风险价值（VaR）是指面临正常的市场波动时处于风险状态的价值。即在给定的置信水平和一定的持有期限内，预期的最大损失量。下文是关于风险价值（VaR）的相关例题解析！在FRM考试中一定要重点掌握！
A recently published article on issues with value at risk (VaR) estimates included the following statements.
Statement 1: Differences in the use of confidence intervals and time horizon
can cause significant variability in VaR estimates as there is lack of
uniformity in practice.》》》2021年新版FRM一二级内部资料免费领取！【精华版】
Statement 2: Standardization of confidence interval and time horizon would eliminate most of the variability in VaR estimates.【资料下载】点击下载融跃教育FRM二级学习计划
The article’s statements are most likely correct with regard to:
A) Statement 1 only.
B) Statement 2 only.
C) Both statements.
D) Neither statement.
答案：A
解析：Statement 1 is correct as variability in risk measures, including lack of uniformity in the use of confidence intervals and time horizons, can lead to variability in VaR estimates. Statements 2 is incorrect as other factors can also cause variability, including length of the time series under analysis, ways of estimating moments, mapping techniques, decay factors, and number of simulations.
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