Portfolios with fuzzy returns: Selection strategies based on semi-infinite programming

NASA Astrophysics Data System (ADS)

Vercher, Enriqueta

2008-08-01

This paper provides new models for portfolio selection in which the returns on securities are considered fuzzy numbers rather than random variables. The investor's problem is to find the portfolio that minimizes the risk of achieving a return that is not less than the return of a riskless asset. The corresponding optimal portfolio is derived using semi-infinite programming in a soft framework. The return on each asset and their membership functions are described using historical data. The investment risk is approximated by mean intervals which evaluate the downside risk for a given fuzzy portfolio. This approach is illustrated with a numerical example.

Solving multistage stochastic programming models of portfolio selection with outstanding liabilities

DOE Office of Scientific and Technical Information (OSTI.GOV)

Edirisinghe, C.

1994-12-31

Models for portfolio selection in the presence of an outstanding liability have received significant attention, for example, models for pricing options. The problem may be described briefly as follows: given a set of risky securities (and a riskless security such as a bond), and given a set of cash flows, i.e., outstanding liability, to be met at some future date, determine an initial portfolio and a dynamic trading strategy for the underlying securities such that the initial cost of the portfolio is within a prescribed wealth level and the expected cash surpluses arising from trading is maximized. While the tradingmore » strategy should be self-financing, there may also be other restrictions such as leverage and short-sale constraints. Usually the treatment is limited to binomial evolution of uncertainty (of stock price), with possible extensions for developing computational bounds for multinomial generalizations. Posing as stochastic programming models of decision making, we investigate alternative efficient solution procedures under continuous evolution of uncertainty, for discrete time economies. We point out an important moment problem arising in the portfolio selection problem, the solution (or bounds) on which provides the basis for developing efficient computational algorithms. While the underlying stochastic program may be computationally tedious even for a modest number of trading opportunities (i.e., time periods), the derived algorithms may used to solve problems whose sizes are beyond those considered within stochastic optimization.« less

Mean-Variance Portfolio Selection for Defined-Contribution Pension Funds with Stochastic Salary

PubMed Central

Zhang, Chubing

2014-01-01

This paper focuses on a continuous-time dynamic mean-variance portfolio selection problem of defined-contribution pension funds with stochastic salary, whose risk comes from both financial market and nonfinancial market. By constructing a special Riccati equation as a continuous (actually a viscosity) solution to the HJB equation, we obtain an explicit closed form solution for the optimal investment portfolio as well as the efficient frontier. PMID:24782667

Mean-variance model for portfolio optimization with background risk based on uncertainty theory

NASA Astrophysics Data System (ADS)

Zhai, Jia; Bai, Manying

2018-04-01

The aim of this paper is to develop a mean-variance model for portfolio optimization considering the background risk, liquidity and transaction cost based on uncertainty theory. In portfolio selection problem, returns of securities and assets liquidity are assumed as uncertain variables because of incidents or lacking of historical data, which are common in economic and social environment. We provide crisp forms of the model and a hybrid intelligent algorithm to solve it. Under a mean-variance framework, we analyze the portfolio frontier characteristic considering independently additive background risk. In addition, we discuss some effects of background risk and liquidity constraint on the portfolio selection. Finally, we demonstrate the proposed models by numerical simulations.

Optimal portfolio selection in a Lévy market with uncontrolled cash flow and only risky assets

NASA Astrophysics Data System (ADS)

Zeng, Yan; Li, Zhongfei; Wu, Huiling

2013-03-01

This article considers an investor who has an exogenous cash flow evolving according to a Lévy process and invests in a financial market consisting of only risky assets, whose prices are governed by exponential Lévy processes. Two continuous-time portfolio selection problems are studied for the investor. One is a benchmark problem, and the other is a mean-variance problem. The first problem is solved by adopting the stochastic dynamic programming approach, and the obtained results are extended to the second problem by employing the duality theory. Closed-form solutions of these two problems are derived. Some existing results are found to be special cases of our results.

Big Data Challenges of High-Dimensional Continuous-Time Mean-Variance Portfolio Selection and a Remedy.

PubMed

Chiu, Mei Choi; Pun, Chi Seng; Wong, Hoi Ying

2017-08-01

Investors interested in the global financial market must analyze financial securities internationally. Making an optimal global investment decision involves processing a huge amount of data for a high-dimensional portfolio. This article investigates the big data challenges of two mean-variance optimal portfolios: continuous-time precommitment and constant-rebalancing strategies. We show that both optimized portfolios implemented with the traditional sample estimates converge to the worst performing portfolio when the portfolio size becomes large. The crux of the problem is the estimation error accumulated from the huge dimension of stock data. We then propose a linear programming optimal (LPO) portfolio framework, which applies a constrained ℓ 1 minimization to the theoretical optimal control to mitigate the risk associated with the dimensionality issue. The resulting portfolio becomes a sparse portfolio that selects stocks with a data-driven procedure and hence offers a stable mean-variance portfolio in practice. When the number of observations becomes large, the LPO portfolio converges to the oracle optimal portfolio, which is free of estimation error, even though the number of stocks grows faster than the number of observations. Our numerical and empirical studies demonstrate the superiority of the proposed approach. © 2017 Society for Risk Analysis.

Solving portfolio selection problems with minimum transaction lots based on conditional-value-at-risk

NASA Astrophysics Data System (ADS)

Setiawan, E. P.; Rosadi, D.

2017-01-01

Portfolio selection problems conventionally means ‘minimizing the risk, given the certain level of returns’ from some financial assets. This problem is frequently solved with quadratic or linear programming methods, depending on the risk measure that used in the objective function. However, the solutions obtained by these method are in real numbers, which may give some problem in real application because each asset usually has its minimum transaction lots. In the classical approach considering minimum transaction lots were developed based on linear Mean Absolute Deviation (MAD), variance (like Markowitz’s model), and semi-variance as risk measure. In this paper we investigated the portfolio selection methods with minimum transaction lots with conditional value at risk (CVaR) as risk measure. The mean-CVaR methodology only involves the part of the tail of the distribution that contributed to high losses. This approach looks better when we work with non-symmetric return probability distribution. Solution of this method can be found with Genetic Algorithm (GA) methods. We provide real examples using stocks from Indonesia stocks market.

An Artificial Bee Colony Algorithm for Uncertain Portfolio Selection

PubMed Central

Chen, Wei

2014-01-01

Portfolio selection is an important issue for researchers and practitioners. In this paper, under the assumption that security returns are given by experts' evaluations rather than historical data, we discuss the portfolio adjusting problem which takes transaction costs and diversification degree of portfolio into consideration. Uncertain variables are employed to describe the security returns. In the proposed mean-variance-entropy model, the uncertain mean value of the return is used to measure investment return, the uncertain variance of the return is used to measure investment risk, and the entropy is used to measure diversification degree of portfolio. In order to solve the proposed model, a modified artificial bee colony (ABC) algorithm is designed. Finally, a numerical example is given to illustrate the modelling idea and the effectiveness of the proposed algorithm. PMID:25089292

An artificial bee colony algorithm for uncertain portfolio selection.

