Do you have a model that has been in use for a long time, playing a crucial role in daily decision-making, but its inner workings are not entirely clear? Or perhaps you're using a new model that is so critical that, despite your confidence in your developers, you seek external validation to ensure everything is in order? In either case, our Model Review service can help provide assurance or convince external stakeholders.

 

Our approach

We offer an in-depth analysis of your model by:

  • Thoroughly examining assumptions and data sources used.
  • Identifying risks and areas for improvement.
  • Collaborating closely with your team, leveraging our experienced and independent perspective.

 

Model Review process

Below is a general outline of the Model Review process. The specific (detailed) steps required for your situation will be determined in consultation.

  1. Exploring model application: What is the model's intended purpose? And what is it actually used for?
  2. Understanding the model and input data: Analyzing the model's functionality, assumptions, and data sources.
  3. Establishing validation criteria and method: Depending on the model's purpose and the review goals, we determine the validation method. (Should assumptions be tested? Do data sources need further investigation? Should outcomes be validated with realized data? When are the outcomes considered sufficient? Is scenario analysis required? Are there alternative models for comparison?)
  4. Conducting the validation: Performing the validation and drawing conclusions.
  5. Identifying areas for improvement: Based on the results and insights, identifying areas for improvement and potential risks.
  6. Determining next steps: Defining the necessary next steps, ranging from minor adjustments to complete redevelopment.

 

Read more about our success stories

Recently, we conducted Model Reviews for organizations such as NS, ProRail, BritNed…
For example, read about the case: CQM prepares NS for an audit of a new model.

 

Why choose CQM?

  • Years of experience in model development and usage.
  • Fast and thorough analysis of models.
  • Expertise in quantitative methods and a creative eye for improvements.
  • Focus on practical applicability and collaboration.
  • Direct communication within a team of 40 experts.

 

Interested in a Model Review for your organization?

Contact Lieneke or Minou to discover what CQM can do for you.

 

Lieneke van Boxel
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