You have been commissioned to design some equipment to generate random numbers to allow members of the Institute and Faculty of Actuaries to be chosen at random for closer scrutiny of the continuing professional development (CPD) they have undertaken during the year. Non-compliance with the CPD requirements of the various membership categories is potentially a disciplinary offence.
- Describe fully a method of generating random numbers (not pseudo-random numbers) with a uniform distribution between 0 and1.
- Use the method described in part (i) to generate 500 random numbers which you should include in your report.
- Fully specify a minimum of 4 separate tests for the randomness of your generated sample from part (ii).
- Apply each of the tests in part (iii) to your generated sample from part (ii) and state the results.
- Comment on your findings in each case, and include an overall assessment of whether you have succeeded in generating truly random numbers using the approach described in part
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