PubMed

Chen, Wei

2014-01-01

Portfolio selection is an important issue for researchers and practitioners. In this paper, under the assumption that security returns are given by experts' evaluations rather than historical data, we discuss the portfolio adjusting problem which takes transaction costs and diversification degree of portfolio into consideration. Uncertain variables are employed to describe the security returns. In the proposed mean-variance-entropy model, the uncertain mean value of the return is used to measure investment return, the uncertain variance of the return is used to measure investment risk, and the entropy is used to measure diversification degree of portfolio. In order to solve the proposed model, a modified artificial bee colony (ABC) algorithm is designed. Finally, a numerical example is given to illustrate the modelling idea and the effectiveness of the proposed algorithm.

A hybrid intelligent algorithm for portfolio selection problem with fuzzy returns

NASA Astrophysics Data System (ADS)

Li, Xiang; Zhang, Yang; Wong, Hau-San; Qin, Zhongfeng

2009-11-01

Portfolio selection theory with fuzzy returns has been well developed and widely applied. Within the framework of credibility theory, several fuzzy portfolio selection models have been proposed such as mean-variance model, entropy optimization model, chance constrained programming model and so on. In order to solve these nonlinear optimization models, a hybrid intelligent algorithm is designed by integrating simulated annealing algorithm, neural network and fuzzy simulation techniques, where the neural network is used to approximate the expected value and variance for fuzzy returns and the fuzzy simulation is used to generate the training data for neural network. Since these models are used to be solved by genetic algorithm, some comparisons between the hybrid intelligent algorithm and genetic algorithm are given in terms of numerical examples, which imply that the hybrid intelligent algorithm is robust and more effective. In particular, it reduces the running time significantly for large size problems.

Uncertain programming models for portfolio selection with uncertain returns

NASA Astrophysics Data System (ADS)

Zhang, Bo; Peng, Jin; Li, Shengguo

2015-10-01

In an indeterminacy economic environment, experts' knowledge about the returns of securities consists of much uncertainty instead of randomness. This paper discusses portfolio selection problem in uncertain environment in which security returns cannot be well reflected by historical data, but can be evaluated by the experts. In the paper, returns of securities are assumed to be given by uncertain variables. According to various decision criteria, the portfolio selection problem in uncertain environment is formulated as expected-variance-chance model and chance-expected-variance model by using the uncertainty programming. Within the framework of uncertainty theory, for the convenience of solving the models, some crisp equivalents are discussed under different conditions. In addition, a hybrid intelligent algorithm is designed in the paper to provide a general method for solving the new models in general cases. At last, two numerical examples are provided to show the performance and applications of the models and algorithm.

An optimal consumption and investment problem with quadratic utility and negative wealth constraints.

PubMed

Roh, Kum-Hwan; Kim, Ji Yeoun; Shin, Yong Hyun

2017-01-01

In this paper, we investigate the optimal consumption and portfolio selection problem with negative wealth constraints for an economic agent who has a quadratic utility function of consumption and receives a constant labor income. Due to the property of the quadratic utility function, we separate our problem into two cases and derive the closed-form solutions for each case. We also illustrate some numerical implications of the optimal consumption and portfolio.

Multi-period project portfolio selection under risk considerations and stochastic income

NASA Astrophysics Data System (ADS)

Tofighian, Ali Asghar; Moezzi, Hamid; Khakzar Barfuei, Morteza; Shafiee, Mahmood

2018-02-01

This paper deals with multi-period project portfolio selection problem. In this problem, the available budget is invested on the best portfolio of projects in each period such that the net profit is maximized. We also consider more realistic assumptions to cover wider range of applications than those reported in previous studies. A novel mathematical model is presented to solve the problem, considering risks, stochastic incomes, and possibility of investing extra budget in each time period. Due to the complexity of the problem, an effective meta-heuristic method hybridized with a local search procedure is presented to solve the problem. The algorithm is based on genetic algorithm (GA), which is a prominent method to solve this type of problems. The GA is enhanced by a new solution representation and well selected operators. It also is hybridized with a local search mechanism to gain better solution in shorter time. The performance of the proposed algorithm is then compared with well-known algorithms, like basic genetic algorithm (GA), particle swarm optimization (PSO), and electromagnetism-like algorithm (EM-like) by means of some prominent indicators. The computation results show the superiority of the proposed algorithm in terms of accuracy, robustness and computation time. At last, the proposed algorithm is wisely combined with PSO to improve the computing time considerably.

Markowitz portfolio optimization model employing fuzzy measure

NASA Astrophysics Data System (ADS)

Ramli, Suhailywati; Jaaman, Saiful Hafizah

2017-04-01

Markowitz in 1952 introduced the mean-variance methodology for the portfolio selection problems. His pioneering research has shaped the portfolio risk-return model and become one of the most important research fields in modern finance. This paper extends the classical Markowitz's mean-variance portfolio selection model applying the fuzzy measure to determine the risk and return. In this paper, we apply the original mean-variance model as a benchmark, fuzzy mean-variance model with fuzzy return and the model with return are modeled by specific types of fuzzy number for comparison. The model with fuzzy approach gives better performance as compared to the mean-variance approach. The numerical examples are included to illustrate these models by employing Malaysian share market data.

Minimization of the root of a quadratic functional under a system of affine equality constraints with application to portfolio management

NASA Astrophysics Data System (ADS)

Landsman, Zinoviy

2008-10-01

We present an explicit closed form solution of the problem of minimizing the root of a quadratic functional subject to a system of affine constraints. The result generalizes Z. Landsman, Minimization of the root of a quadratic functional under an affine equality constraint, J. Comput. Appl. Math. 2007, to appear, see , articles in press, where the optimization problem was solved under only one linear constraint. This is of interest for solving significant problems pertaining to financial economics as well as some classes of feasibility and optimization problems which frequently occur in tomography and other fields. The results are illustrated in the problem of optimal portfolio selection and the particular case when the expected return of finance portfolio is certain is discussed.

Modelling on optimal portfolio with exchange rate based on discontinuous stochastic process

NASA Astrophysics Data System (ADS)

Yan, Wei; Chang, Yuwen

2016-12-01

Considering the stochastic exchange rate, this paper is concerned with the dynamic portfolio selection in financial market. The optimal investment problem is formulated as a continuous-time mathematical model under mean-variance criterion. These processes follow jump-diffusion processes (Weiner process and Poisson process). Then the corresponding Hamilton-Jacobi-Bellman(HJB) equation of the problem is presented and its efferent frontier is obtained. Moreover, the optimal strategy is also derived under safety-first criterion.

