Effective Financial Decision Aids for Retirement

2017 ◽  
Vol 49 (2) ◽  
pp. 102-118
Author(s):  
Susan L. Rose ◽  
John E. Morrison
Keyword(s):  
Financial Literacy ◽  
Decision Aid ◽  
Financial Training ◽  
Decision Aids ◽  
Armed Forces ◽  
Fiscal Year ◽  
National Defense ◽  
Review Of The Literature ◽  
Literacy Training ◽  
Financial Decision

The National Defense Authorization Act for Fiscal Year 2016 directs the Secretaries of the Armed Forces and the Chiefs of Staff of the Armed Forces to provide financial literacy training to Service members at certain critical points throughout their careers, including the transition to retirement. Based on a review of the literature, we find that general financial training is ineffective. More effective are decision aids that provide assistance at the time the decision is being made. This article provides a discussion of what such a decision aid would entail.

KRiskSM: A Computerized Decision Aid for Client Acceptance and Continuance Risk Assessments

2002 ◽  
Vol 21 (2) ◽  
pp. 97-113 ◽  
Author(s):  
Timothy B. Bell ◽  
Jean C. Bedard ◽  
Karla M. Johnstone ◽  
Edward F. Smith
Keyword(s):  
Risk Management ◽  
Quality Control ◽  
Decision Aid ◽  
Audit Quality ◽  
Decision Aids ◽  
Risk Assessments ◽  
Innovative Technology ◽  
Full Potential ◽  
Business Risk ◽  
Client Acceptance

This paper describes the development and implementation of KRisk, an innovative technology-enabled auditor decision aid for making client acceptance and continuance risk assessments. KRisk, developed and designed by KPMG LLP, is part of the firm's audit quality control and risk management processes. In this paper, we discuss the environmental and technological forces that affect auditor business risk management. We also describe important aspects of the development, functionality, and implementation of KRisk. We discuss possible impediments to realizing the full potential of decision aids that have been reported in prior auditing research, and describe how KRisk and related audit quality control procedures implemented at KPMG were designed to overcome such impediments. Also, we present some ideas for scholarly research dealing with auditor business risk management issues, and issues related to the design and use of decision aids in general.

The Effects of Decision Aid Orientation on Risk Factor Identification and Audit Test Planning

2002 ◽  
Vol 21 (2) ◽  
pp. 39-56 ◽  
Author(s):  
Jean C. Bedard ◽  
Lynford E. Graham
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Decision Aid ◽  
Decision Aids ◽  
Management Strategies ◽  
Risk Identification ◽  
Matched Pair ◽  
Audit Planning ◽  
Audit Firms ◽  
Risk Management Strategies

In auditing, risk management involves identifying client facts or issues that may affect engagement risk, and planning evidence-gathering strategies accordingly. The purpose of this paper is to examine whether auditors' identification of risk factors and planning of audit tests is affected by decision aid orientation, i.e., a “negative” focus wherein client risk and its consequences are emphasized, or a “positive” focus where such factors are not emphasized. Specifically, we expect that auditors will identify more risk factors using a negatively oriented risk identification decision aid, but only when engagement risk is relatively high. We address this issue in the context of auditors' knowledge of actual clients, manipulating decision aid orientation as negative or positive in a matched-pair design. Results show that auditors using the negative decision aid orientation identify more risk factors than do those using a positive orientation, for their higher-risk clients. We also find that decisions to apply substantive tests are more directly linked to specific risk factors identified than to direct risk assessments. Further, our results show that auditors with repeat engagement experience with the client identify more risk factors. The findings of this study imply that audit firms may improve their risk management strategies through simple changes in the design of decision aids used to support audit planning.

Decision Aids for Generating Analytical Review Alternatives: The Impact of Goal Framing and Audit-Risk Level

2002 ◽  
Vol 14 (1) ◽  
pp. 157-177 ◽  
Author(s):  
Jennifer M. Mueller ◽  
John C. Anderson
Keyword(s):  
High Risk ◽  
Cognitive Load ◽  
Information Search ◽  
Decision Aid ◽  
Decision Aids ◽  
Risk Level ◽  
Audit Risk ◽  
Goal Framing ◽  
Analytical Review ◽  
The Impact

An auditor generating potential explanations for an unusual variance in analytical review may utilize a decision aid, which provides many explanations. However, circumstances of budgetary constraints and limited cognitive load deter an auditor from using a lengthy list of explanations in an information search. A two-way between-subjects design was created to investigate the effects of two complementary approaches to trimming down the lengthy list on the number of remaining explanations carried forward into an information search. These two approaches, which represent the same goal (reducing the list) but framed differently, are found to result in a significantly different number of remaining explanations, in both low- and high-risk audit environments. The results of the study suggest that the extent to which an auditor narrows the lengthy list of explanations is important to the implementation of decision aids in analytical review.

