An Evaluation of Expert Systems for Personal Financial Planning

13 Pages Posted: 15 Jul 2014

See all articles by Mary Ellen Phillips

Mary Ellen Phillips

Oregon State University (Deceased)

Norma L. Nielson

University of Calgary - Haskayne School of Business

Carol E. Brown

Oregon State University - College of Business

Date Written: 1992

Abstract

A comprehensive personal financial plan prepared by a professional planner costs from $2,000 to $20,000 even when conventional computer software is use. A plan prepared by an expert system costs from $200 to $500 if no professional planner is involved. Because these systems can produce many plans at substantially reduced prices, personal financial planners may need to consider using an expert system operators' services to remain competitive and to extend their practices.

This article describes the sue 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, compared the recommendations of the plans.

Keywords: Expert systems, personal financial planning, validation

Suggested Citation

Phillips, Mary Ellen and Nielson, Norma L. and Brown, Carol E., An Evaluation of Expert Systems for Personal Financial Planning (1992). Journal of Financial Counseling and Planning, Vol. 3, No. 1, 1992. Available at SSRN: https://ssrn.com/abstract=2466018

Mary Ellen Phillips

Oregon State University (Deceased)

Norma L. Nielson (Contact Author)

University of Calgary - Haskayne School of Business ( email )

2500 University Drive, NW
Calgary, Alberta T2N 1N4
Canada

Carol E. Brown

Oregon State University - College of Business ( email )

Corvallis, OR 97331
United States

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