Portfolio optimization using median-variance approach

NASA Astrophysics Data System (ADS)

Wan Mohd, Wan Rosanisah; Mohamad, Daud; Mohamed, Zulkifli

2013-04-01

Optimization models have been applied in many decision-making problems particularly in portfolio selection. Since the introduction of Markowitz's theory of portfolio selection, various approaches based on mathematical programming have been introduced such as mean-variance, mean-absolute deviation, mean-variance-skewness and conditional value-at-risk (CVaR) mainly to maximize return and minimize risk. However most of the approaches assume that the distribution of data is normal and this is not generally true. As an alternative, in this paper, we employ the median-variance approach to improve the portfolio optimization. This approach has successfully catered both types of normal and non-normal distribution of data. With this actual representation, we analyze and compare the rate of return and risk between the mean-variance and the median-variance based portfolio which consist of 30 stocks from Bursa Malaysia. The results in this study show that the median-variance approach is capable to produce a lower risk for each return earning as compared to the mean-variance approach.

Portfolio evaluation of health programs: a reply to Sendi et al.

PubMed

Bridges, John F P; Terris, Darcey D

2004-05-01

Sendi et al. (Soc. Sci. Med. 57 (2003) 2207) extend previous research on cost-effectiveness analysis to the evaluation of a portfolio of interventions with risky outcomes using a "second best" approach that can identify improvements in efficiency in the allocation of resources. This method, however, cannot be used to directly identify the optimal solution to the resource allocation problem. Theoretically, a stricter adherence to the foundations of portfolio theory would permit direct optimization in portfolio selection, however, when we include uncertainty in our analysis in addition to the traditional concept of risk (which is often mislabelled uncertainty) complexities are introduced that create significant hurdles in the development of practical applications of portfolio theory for health care policy decision making.

A comparison of portfolio selection models via application on ISE 100 index data

NASA Astrophysics Data System (ADS)

Altun, Emrah; Tatlidil, Hüseyin

2013-10-01

Markowitz Model, a classical approach to portfolio optimization problem, relies on two important assumptions: the expected return is multivariate normally distributed and the investor is risk averter. But this model has not been extensively used in finance. Empirical results show that it is very hard to solve large scale portfolio optimization problems with Mean-Variance (M-V)model. Alternative model, Mean Absolute Deviation (MAD) model which is proposed by Konno and Yamazaki [7] has been used to remove most of difficulties of Markowitz Mean-Variance model. MAD model don't need to assume that the probability of the rates of return is normally distributed and based on Linear Programming. Another alternative portfolio model is Mean-Lower Semi Absolute Deviation (M-LSAD), which is proposed by Speranza [3]. We will compare these models to determine which model gives more appropriate solution to investors.

Using a Portfolio of Algorithms for Planning and Scheduling

NASA Technical Reports Server (NTRS)

Sherwood, Robert; Knight, Russell; Rabideau, Gregg; Chien, Steve; Tran, Daniel; Engelhardt, Barbara

2003-01-01

The Automated Scheduling and Planning Environment (ASPEN) software system, aspects of which have been reported in several previous NASA Tech Briefs articles, includes a subsystem that utilizes a portfolio of heuristic algorithms that work synergistically to solve problems. The nature of the synergy of the specific algorithms is that their likelihoods of success are negatively correlated: that is, when a combination of them is used to solve a problem, the probability that at least one of them will succeed is greater than the sum of probabilities of success of the individual algorithms operating independently of each other. In ASPEN, the portfolio of algorithms is used in a planning process of the iterative repair type, in which conflicts are detected and addressed one at a time until either no conflicts exist or a user-defined time limit has been exceeded. At each choice point (e.g., selection of conflict; selection of method of resolution of conflict; or choice of move, addition, or deletion) ASPEN makes a stochastic choice of a combination of algorithms from the portfolio. This approach makes it possible for the search to escape from looping and from solutions that are locally but not globally optimum.

Sharing the cost of river basin adaptation portfolios to climate change: Insights from social justice and cooperative game theory

NASA Astrophysics Data System (ADS)

Girard, Corentin; Rinaudo, Jean-Daniel; Pulido-Velazquez, Manuel

2016-10-01

The adaptation of water resource systems to the potential impacts of climate change requires mixed portfolios of supply and demand adaptation measures. The issue is not only to select efficient, robust, and flexible adaptation portfolios but also to find equitable strategies of cost allocation among the stakeholders. Our work addresses such cost allocation problems by applying two different theoretical approaches: social justice and cooperative game theory in a real case study. First of all, a cost-effective portfolio of adaptation measures at the basin scale is selected using a least-cost optimization model. Cost allocation solutions are then defined based on economic rationality concepts from cooperative game theory (the Core). Second, interviews are conducted to characterize stakeholders' perceptions of social justice principles associated with the definition of alternatives cost allocation rules. The comparison of the cost allocation scenarios leads to contrasted insights in order to inform the decision-making process at the river basin scale and potentially reap the efficiency gains from cooperation in the design of river basin adaptation portfolios.

Optimal Portfolio Selection Under Concave Price Impact

DOE Office of Scientific and Technical Information (OSTI.GOV)

Ma Jin, E-mail: jinma@usc.edu; Song Qingshuo, E-mail: songe.qingshuo@cityu.edu.hk; Xu Jing, E-mail: xujing8023@yahoo.com.cn

2013-06-15

In this paper we study an optimal portfolio selection problem under instantaneous price impact. Based on some empirical analysis in the literature, we model such impact as a concave function of the trading size when the trading size is small. The price impact can be thought of as either a liquidity cost or a transaction cost, but the concavity nature of the cost leads to some fundamental difference from those in the existing literature. We show that the problem can be reduced to an impulse control problem, but without fixed cost, and that the value function is a viscosity solutionmore » to a special type of Quasi-Variational Inequality (QVI). We also prove directly (without using the solution to the QVI) that the optimal strategy exists and more importantly, despite the absence of a fixed cost, it is still in a 'piecewise constant' form, reflecting a more practical perspective.« less

Applying the partitioned multiobjective risk method (PMRM) to portfolio selection.

