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What Are The Key Elements That Are Needed For A Model Validation Framework?

Answer»

The key ELEMENTS that are needed for a model VALIDATION FRAMEWORK are as follows:

  1. First and foremost evaluation of conceptual soundness
  2. Ongoing monitoring and process verification to validate the model FUNCTIONALITY
  3. OUTCOME analysis. It is helpful for comparison of expected output vs output came through

The key elements that are needed for a model validation framework are as follows:


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