by Rick Nason, PhD, CFA Partner, RSD Solutions Inc
Currently I am developing a test for one of the MBA courses that I am teaching. Students always get anxious about tests – which of course is very understandable. They always want to know – what is going to be on it. Will it be hard? Are the questions short answer, multiple choice or problem based? Will there be essays?
If you were to set an exam for your risk function, what would it look like? If you wanted to test if your risk function was up to snuff, how would you do it? What type and style of questions would you ask? What questions would you ask? What would qualify as a passing grade? How would you distinguish between a high pass and a squeeze through the cracks mercy pass? Who would mark the test – who should mark the test? Who is qualified and unbiased enough to mark the test? What would be the implications of failing? What would be the implications of passing with flying colours?
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