PubMed

Reyes Santos, Joost; Haimes, Yacov Y

2004-06-01

The analysis of risk-return tradeoffs and their practical applications to portfolio analysis paved the way for Modern Portfolio Theory (MPT), which won Harry Markowitz a 1992 Nobel Prize in Economics. A typical approach in measuring a portfolio's expected return is based on the historical returns of the assets included in a portfolio. On the other hand, portfolio risk is usually measured using volatility, which is derived from the historical variance-covariance relationships among the portfolio assets. This article focuses on assessing portfolio risk, with emphasis on extreme risks. To date, volatility is a major measure of risk owing to its simplicity and validity for relatively small asset price fluctuations. Volatility is a justified measure for stable market performance, but it is weak in addressing portfolio risk under aberrant market fluctuations. Extreme market crashes such as that on October 19, 1987 ("Black Monday") and catastrophic events such as the terrorist attack of September 11, 2001 that led to a four-day suspension of trading on the New York Stock Exchange (NYSE) are a few examples where measuring risk via volatility can lead to inaccurate predictions. Thus, there is a need for a more robust metric of risk. By invoking the principles of the extreme-risk-analysis method through the partitioned multiobjective risk method (PMRM), this article contributes to the modeling of extreme risks in portfolio performance. A measure of an extreme portfolio risk, denoted by f(4), is defined as the conditional expectation for a lower-tail region of the distribution of the possible portfolio returns. This article presents a multiobjective problem formulation consisting of optimizing expected return and f(4), whose solution is determined using Evolver-a software that implements a genetic algorithm. Under business-as-usual market scenarios, the results of the proposed PMRM portfolio selection model are found to be compatible with those of the volatility-based model. However, under extremely unfavorable market conditions, results indicate that f(4) can be a more valid measure of risk than volatility.

Tweaking Science Education.

ERIC Educational Resources Information Center

Andersen, Hans O.

2000-01-01

Discusses problems facing science education supervisors and suggests possible solutions. Comments on the experiences of beginning teachers, portfolio compilation, mentoring, and the evaluation and selection of curricular and technological innovations. (Contains 14 references.) (WRM)

Discrete Time McKean–Vlasov Control Problem: A Dynamic Programming Approach

DOE Office of Scientific and Technical Information (OSTI.GOV)

Pham, Huyên, E-mail: pham@math.univ-paris-diderot.fr; Wei, Xiaoli, E-mail: tyswxl@gmail.com

We consider the stochastic optimal control problem of nonlinear mean-field systems in discrete time. We reformulate the problem into a deterministic control problem with marginal distribution as controlled state variable, and prove that dynamic programming principle holds in its general form. We apply our method for solving explicitly the mean-variance portfolio selection and the multivariate linear-quadratic McKean–Vlasov control problem.

Building uncertainty into cost-effectiveness rankings: portfolio risk-return tradeoffs and implications for decision rules.

PubMed

O'Brien, B J; Sculpher, M J

2000-05-01

Current principles of cost-effectiveness analysis emphasize the rank ordering of programs by expected economic return (eg, quality-adjusted life-years gained per dollar expended). This criterion ignores the variance associated with the cost-effectiveness of a program, yet variance is a common measure of risk when financial investment options are appraised. Variation in health care program return is likely to be a criterion of program selection for health care managers with fixed budgets and outcome performance targets. Characterizing health care resource allocation as a risky investment problem, we show how concepts of portfolio analysis from financial economics can be adopted as a conceptual framework for presenting cost-effectiveness data from multiple programs as mean-variance data. Two specific propositions emerge: (1) the current convention of ranking programs by expected return is a special case of the portfolio selection problem in which the decision maker is assumed to be indifferent to risk, and (2) for risk-averse decision makers, the degree of joint risk or covariation in cost-effectiveness between programs will create incentives to diversify an investment portfolio. The conventional normative assumption of risk neutrality for social-level public investment decisions does not apply to a large number of health care resource allocation decisions in which health care managers seek to maximize returns subject to budget constraints and performance targets. Portfolio theory offers a useful framework for studying mean-variance tradeoffs in cost-effectiveness and offers some positive predictions (and explanations) of actual decision making in the health care sector.

Real-world datasets for portfolio selection and solutions of some stochastic dominance portfolio models.

PubMed

Bruni, Renato; Cesarone, Francesco; Scozzari, Andrea; Tardella, Fabio

2016-09-01

A large number of portfolio selection models have appeared in the literature since the pioneering work of Markowitz. However, even when computational and empirical results are described, they are often hard to replicate and compare due to the unavailability of the datasets used in the experiments. We provide here several datasets for portfolio selection generated using real-world price values from several major stock markets. The datasets contain weekly return values, adjusted for dividends and for stock splits, which are cleaned from errors as much as possible. The datasets are available in different formats, and can be used as benchmarks for testing the performances of portfolio selection models and for comparing the efficiency of the algorithms used to solve them. We also provide, for these datasets, the portfolios obtained by several selection strategies based on Stochastic Dominance models (see "On Exact and Approximate Stochastic Dominance Strategies for Portfolio Selection" (Bruni et al. [2])). We believe that testing portfolio models on publicly available datasets greatly simplifies the comparison of the different portfolio selection strategies.

Investigation of Multi-Criteria Decision Consistency: A Triplex Approach to Optimal Oilfield Portfolio Investment Decisions

NASA Astrophysics Data System (ADS)

Qaradaghi, Mohammed

Complexity of the capital intensive oil and gas portfolio investments is continuously growing. It is manifested in the constant increase in the type, number and degree of risks and uncertainties, which consequently lead to more challenging decision making problems. A typical complex decision making problem in petroleum exploration and production (E&P) is the selection and prioritization of oilfields/projects in a portfolio investment. Prioritizing oilfields maybe required for different purposes, including the achievement of a targeted production and allocation of limited available development resources. These resources cannot be distributed evenly nor can they be allocated based on the oilfield size or production capacity alone since various other factors need to be considered simultaneously. These factors may include subsurface complexity, size of reservoir, plateau production and needed infrastructure in addition to other issues of strategic concern, such as socio-economic, environmental and fiscal policies, particularly when the decision making involves governments or national oil companies. Therefore, it would be imperative to employ decision aiding tools that not only address these factors, but also incorporate the decision makers' preferences clearly and accurately. However, the tools commonly used in project portfolio selection and optimization, including intuitive approaches, vary in their focus and strength in addressing the different criteria involved in such decision problems. They are also disadvantaged by a number of drawbacks, which may include lacking the capacity to address multiple and interrelated criteria, uncertainty and risk, project relationship with regard to value contribution and optimum resource utilization, non-monetary attributes, decision maker's knowledge and expertise, in addition to varying levels of ease of use and other practical and theoretical drawbacks. These drawbacks have motivated researchers to investigate other tools and techniques that can provide more flexibility and inclusiveness in the decision making process, such as Multi-Criteria Decision Making (MCDM) methods. However, it can be observed that the MCDM literature: 1) is primarily focused on suggesting certain MCDM techniques to specific problems without providing sufficient evidence for their selection, 2) is inadequate in addressing MCDM in E&P portfolio selection and prioritization compared with other fields, and 3) does not address prioritizing brownfields (i.e., developed oilfields). This research study aims at addressing the above drawbacks through combining three MCDM methods (i.e., AHP, PROMETHEE and TOPSIS) into a single decision making tool that can support optimal oilfield portfolio investment decisions by helping determine the share of each oilfield of the total development resources allocated. Selecting these methods is reinforced by a pre-deployment and post-deployment validation framework. In addition, this study proposes a two-dimensional consistency test to verify the output coherence or prioritization stability of the MCDM methods in comparison with an intuitive approach. Nine scenarios representing all possible outcomes of the internal and external consistency tests are further proposed to reach a conclusion. The methodology is applied to a case study of six major oilfields in Iraq to generate percentage shares of each oilfield of a total production target that is in line with Iraq's aspiration to increase oil production. However, the methodology is intended to be applicable to other E&P portfolio investment prioritization scenarios by taking the specific contextual characteristics into consideration.

