A while back, I wrote about how I was waiting to be able to release optiRum to CRAN, well data.table 1.9.6 was released (a key dependency for new functionality) and I’ve finally had some quiet time. So optiRum 1.37.1 is now accepted and trickling through the CRAN publish processes.
The package optiRum started out when I worked for Optimum Credit as a means to give back as we used R a lot. Optimum still use R but for now I’m still the package maintainer for them.
optiRum has the following key areas of functionality:
- Financial calcs, like Present Value (
- Credit scoring & logistic regressions, like convert from logit to probability (
logit.prob) and producing gini charts (
- Miscellaneous helper functions, like converting a data.table to XML (
convertToXML) and character cleansing for LaTeX tables(
We added functionality for calculating net income in the UK (
calcNetIncome). This takes:
- a data.table of 1 or more people, belonging to 1 or more households (for child tax benefits etc)
- the level of granularity information is provided at (default is monthly)
- the year you’re calculating for
- any modelling factors you want to trial
- two data.tables containing general thresholds and tax thresholds
For the most part, only the gross income data.table needs to be provided if you want to do current year modelling. It’s a fairly complex calculation given all the moving parts and we have checked it against various income calculators but please file an issue if you find yourself encountering problems or inaccuracies.