scholarly journals Systematic Development of Patient Decision Aids: An Update from the IPDAS Collaboration

2021 ◽  
pp. 0272989X2110141
Author(s):  
Holly O. Witteman ◽  
Kristin G. Maki ◽  
Gratianne Vaisson ◽  
Jeanette Finderup ◽  
Krystina B. Lewis ◽  
...  
Keyword(s):  
Decision Aid ◽  
Decision Aids ◽  
Rapid Development ◽  
User Involvement ◽  
User Centered Design ◽  
Patient Decision Aid ◽  
Patient Decision Aids ◽  
Patient Decision ◽  
Development Processes ◽  
Systematic Development

Background The 2013 update of the evidence informing the quality dimensions behind the International Patient Decision Aid Standards (IPDAS) offered a model process for developers of patient decision aids. Objective To summarize and update the evidence used to inform the systematic development of patient decision aids from the IPDAS Collaboration. Methods To provide further details about design and development methods, we summarized findings from a subgroup ( n = 283 patient decision aid projects) in a recent systematic review of user involvement by Vaisson et al. Using a new measure of user-centeredness (UCD-11), we then rated the degree of user-centeredness reported in 66 articles describing patient decision aid development and citing the 2013 IPDAS update on systematic development. We contacted the 66 articles’ authors to request their self-reports of UCD-11 items. Results The 283 development processes varied substantially from minimal iteration cycles to more complex processes, with multiple iterations, needs assessments, and extensive involvement of end users. We summarized minimal, medium, and maximal processes from the data. Authors of 54 of 66 articles (82%) provided self-reported UCD-11 ratings. Self-reported scores were significantly higher than reviewer ratings (reviewers: mean [SD] = 6.45 [3.10]; authors: mean [SD] = 9.62 [1.16], P < 0.001). Conclusions Decision aid developers have embraced principles of user-centered design in the development of patient decision aids while also underreporting aspects of user involvement in publications about their tools. Templates may reduce the need for extensive development, and new approaches for rapid development of aids have been proposed when a more detailed approach is not feasible. We provide empirically derived benchmark processes and a reporting checklist to support developers in more fully describing their development processes. [Box: see text]

scholarly journals Basing Information on Comprehensive, Critically Appraised, and Up-to-Date Syntheses of the Scientific Evidence: An Update from the International Patient Decision Aid Standards

2021 ◽  
pp. 0272989X2199662
Author(s):  
Tammy C. Hoffmann ◽  
Mina Bakhit ◽  
Marie-Anne Durand ◽  
Lilisbeth Perestelo-Pérez ◽  
Catherine Saunders ◽  
...  
Keyword(s):  
Decision Aid ◽  
Scientific Evidence ◽  
Decision Aids ◽  
Future Research ◽  
Patient Decision Aid ◽  
Patient Decision Aids ◽  
Research Areas ◽  
Patient Decision ◽  
Evidence Quality ◽  
Emerging Issues

Background Patients and clinicians expect the information in patient decision aids to be based on the best available research evidence. The objectives of this International Patient Decision Aid Standards (IPDAS) review were to 1) check the currency of, and where needed, update evidence for the domain of “basing the information in decision aids on comprehensive, critically appraised, and up-to-date syntheses of the evidence”; 2) analyze the evidence characteristics of decision aids; and 3) propose updates to relevant IPDAS criteria. Methods We searched MEDLINE and PubMed to inform updates of this domain’s definitions, justifications, and components. We also searched 5 sources to identify all publicly available decision aids ( N = 471). Two assessors independently extracted each aid’s evidence characteristics. Results Minor updates to the definitions and theoretical justifications of this IPDAS domain are provided and changes to relevant IPDAS criteria proposed. Nearly all aids (97%) provided a year of creation/update, but most (81%) did not report an explicit update or expiration policy. No scientific references were cited in 33% of aids. Of the 314 that cited at least 1 reference, 39% cited at least 1 guideline, 44% cited at least 1 systematic review, and 23% cited at least 1 randomized trial. In 35%, it was unclear what statement in the aid the citations referred to. Only 14% reported any of the processes used to find and decide on evidence inclusion. Only 14% reported the evidence quality. Many emerging issues and future research areas were identified. Conclusions Although many emerging issues need to be addressed, this IPDAS domain is validated and criteria refined. High-quality patient decision aids should be based on comprehensive and up-to-date syntheses of critically appraised evidence.