Managing the Public Sector Research and Development Portfolio Selection Process: A Case Study of Quantitative Selection and Optimization

DTIC Science & Technology

2016-09-01

PUBLIC SECTOR RESEARCH & DEVELOPMENT PORTFOLIO SELECTION PROCESS: A CASE STUDY OF QUANTITATIVE SELECTION AND OPTIMIZATION by Jason A. Schwartz...PUBLIC SECTOR RESEARCH & DEVELOPMENT PORTFOLIO SELECTION PROCESS: A CASE STUDY OF QUANTITATIVE SELECTION AND OPTIMIZATION 5. FUNDING NUMBERS 6...describing how public sector organizations can implement a research and development (R&D) portfolio optimization strategy to maximize the cost

Vast Portfolio Selection with Gross-exposure Constraints*

PubMed Central

Fan, Jianqing; Zhang, Jingjin; Yu, Ke

2012-01-01

We introduce the large portfolio selection using gross-exposure constraints. We show that with gross-exposure constraint the empirically selected optimal portfolios based on estimated covariance matrices have similar performance to the theoretical optimal ones and there is no error accumulation effect from estimation of vast covariance matrices. This gives theoretical justification to the empirical results in Jagannathan and Ma (2003). We also show that the no-short-sale portfolio can be improved by allowing some short positions. The applications to portfolio selection, tracking, and improvements are also addressed. The utility of our new approach is illustrated by simulation and empirical studies on the 100 Fama-French industrial portfolios and the 600 stocks randomly selected from Russell 3000. PMID:23293404

On the microeconomic problems studied by portfolio theory

NASA Astrophysics Data System (ADS)

Nikonov, Oleg; Medvedeva, Marina

2012-09-01

In the paper we consider economically motivated problems, which are treated with the help of methods of portfolio theory that goes back to the papers by H. Markowitz [1] and J. Tobin [2]. We show that the portfolio theory initially developed for risky securities (stocks) could be applied to other objects. In the present paper we consider several situations where such an application is reasonable and seems to be fruitful. Namely, we consider the problems of constructing the efficient portfolio of banking services and the portfolio of counteragents of a firm.

Managing risk and expected financial return from selective expansion of operating room capacity: mean-variance analysis of a hospital's portfolio of surgeons.

PubMed

Dexter, Franklin; Ledolter, Johannes

2003-07-01

Surgeons using the same amount of operating room (OR) time differ in their achieved hospital contribution margins (revenue minus variable costs) by >1000%. Thus, to improve the financial return from perioperative facilities, OR strategic decisions should selectively focus additional OR capacity and capital purchasing on a few surgeons or subspecialties. These decisions use estimates of each surgeon's and/or subspecialty's contribution margin per OR hour. The estimates are subject to uncertainty (e.g., from outliers). We account for the uncertainties by using mean-variance portfolio analysis (i.e., quadratic programming). This method characterizes the problem of selectively expanding OR capacity based on the expected financial return and risk of different portfolios of surgeons. The assessment reveals whether the choices, of which surgeons have their OR capacity expanded, are sensitive to the uncertainties in the surgeons' contribution margins per OR hour. Thus, mean-variance analysis reduces the chance of making strategic decisions based on spurious information. We also assess the financial benefit of using mean-variance portfolio analysis when the planned expansion of OR capacity is well diversified over at least several surgeons or subspecialties. Our results show that, in such circumstances, there may be little benefit from further changing the portfolio to reduce its financial risk. Surgeon and subspecialty specific hospital financial data are uncertain, a fact that should be taken into account when making decisions about expanding operating room capacity. We show that mean-variance portfolio analysis can incorporate this uncertainty, thereby guiding operating room management decision-making and reducing the chance of a strategic decision being made based on spurious information.

Research on regularized mean-variance portfolio selection strategy with modified Roy safety-first principle.

PubMed

Atta Mills, Ebenezer Fiifi Emire; Yan, Dawen; Yu, Bo; Wei, Xinyuan

2016-01-01

We propose a consolidated risk measure based on variance and the safety-first principle in a mean-risk portfolio optimization framework. The safety-first principle to financial portfolio selection strategy is modified and improved. Our proposed models are subjected to norm regularization to seek near-optimal stable and sparse portfolios. We compare the cumulative wealth of our preferred proposed model to a benchmark, S&P 500 index for the same period. Our proposed portfolio strategies have better out-of-sample performance than the selected alternative portfolio rules in literature and control the downside risk of the portfolio returns.

Computer Applications for Alternative Assessment: An Instructional and Organization Dilemma.

ERIC Educational Resources Information Center

Mills, Ed; Brown, John A.

1997-01-01

Describes the possibilities and problems that computer-generated portfolios will soon present to instructors across America. Highlights include the history of portfolio assessment, logistical problems of handling portfolios in the traditional three-ring binder format, use of the zip drive for storage, and software/hardware compatibility problems.…

Matching a Distribution by Matching Quantiles Estimation

PubMed Central

Sgouropoulos, Nikolaos; Yao, Qiwei; Yastremiz, Claudia

2015-01-01

Motivated by the problem of selecting representative portfolios for backtesting counterparty credit risks, we propose a matching quantiles estimation (MQE) method for matching a target distribution by that of a linear combination of a set of random variables. An iterative procedure based on the ordinary least-squares estimation (OLS) is proposed to compute MQE. MQE can be easily modified by adding a LASSO penalty term if a sparse representation is desired, or by restricting the matching within certain range of quantiles to match a part of the target distribution. The convergence of the algorithm and the asymptotic properties of the estimation, both with or without LASSO, are established. A measure and an associated statistical test are proposed to assess the goodness-of-match. The finite sample properties are illustrated by simulation. An application in selecting a counterparty representative portfolio with a real dataset is reported. The proposed MQE also finds applications in portfolio tracking, which demonstrates the usefulness of combining MQE with LASSO. PMID:26692592

Mean-Reverting Portfolio With Budget Constraint

NASA Astrophysics Data System (ADS)

Zhao, Ziping; Palomar, Daniel P.

2018-05-01

This paper considers the mean-reverting portfolio design problem arising from statistical arbitrage in the financial markets. We first propose a general problem formulation aimed at finding a portfolio of underlying component assets by optimizing a mean-reversion criterion characterizing the mean-reversion strength, taking into consideration the variance of the portfolio and an investment budget constraint. Then several specific problems are considered based on the general formulation, and efficient algorithms are proposed. Numerical results on both synthetic and market data show that our proposed mean-reverting portfolio design methods can generate consistent profits and outperform the traditional design methods and the benchmark methods in the literature.

