Decide on an appropriate standard table
Determine whether the standard table should be adjusted and decide on a form adjustment
Determine the value of the parameters from the above step
Calculate the graduated rates
Test for graduation

Question 4

Describe the steps for graduation by spline function

Answer 4

Decide on the location and number of knots
Decide the functional form of splines
Determine the value of parameters
Calculate the graduated rates
Test for graduated rates