Expert Based Models
From Open Risk Manual
Revision as of 19:57, 11 March 2024 by Wiki admin (talk | contribs)
Definition
Expert Based Models are models such as Expert Scorecards that are more or less based on the direct translation of expert knowledge rather than based on quantitative (statistical) data sources.
Usage
Assuming several independent experts are available, expert models can be developed according to a rigorous process similar to more quantitative models