Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given is a dialog between Knowledge Engineer (KE) and Domain Expert (DE). KE How many ways can someone invest his money? I would normally suggest
Given is a dialog between Knowledge Engineer (KE) and Domain Expert (DE). KE How many ways can someone invest his money? I would normally suggest 3 ways. First, through fix deposit this is safe but less buoyant. The return is also fixed regardless of the turning of the market. Second, land properties which normally give a high return in a long run. However, this kind of investment is uncertain since it depends on many factors such as socio- economic, political stability and the location. Thirdly, insurance, mainly life insurance which gives you coverage as well as savings. The good thing about insurance is that the assets are more liquid and you can determine the amount of return that you want. Of course, the premium also goes along with the amount o protection you need. KE So, in what situation you will recommend someone to invest in a fix deposit? DE Well, someone with high surplus of cash money and small liabilities. He is considered as having a high surplus of money if the amount of cash in his possession is five times more than his total liabilities. KE How do you calculate his total liabilities? DE Total liabilities are summation of his personal expenditures to support himself and his family and also any monthly repayment for buying properties, car, club membership. KE How do you consider as small liabilities? DE His liabilities are considered small if his monthly income is four times more than his total liabilities. Why should someone invest in land properties? DE Someone with high income and small liabilities. I have explained about small liabilities earlier. One is considered to have high income if he has to pay tax of 20% of his total income. Another factor is that he must have a permanent job. KE When do you consider one should invest in buying insurance? DE One should buy a whole life insurance for either one of the two reasons. First, his spouse is not working and has many dependents. Secondly, he has no other source of income apart of his monthly salary. Usually, someone with more than three kids is considered as having many dependents. Formulate any FIVE (5) production rules which you can build using a backward chaining approach based on the above interview between Knowledge Engineer and Domain Expert Given is a dialog between Knowledge Engineer (KE) and Domain Expert (DE). KE How many ways can someone invest his money? I would normally suggest 3 ways. First, through fix deposit this is safe but less buoyant. The return is also fixed regardless of the turning of the market. Second, land properties which normally give a high return in a long run. However, this kind of investment is uncertain since it depends on many factors such as socio- economic, political stability and the location. Thirdly, insurance, mainly life insurance which gives you coverage as well as savings. The good thing about insurance is that the assets are more liquid and you can determine the amount of return that you want. Of course, the premium also goes along with the amount o protection you need. KE So, in what situation you will recommend someone to invest in a fix deposit? DE Well, someone with high surplus of cash money and small liabilities. He is considered as having a high surplus of money if the amount of cash in his possession is five times more than his total liabilities. KE How do you calculate his total liabilities? DE Total liabilities are summation of his personal expenditures to support himself and his family and also any monthly repayment for buying properties, car, club membership. KE How do you consider as small liabilities? DE His liabilities are considered small if his monthly income is four times more than his total liabilities. Why should someone invest in land properties? DE Someone with high income and small liabilities. I have explained about small liabilities earlier. One is considered to have high income if he has to pay tax of 20% of his total income. Another factor is that he must have a permanent job. KE When do you consider one should invest in buying insurance? DE One should buy a whole life insurance for either one of the two reasons. First, his spouse is not working and has many dependents. Secondly, he has no other source of income apart of his monthly salary. Usually, someone with more than three kids is considered as having many dependents. Formulate any FIVE (5) production rules which you can build using a backward chaining approach based on the above interview between Knowledge Engineer and Domain Expert
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started