The use of credit scoring - the quantitative and statistical techniques to assess the credit risks involved in lending to consumers - has been one of the most successful if unsung applications of mathematics in business for the last fifty years. Now with lenders changing their objectives from minimising defaults to maximising profits, the saturation of the consumer credit market allowing borrowers to be more discriminating in their choice of which loans, mortgages and credit cards to use, and the Basel Accord banking regulations raising the profile of credit scoring within banks there are a number of challenges that require new models that use credit scores as inputs and extensions of the ideas in credit scoring. This book reviews the current methodology and measures used in credit scoring and then looks at the models that can be used to address these new challenges. The first chapter describes what a credit score is and how a scorecard is built which gives credit scores and models how the score is used in the lending decision. The second chapter describes the different ways the quality of a scorecard can be measured and points out how some of these measure the discrimination of the score, some the probability prediction of the score, and some the categorical predictions that are made using the score. The remaining three chapters address how to use risk and response scoring to model the new problems in consumer lending. Chapter three looks at models that assist in deciding how to vary the loan terms made to different potential borrowers depending on their individual characteristics. Risk based pricing is the most common approach being introduced. Chapter four describes how one can use Markov chains and survival analysis to model the dynamics of a borrower's repayment and ordering behaviour . These models allow one to make decisions that maximise the profitability of the borrower to the lender and can be considered as part of a customer relationship management strategy. The last chapter looks at how the new banking regulations in the Basel Accord apply to consumer lending. It develops models that show how they will change the operating decisions used in consumer lending and how their need for stress testing requires the development of new models to assess the credit risk of portfolios of consumer loans rather than a models of the credit risks of individual loans.
The use of credit scoring - the quantitative and statistical techniques to assess the credit risks involved in lending to consumers - has been one of the most successful if unsung applications of mathematics in business for the last fifty years. Now with lenders changing their objectives from minimising defaults to maximising profits, the saturation of the consumer credit market allowing borrowers to be more discriminating in their choice of which loans, mortgages and credit cards to use, and the Basel Accord banking regulations raising the profile of credit scoring within banks there are a number of challenges that require new models that use credit scores as inputs and extensions of the ideas in credit scoring. This book reviews the current methodology and measures used in credit scoring and then looks at the models that can be used to address these new challenges. The first chapter describes what a credit score is and how a scorecard is built which gives credit scores and models how the score is used in the lending decision. The second chapter describes the different ways the quality of a scorecard can be measured and points out how some of these measure the discrimination of the score, some the probability prediction of the score, and some the categorical predictions that are made using the score. The remaining three chapters address how to use risk and response scoring to model the new problems in consumer lending. Chapter three looks at models that assist in deciding how to vary the loan terms made to different potential borrowers depending on their individual characteristics. Risk based pricing is the most common approach being introduced. Chapter four describes how one can use Markov chains and survival analysis to model the dynamics of a borrower's repayment and ordering behaviour . These models allow one to make decisions that maximise the profitability of the borrower to the lender and can be considered as part of a customer relationship management strategy. The last chapter looks at how the new banking regulations in the Basel Accord apply to consumer lending. It develops models that show how they will change the operating decisions used in consumer lending and how their need for stress testing requires the development of new models to assess the credit risk of portfolios of consumer loans rather than a models of the credit risks of individual loans.
Credit Scoring and Its Applications is recognized as the bible of credit scoring. It contains a comprehensive review of the objectives, methods, and practical implementation of credit and behavioral scoring. The authors review principles of the statistical and operations research methods used in building scorecards, as well as the advantages and disadvantages of each approach. The book contains a description of practical problems encountered in building, using, and monitoring scorecards and examines some of the country-specific issues in bankruptcy, equal opportunities, and privacy legislation. It contains a discussion of economic theories of consumers' use of credit, and readers will gain an understanding of what lending institutions seek to achieve by using credit scoring and the changes in their objectives. New to the second edition are lessons that can be learned for operations research model building from the global financial crisis, current applications of scoring, discussions on the Basel Accords and their requirements for scoring, new methods for scorecard building and new expanded sections on ways of measuring scorecard performance. And survival analysis for credit scoring. Other unique features include methods of monitoring scorecards and deciding when to update them, as well as different applications of scoring, including direct marketing, profit scoring, tax inspection, prisoner release, and payment of fines.