A class of stochastic optimization problems with one quadratic & several linear objective functions and extended portfolio selection model

NASA Astrophysics Data System (ADS)

Xu, Jiuping; Li, Jun

2002-09-01

In this paper a class of stochastic multiple-objective programming problems with one quadratic, several linear objective functions and linear constraints has been introduced. The former model is transformed into a deterministic multiple-objective nonlinear programming model by means of the introduction of random variables' expectation. The reference direction approach is used to deal with linear objectives and results in a linear parametric optimization formula with a single linear objective function. This objective function is combined with the quadratic function using the weighted sums. The quadratic problem is transformed into a linear (parametric) complementary problem, the basic formula for the proposed approach. The sufficient and necessary conditions for (properly, weakly) efficient solutions and some construction characteristics of (weakly) efficient solution sets are obtained. An interactive algorithm is proposed based on reference direction and weighted sums. Varying the parameter vector on the right-hand side of the model, the DM can freely search the efficient frontier with the model. An extended portfolio selection model is formed when liquidity is considered as another objective to be optimized besides expectation and risk. The interactive approach is illustrated with a practical example.

Portfolio optimization problem with nonidentical variances of asset returns using statistical mechanical informatics.

PubMed

Shinzato, Takashi

2016-12-01

The portfolio optimization problem in which the variances of the return rates of assets are not identical is analyzed in this paper using the methodology of statistical mechanical informatics, specifically, replica analysis. We defined two characteristic quantities of an optimal portfolio, namely, minimal investment risk and investment concentration, in order to solve the portfolio optimization problem and analytically determined their asymptotical behaviors using replica analysis. Numerical experiments were also performed, and a comparison between the results of our simulation and those obtained via replica analysis validated our proposed method.

Portfolio optimization problem with nonidentical variances of asset returns using statistical mechanical informatics

NASA Astrophysics Data System (ADS)

Shinzato, Takashi

2016-12-01

The portfolio optimization problem in which the variances of the return rates of assets are not identical is analyzed in this paper using the methodology of statistical mechanical informatics, specifically, replica analysis. We defined two characteristic quantities of an optimal portfolio, namely, minimal investment risk and investment concentration, in order to solve the portfolio optimization problem and analytically determined their asymptotical behaviors using replica analysis. Numerical experiments were also performed, and a comparison between the results of our simulation and those obtained via replica analysis validated our proposed method.

Portfolio optimization using fuzzy linear programming

NASA Astrophysics Data System (ADS)

Pandit, Purnima K.

2013-09-01

Portfolio Optimization (PO) is a problem in Finance, in which investor tries to maximize return and minimize risk by carefully choosing different assets. Expected return and risk are the most important parameters with regard to optimal portfolios. In the simple form PO can be modeled as quadratic programming problem which can be put into equivalent linear form. PO problems with the fuzzy parameters can be solved as multi-objective fuzzy linear programming problem. In this paper we give the solution to such problems with an illustrative example.

Credibilistic multi-period portfolio optimization based on scenario tree

NASA Astrophysics Data System (ADS)

Mohebbi, Negin; Najafi, Amir Abbas

2018-02-01

In this paper, we consider a multi-period fuzzy portfolio optimization model with considering transaction costs and the possibility of risk-free investment. We formulate a bi-objective mean-VaR portfolio selection model based on the integration of fuzzy credibility theory and scenario tree in order to dealing with the markets uncertainty. The scenario tree is also a proper method for modeling multi-period portfolio problems since the length and continuity of their horizon. We take the return and risk as well cardinality, threshold, class, and liquidity constraints into consideration for further compliance of the model with reality. Then, an interactive dynamic programming method, which is based on a two-phase fuzzy interactive approach, is employed to solve the proposed model. In order to verify the proposed model, we present an empirical application in NYSE under different circumstances. The results show that the consideration of data uncertainty and other real-world assumptions lead to more practical and efficient solutions.

On the Teaching of Portfolio Theory.

ERIC Educational Resources Information Center

Biederman, Daniel K.

1992-01-01

Demonstrates how a simple portfolio problem expressed explicitly as an expected utility maximization problem can be used to instruct students in portfolio theory. Discusses risk aversion, decision making under uncertainty, and the limitations of the traditional mean variance approach. Suggests students may develop a greater appreciation of general…

Portfolios with nonlinear constraints and spin glasses

NASA Astrophysics Data System (ADS)

Gábor, Adrienn; Kondor, I.

1999-12-01

In a recent paper Galluccio, Bouchaud and Potters demonstrated that a certain portfolio problem with a nonlinear constraint maps exactly onto finding the ground states of a long-range spin glass, with the concomitant nonuniqueness and instability of the optimal portfolios. Here we put forward geometric arguments that lead to qualitatively similar conclusions, without recourse to the methods of spin glass theory, and give two more examples of portfolio problems with convex nonlinear constraints.

A One-Layer Recurrent Neural Network for Real-Time Portfolio Optimization With Probability Criterion.

PubMed

Liu, Qingshan; Dang, Chuangyin; Huang, Tingwen

2013-02-01

This paper presents a decision-making model described by a recurrent neural network for dynamic portfolio optimization. The portfolio-optimization problem is first converted into a constrained fractional programming problem. Since the objective function in the programming problem is not convex, the traditional optimization techniques are no longer applicable for solving this problem. Fortunately, the objective function in the fractional programming is pseudoconvex on the feasible region. It leads to a one-layer recurrent neural network modeled by means of a discontinuous dynamic system. To ensure the optimal solutions for portfolio optimization, the convergence of the proposed neural network is analyzed and proved. In fact, the neural network guarantees to get the optimal solutions for portfolio-investment advice if some mild conditions are satisfied. A numerical example with simulation results substantiates the effectiveness and illustrates the characteristics of the proposed neural network.

Empirical performance of the multivariate normal universal portfolio

NASA Astrophysics Data System (ADS)

Tan, Choon Peng; Pang, Sook Theng

2013-09-01

Universal portfolios generated by the multivariate normal distribution are studied with emphasis on the case where variables are dependent, namely, the covariance matrix is not diagonal. The moving-order multivariate normal universal portfolio requires very long implementation time and large computer memory in its implementation. With the objective of reducing memory and implementation time, the finite-order universal portfolio is introduced. Some stock-price data sets are selected from the local stock exchange and the finite-order universal portfolio is run on the data sets, for small finite order. Empirically, it is shown that the portfolio can outperform the moving-order Dirichlet universal portfolio of Cover and Ordentlich[2] for certain parameters in the selected data sets.

