A book is measured on the market it is in. Stress testing is putting it in the markets it is not in, and reading the number that comes out before the market arrives instead of after.
About 1 min of reading
Reprice a book on three days
Write the scenario days
Before you run it, say out loud what it will print. Then open the answer.
Print the result per day
Before you run it, say out loud what it will print. Then open the answer.
Name the position that caused it
Before you run it, say out loud what it will print. Then open the answer.
Sizing first and stressing after is sizing twice. The stress number is an input to the size, and inputs come before decisions.
The set contains what happened. It cannot contain what will happen, which is why the set is small and the budget is generous.
Not invented numbers. Named days that happened, so the result can be argued with by pointing at the same day.
The worst number names the position to cut. A table of numbers names nothing, and a name is the thing that can be acted on.
A scenario that no book reacts to is a scenario that is not a scenario. It is removed from the set, the same rule an eval case follows.
Each one is defined here on this site. Open the entry for the full definition and the other words it points at.