Providing a comprehensive overview, this text includes practical, clinically relevant coverage of complementary and alternative medicine, with commentary by well-known experts, descriptions of recent medical advances, case studies, and the history and philosophy of each discipline, along with indications, contraindications, practical application, and clinical trials for each topic. Research is critically reviewed, with examples of exceptional and flawed studies. You’ll gain an understanding of the most commonly used alternative therapies, as well as those most likely to be integrated with conventional medical treatment. More than 200 photographs and illustrations and 15 new line drawings clarify the material and make learning easier. A highly readable style simplifies complex concepts and keeps the material interesting. Current, research-based information explores the efficacy of many therapies so you can make decisions with confidence. Healing methods are emphasized, rather than systems. A topical organization lets you use what you need for your own practice, without having to read through extraneous detail. Chapter openers show why the content of the chapter is important, what is covered, and what objectives will be met. Features include: Why Read this Chapter? Chapter at a Glance Chapter Objectives An Expert Speaks boxes highlight the personal experience of well-known researchers and practitioners in each discipline, discussing the historical context of research, current contributions, and future directions. Critical Thinking and Clinical Application Questions show real-world situations so you can test and apply your knowledge. Points to Ponder help you tie together and interpret facts. A Closer Look boxes expand upon case study reviews and clinical application examples. Learning Opportunities suggest activities for interacting with health care professionals. Summary tables show outcomes from important clinical trials at a glance. Appendices provide information on CAM resources and contacts. A free Evolve companion website includes regular updates of content, student activities, and full-color images. Three new chapters: Reiki describes this popular CAM therapy and how it can be used along with related ethical and legal issues. Measurement of the Human Biofield explores cutting-edge technology and research into the biofield as well as theories about the implications of mind-body regulation. The Future of Ethnomedicine offers views of health and sickness from around the world, including perspectives that differ from traditional instruction and media portrayals. Includes the latest information on professional licensing. Seven new interviews are included, plus updates to previous interviews.
This book is about the "public realm," defined as a particular kind of social territory that is found almost exclusively in large settlements. This particular form of social-psychological space comes into being whenever a piece of actual physical space is dominated by relationships between and among persons who are strangers to one another, as often occurs in urban bars, buses, plazas, parks, coffee houses, streets, and so forth. More specifically, the book is about the social life that occurs in such social-psychological spaces (the normative patterns and principles that shape it, the relationships that characterize it, the aesthetic and interactional pleasures that enliven it) and the forces (anti-urbanism, privatism, post-war planning and architecture) that threaten it. The data upon which the book's analysis is based are diverse: direct observation; interviews; contemporary photographs, historic etchings, prints and photographs, and historical maps; histories of specific urban public spaces or spatial types; and the relevant scholarly literature from sociology, environmental psychology, geography, history, anthropology, and architecture and urban planning and design. Its central argument is that while the existing body of accomplished work in the social sciences can be reinterpreted to make it relevant to an understanding of the public realm, this quintessential feature of city life deserves much more u it deserves to be the object of direct scholarly interest in its own right. Choice noted that: "The author's writing style is unusually accessible, and the often fascinating narrative is generously supported by well-chosen photos.
The third battle of Ypres, culminating in a desperate struggle for the ridge and little village of Passchendaele, was one of the most appalling campaigns in the First World War. In this masterly piece of oral history, Lyn Macdonald lets over 600 participants speak for themselves. A million Tommies, Canadians and Anzacs assembled at the Ypres Salient in the summer of 1917, mostly raw young troops keen to do their bit for King and Country. This book tells their tale of mounting disillusion amid mud, terror and desperate privation, yet it is also a story of immense courage, comradeship, songs, high spirits and bawdy humour. They Called It Passchendaele portrays the human realities behind one of the most disastrous events in the history of warfare.
The essentials of mental health nursing are presented in this fourth edition of a landmark nursing textbook on psychiatric nursing in South African primary health care and community health care settings.
Music for Children With Hearing Loss: A Resource for Parents and Teachers is a comprehensive and hands-on guide to working with deaf and hard-of-hearing children within and outside of the music classroom, balancing a technical overview of hearing loss with relevant music lessons, teaching practices, resources, and research promoting musical experiences for children who are deaf and hard-of-hearing.
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