The Impact of Transparency and Decision Risk on Human–Automation Teaming Outcomes

2021 ◽  
pp. 001872082110334
Author(s):  
Shayne Loft ◽  
Adella Bhaskara ◽  
Brittany A. Lock ◽  
Michael Skinner ◽  
James Brooks ◽  
...  
Keyword(s):  
Decision Aid ◽  
Financial Incentive ◽  
Decision Aids ◽  
Rejection Rate ◽  
Decision Time ◽  
Correct Rejection ◽  
Incentive Scheme ◽  
Operator Behavior ◽  
The Impact ◽  
Financial Penalty

Objective Examine the effects of decision risk and automation transparency on the accuracy and timeliness of operator decisions, automation verification rates, and subjective workload. Background Decision aids typically benefit performance, but can provide incorrect advice due to contextual factors, creating the potential for automation disuse or misuse. Decision aids can reduce an operator’s manual problem evaluation, and it can also be strategic for operators to minimize verifying automated advice in order to manage workload. Method Participants assigned the optimal unmanned vehicle to complete missions. A decision aid provided advice but was not always reliable. Two levels of decision aid transparency were manipulated between participants. The risk associated with each decision was manipulated using a financial incentive scheme. Participants could use a calculator to verify automated advice; however, this resulted in a financial penalty. Results For high- compared with low-risk decisions, participants were more likely to reject incorrect automated advice and were more likely to verify automation and reported higher workload. Increased transparency did not lead to more accurate decisions and did not impact workload but decreased automation verification and eliminated the increased decision time associated with high decision risk. Conclusion Increased automation transparency was beneficial in that it decreased automation verification and decreased decision time. The increased workload and automation verification for high-risk missions is not necessarily problematic given the improved automation correct rejection rate. Application The findings have potential application to the design of interfaces to improve human–automation teaming, and for anticipating the impact of decision risk on operator behavior.

Rwanda: Civil–Military Relations

2021 ◽  
Author(s):  
Marco Jowell
Keyword(s):  
Central Africa ◽  
Armed Forces ◽  
National Defense ◽  
Mass Violence ◽  
Early 21St Century ◽  
Civil Military Relations ◽  
Practical Experiences ◽  
The One ◽  
Military Relations ◽  
The Military

The army has been a central part of Rwanda’s political system from the precolonial period until the early 21st century and is intrinsically part of the construction and politics of the state. Civil–military relations in Rwanda demonstrate not only the central features of transitioning a rebel group to a national defense sector but also how some states construct their armed forces after a period of mass violence. Since the civil war and genocide in the early 1990s, the Rwandan military has been the primary actor in politics, the economy, and state building as well as in regional wars in central Africa and the Great Lakes region. Practical experiences of guerrilla insurgency and conflict in Uganda and Rwanda, postconflict military integration, and the intertwining of political and economic agendas with the ruling party have shaped civil–military relations in Rwanda and have been central to how the Rwandan defense sector functions. Contemporary Rwandan civil–military relations center around the two elements of service delivery and control, which has resulted in the development of an effective and technocratic military in terms of remit and responsibilities on the one hand, and the creation of a politicized force of coercion on the other hand. The military in Rwanda therefore reflects the pressures and dynamics of the wider state and cannot be separated from it. The Rwandan army is thus a “political army” and is part and parcel of the political structures that oversee and govern the Rwandan state.

scholarly journals The effect of financial literacy towards financial inclusion through financial training

2019 ◽  
Vol 3 (1) ◽  
pp. 186-192
Author(s):  
Amram Rohi Bire ◽  
Heni Matelda Sauw ◽  
Maria
Keyword(s):  
Financial Literacy ◽  
Financial Training ◽  
Small And Medium Enterprises ◽  
Financial Inclusion ◽  
Analysis Technique ◽  
The Future ◽  
Indirect Relationship ◽  
Medium Enterprises ◽  
The Relationship

The current study aimed to describe the influence of financial literacy on financial inclusion that mediated by financial training. It focused on Micro, Small, and Medium Enterprises (MSMEs). Respondents in the study were 54 respondents that were taken from 119 MSMEs in Kupang city, Indonesia. The analysis applied path analysis technique. It was to determine the direct or indirect relationship with SPSS Version 20. Analysis results have shown that financial literacy has got a direct and significant impact on financial inclusion. Its contribution to financial training is 33%. In the other side, the contribution of financial literacy towards inclusion is 32%.  Furthermore, financial training has mediated the relationship between financial literacy and financial inclusion. The presentation is 11%. This phenomenon shows that in the future, it is necessary to increase the frequency of financial training for MSMEs actors in Kupang city, Indonesia. The training has to be conducted to increase financial inclusion in understanding the knowledge of the financial product. Since the current study only examined financial literacy, financial inclusion, and financial training, it is suggested that the future researches may examine other aspects such as transparency, accountability, and quality of financial statements.

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