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.ARI Research Note 8759Ln
00A REVIEW OF MODELS OF COST AND TRAINING EFFECTIVENESS ANALYSIS (TEA)
Volume II: Cost Analysis
Anvil V. Adams and Margaret Ray hawk
The Consortium of Washington
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What is a review of models?
A review of models is an evaluation process where existing models are assessed for their relevance, accuracy, and performance in a given context, often to ensure compliance with regulatory standards or to improve efficiency.
Who is required to file a review of models?
Typically, organizations that utilize models for decision-making in regulated industries, such as finance or healthcare, are required to file a review of models to ensure that their models are performing effectively and comply with regulatory requirements.
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To fill out a review of models, organizations must systematically document the model's purpose, methodology, data inputs, validation processes, performance metrics, and any identified limitations or assumptions.
What is the purpose of a review of models?
The purpose of a review of models is to validate their accuracy, ensure they are up to date with regulatory standards, assess their performance, and identify areas for improvement or potential risks.
What information must be reported on a review of models?
The review of models must include information such as the model's objectives, development process, performance results, any validation studies conducted, and a summary of the model's limitations and any revisions made.
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