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Today's featured article

Damage from Hurricane Katrina
Actuaries are business professionals who deal with the financial impact of risk and uncertainty. Actuaries are highly trained experts with a deep understanding of financial security systems, their reasons for being, their complexity, their mathematics, and the way they work. They evaluate the likelihood of future events and design creative ways to quantify the contingent outcomes in order to minimize losses associated with uncertain undesirable events. These risks can impact both sides of the balance sheet and require asset management, liability management, and valuation skills. It takes a combination of strong analytical skills, business knowledge and understanding of both human behavior and the vagaries of information systems to design and manage programs that control risk. Actuaries work in a number of insurance disciplines, which may be classified as life, health, pensions, annuities, and asset management, social welfare programs, property, casualty, liability, general insurance and reinsurance. (more...)

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Coal-fired power station diagram

Cutaway diagram of a simplified coal-fired thermal power station, where the chemical energy stored in coal is converted successively into thermal energy, mechanical energy, and finally electrical energy for continuous use and distribution across a wide geographic area. Each power plant is a highly complex, custom-designed system. Present construction costs, as of 2004, run to $1,300 per kilowatt, or US$650 million for a 500 MWe unit.

Image credit: BillC
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