Browsing by Author "Brown, C.E."
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- ItemOpen AccessAn Evaluation of Financial Planning Expert Systems(Association for Financial Counseling and Planning Education, 1992) Nielson, Norma; Phillips, M.E.; Brown, C.E.This article describes the use of expert systems in personal financial planning and the research approach used to evaluate the expert systems. For four of the six expert systems that have been developed, it compares the data-collection forms and information used in preparing personal financial plans. Then, it discusses environmental and system assumptions. Lastly, the article analyzes the impact of the variations observed in information requested, system parameters, and system assumptions, and, when possible, compares the recommendations of the plans.
- ItemOpen AccessExpert Systems to Provide Financial Planning Benefits(International Society of Certified Employee Benefit Specialists, 1991) Nielson, Norma; Phillips, M.E.; Brown, C.E.Expert systems can substantially reduce the cost of comprehensive personal financial plans while providing more consistent quality. Four basic approaches are used by developers of expert systems for comprehensive personal financial planning: 1. a custom expert system, 2. a custom modification of an existing expert system, 3. developer-provided personal financial plans, and 4. the purchase or license of an expert system for in-house use. The best approach depends on the number of plans to be prepared, the expertise and staff in both expert systems and personal financial planning, and the choice of either an in-house or outside entity to provide the service. Criteria that should be considered when selecting a personal financial planning expert system preparer for employees include: 1. the reliability of the system, 2. the suitability of the system, 3. the form of data input, 4. the support needed to prepare input, 5. the flexibility of the system, and 6. the understandability of the output. Six financial planning expert systems are discussed.