Student Engagement with E-Portfolios: Purpose, Benefits and Problems

ERIC Educational Resources Information Center

Thanaraj, Ann

2012-01-01

This paper reports on a phenomenographic study about the different ways that undergraduate law students understood and conceptualised the idea of e-portfolios as used on their programme. The aim of the study was to investigate variations in conceptions of e-portfolios, including their purpose, benefits and problems as experienced by students. The…

Developing a decision support system for R&D project portfolio selection with interdependencies

NASA Astrophysics Data System (ADS)

Ashrafi, Maryam; Davoudpour, Hamid; Abbassi, Mohammad

2012-11-01

Although investment in research and technology is a promising tool for technology centered organizations through obtaining their objectives, resource constraints make organizations select between their pool of research and technology projects through means of R&D project portfolio selection techniques mitigating corresponding risks and enhancing the overall value of project portfolio.

Wavelet evolutionary network for complex-constrained portfolio rebalancing

NASA Astrophysics Data System (ADS)

Suganya, N. C.; Vijayalakshmi Pai, G. A.

2012-07-01

Portfolio rebalancing problem deals with resetting the proportion of different assets in a portfolio with respect to changing market conditions. The constraints included in the portfolio rebalancing problem are basic, cardinality, bounding, class and proportional transaction cost. In this study, a new heuristic algorithm named wavelet evolutionary network (WEN) is proposed for the solution of complex-constrained portfolio rebalancing problem. Initially, the empirical covariance matrix, one of the key inputs to the problem, is estimated using the wavelet shrinkage denoising technique to obtain better optimal portfolios. Secondly, the complex cardinality constraint is eliminated using k-means cluster analysis. Finally, WEN strategy with logical procedures is employed to find the initial proportion of investment in portfolio of assets and also rebalance them after certain period. Experimental studies of WEN are undertaken on Bombay Stock Exchange, India (BSE200 index, period: July 2001-July 2006) and Tokyo Stock Exchange, Japan (Nikkei225 index, period: March 2002-March 2007) data sets. The result obtained using WEN is compared with the only existing counterpart named Hopfield evolutionary network (HEN) strategy and also verifies that WEN performs better than HEN. In addition, different performance metrics and data envelopment analysis are carried out to prove the robustness and efficiency of WEN over HEN strategy.

An integrated portfolio optimisation procedure based on data envelopment analysis, artificial bee colony algorithm and genetic programming

NASA Astrophysics Data System (ADS)

Hsu, Chih-Ming

2014-12-01

Portfolio optimisation is an important issue in the field of investment/financial decision-making and has received considerable attention from both researchers and practitioners. However, besides portfolio optimisation, a complete investment procedure should also include the selection of profitable investment targets and determine the optimal timing for buying/selling the investment targets. In this study, an integrated procedure using data envelopment analysis (DEA), artificial bee colony (ABC) and genetic programming (GP) is proposed to resolve a portfolio optimisation problem. The proposed procedure is evaluated through a case study on investing in stocks in the semiconductor sub-section of the Taiwan stock market for 4 years. The potential average 6-month return on investment of 9.31% from 1 November 2007 to 31 October 2011 indicates that the proposed procedure can be considered a feasible and effective tool for making outstanding investment plans, and thus making profits in the Taiwan stock market. Moreover, it is a strategy that can help investors to make profits even when the overall stock market suffers a loss.

The Pentagonal E-Portfolio Model for Selecting, Adopting, Building, and Implementing an E-Portfolio

ERIC Educational Resources Information Center

Buzzetto-More, Nicole; Alade, Ayodele

2008-01-01

Electronic portfolios are a student-centered outcomes-based assessment regime involving learners in the gathering, selection, and organization of artifacts synthesized into a compilation purposed to demonstrate knowledge, skills, and/or achievements supported by reflections that articulate the relevance, credibility, and meaning of the artifacts…

IT Portfolio Selection and IT Synergy

ERIC Educational Resources Information Center

Cho, Woo Je

2010-01-01

This dissertation consists of three chapters. The primary objectives of this dissertation are: (1) to provide a methodological framework of IT (Information Technology) portfolio management, and (2) to identify the effect of IT synergy on IT portfolio selection of a firm. The first chapter presents a methodological framework for IT project…

Problems, Pitfalls, and Benefits of Portfolios.

ERIC Educational Resources Information Center

Stone, Bernice A.

1998-01-01

Two groups of student teachers, one school-based and one university-based, were introduced to portfolio construction. School-based students received more guidance in and time for portfolio construction. Surveys and interviews indicated that the extra time and guidance helped school-based students, who benefited more from portfolios than…

A class of multi-period semi-variance portfolio for petroleum exploration and development

NASA Astrophysics Data System (ADS)

Guo, Qiulin; Li, Jianzhong; Zou, Caineng; Guo, Yujuan; Yan, Wei

2012-10-01

Variance is substituted by semi-variance in Markowitz's portfolio selection model. For dynamic valuation on exploration and development projects, one period portfolio selection is extended to multi-period. In this article, a class of multi-period semi-variance exploration and development portfolio model is formulated originally. Besides, a hybrid genetic algorithm, which makes use of the position displacement strategy of the particle swarm optimiser as a mutation operation, is applied to solve the multi-period semi-variance model. For this class of portfolio model, numerical results show that the mode is effective and feasible.

Developing a framework for energy technology portfolio selection

NASA Astrophysics Data System (ADS)

Davoudpour, Hamid; Ashrafi, Maryam

2012-11-01

Today, the increased consumption of energy in world, in addition to the risk of quick exhaustion of fossil resources, has forced industrial firms and organizations to utilize energy technology portfolio management tools viewed both as a process of diversification of energy sources and optimal use of available energy sources. Furthermore, the rapid development of technologies, their increasing complexity and variety, and market dynamics have made the task of technology portfolio selection difficult. Considering high level of competitiveness, organizations need to strategically allocate their limited resources to the best subset of possible candidates. This paper presents the results of developing a mathematical model for energy technology portfolio selection at a R&D center maximizing support of the organization's strategy and values. The model balances the cost and benefit of the entire portfolio.

Divergent estimation error in portfolio optimization and in linear regression

NASA Astrophysics Data System (ADS)

Kondor, I.; Varga-Haszonits, I.

2008-08-01

The problem of estimation error in portfolio optimization is discussed, in the limit where the portfolio size N and the sample size T go to infinity such that their ratio is fixed. The estimation error strongly depends on the ratio N/T and diverges for a critical value of this parameter. This divergence is the manifestation of an algorithmic phase transition, it is accompanied by a number of critical phenomena, and displays universality. As the structure of a large number of multidimensional regression and modelling problems is very similar to portfolio optimization, the scope of the above observations extends far beyond finance, and covers a large number of problems in operations research, machine learning, bioinformatics, medical science, economics, and technology.

