The New Client command lets you create a new ProVal client. A ProVal client is comprised of

1. the four library files, PROVALDD.SF, PVVIP.SF, PVASMP.SF and PVOUT.SF, which carry libraries containing the parameter settings for plan provisions, valuation assumptions, asset information, etc. and

2. any associated databases.

Client name may be arbitrarily long and may include spaces.

Save in directory is the file path on your computer’s disk or network where ProVal will store the four library files of this client, for example, c:\provalclients\abcdemo. Because the file names for every ProVal client are identical (PROVALDD.SF, PVVIP.SF, PVASMP.SF and PVOUT.SF), different clients must be saved in separate directories. If you specify a directory that does not currently exist, ProVal will create it.

Initial project names a subset of the client file to begin working in, for example, “1/1/2000 valuation” or “1/1/2000 plan design study”. All parameters and results that you create will be associated with this Project until you switch to another Project. If you wish, you can delete the Project name and begin working in the entire mode, also called the “universe” Project. If you do so, be mindful, however, of the fact that all library entries in the mode will be visible at once, which might not be desirable perhaps, if you have a large number of entries in a particular library. Furthermore, greater care must be taken in the universe mode than in a Project to avoid deleting a library entry by accident.

Mode specifies the computational (or regulatory) mode for the initial Project.

If you wish, you can click the More button, to specify a separate directory for the client’s databases. This is the directory ProVal will look for and store database files in, import files to and export files from. Using a separate directory is a matter of personal preference; there is no inherent advantage to doing so. Clicking the More button will also enable you to add any client-related Notes you may wish to record.