Validity of the Learning Portfolio: Analysis of a Portfolio Proposal for the University

ERIC Educational Resources Information Center

Gregori-Giralt, Eva; Menéndez-Varela, José Luis

2015-01-01

Validity is a central issue in portfolio-based assessment. This empirical study used a quantitative approach to analyse the validity of the inferences drawn from a disciplinary course work portfolio assessment comprising profession-specific and learning competencies. The study also examined the problems involved in the development of the…

Formal Method of Description Supporting Portfolio Assessment

ERIC Educational Resources Information Center

Morimoto, Yasuhiko; Ueno, Maomi; Kikukawa, Isao; Yokoyama, Setsuo; Miyadera, Youzou

2006-01-01

Teachers need to assess learner portfolios in the field of education. However, they need support in the process of designing and practicing what kind of portfolios are to be assessed. To solve the problem, a formal method of describing the relations between the lesson forms and portfolios that need to be collected and the relations between…

Roy's safety-first portfolio principle in financial risk management of disastrous events.

PubMed

Chiu, Mei Choi; Wong, Hoi Ying; Li, Duan

2012-11-01

Roy pioneers the concept and practice of risk management of disastrous events via his safety-first principle for portfolio selection. More specifically, his safety-first principle advocates an optimal portfolio strategy generated from minimizing the disaster probability, while subject to the budget constraint and the mean constraint that the expected final wealth is not less than a preselected disaster level. This article studies the dynamic safety-first principle in continuous time and its application in asset and liability management. We reveal that the distortion resulting from dropping the mean constraint, as a common practice to approximate the original Roy's setting, either leads to a trivial case or changes the problem nature completely to a target-reaching problem, which produces a highly leveraged trading strategy. Recognizing the ill-posed nature of the corresponding Lagrangian method when retaining the mean constraint, we invoke a wisdom observed from a limited funding-level regulation of pension funds and modify the original safety-first formulation accordingly by imposing an upper bound on the funding level. This model revision enables us to solve completely the safety-first asset-liability problem by a martingale approach and to derive an optimal policy that follows faithfully the spirit of the safety-first principle and demonstrates a prominent nature of fighting for the best and preventing disaster from happening. © 2012 Society for Risk Analysis.

Risk-Based Sampling: I Don't Want to Weight in Vain.

PubMed

Powell, Mark R

2015-12-01

Recently, there has been considerable interest in developing risk-based sampling for food safety and animal and plant health for efficient allocation of inspection and surveillance resources. The problem of risk-based sampling allocation presents a challenge similar to financial portfolio analysis. Markowitz (1952) laid the foundation for modern portfolio theory based on mean-variance optimization. However, a persistent challenge in implementing portfolio optimization is the problem of estimation error, leading to false "optimal" portfolios and unstable asset weights. In some cases, portfolio diversification based on simple heuristics (e.g., equal allocation) has better out-of-sample performance than complex portfolio optimization methods due to estimation uncertainty. Even for portfolios with a modest number of assets, the estimation window required for true optimization may imply an implausibly long stationary period. The implications for risk-based sampling are illustrated by a simple simulation model of lot inspection for a small, heterogeneous group of producers. © 2015 Society for Risk Analysis.

Portfolio selection and asset pricing under a benchmark approach

NASA Astrophysics Data System (ADS)

Platen, Eckhard

2006-10-01

The paper presents classical and new results on portfolio optimization, as well as the fair pricing concept for derivative pricing under the benchmark approach. The growth optimal portfolio is shown to be a central object in a market model. It links asset pricing and portfolio optimization. The paper argues that the market portfolio is a proxy of the growth optimal portfolio. By choosing the drift of the discounted growth optimal portfolio as parameter process, one obtains a realistic theoretical market dynamics.

Random Matrix Approach for Primal-Dual Portfolio Optimization Problems

NASA Astrophysics Data System (ADS)

Tada, Daichi; Yamamoto, Hisashi; Shinzato, Takashi

2017-12-01

In this paper, we revisit the portfolio optimization problems of the minimization/maximization of investment risk under constraints of budget and investment concentration (primal problem) and the maximization/minimization of investment concentration under constraints of budget and investment risk (dual problem) for the case that the variances of the return rates of the assets are identical. We analyze both optimization problems by the Lagrange multiplier method and the random matrix approach. Thereafter, we compare the results obtained from our proposed approach with the results obtained in previous work. Moreover, we use numerical experiments to validate the results obtained from the replica approach and the random matrix approach as methods for analyzing both the primal and dual portfolio optimization problems.

Selected Papers from the Spring 1993 Breivogel Conference at the University of Florida on Alternative/Portfolio Assessment.

ERIC Educational Resources Information Center

Vernetson, Theresa, Ed.

1993-01-01

This edition of the "Research Bulletin" is a compilation of papers presented at the annual William F. Breivogel Conference in 1993. The conference theme was alternative and portfolio assessment. Papers were grouped into assessment in general, portfolio assessment, and alternative assessments and curriculum questions. The selected papers…

Minimal investment risk of a portfolio optimization problem with budget and investment concentration constraints

NASA Astrophysics Data System (ADS)

Shinzato, Takashi

2017-02-01

In the present paper, the minimal investment risk for a portfolio optimization problem with imposed budget and investment concentration constraints is considered using replica analysis. Since the minimal investment risk is influenced by the investment concentration constraint (as well as the budget constraint), it is intuitive that the minimal investment risk for the problem with an investment concentration constraint can be larger than that without the constraint (that is, with only the budget constraint). Moreover, a numerical experiment shows the effectiveness of our proposed analysis. In contrast, the standard operations research approach failed to identify accurately the minimal investment risk of the portfolio optimization problem.

Compromise Approach-Based Genetic Algorithm for Constrained Multiobjective Portfolio Selection Model

NASA Astrophysics Data System (ADS)

Li, Jun

In this paper, fuzzy set theory is incorporated into a multiobjective portfolio selection model for investors’ taking into three criteria: return, risk and liquidity. The cardinality constraint, the buy-in threshold constraint and the round-lots constraints are considered in the proposed model. To overcome the difficulty of evaluation a large set of efficient solutions and selection of the best one on non-dominated surface, a compromise approach-based genetic algorithm is presented to obtain a compromised solution for the proposed constrained multiobjective portfolio selection model.

Operationalizing the Student Electronic Portfolio for Doctoral Nursing Education.

PubMed

Willmarth-Stec, Melissa; Beery, Teresa

2015-01-01

There is an increasing trend toward use of the electronic portfolio (e-portfolio) in Doctor of Nursing Practice programs. E-portfolios can provide documentation of competencies and achievement of program outcomes while showcasing a holistic view of the student achievement. Implementation of the e-portfolio requires careful decision making concerning software selection, set-up, portfolio components, and evaluation. The purpose of this article is to describe the implementation of an e-portfolio in a Doctor of Nursing Practice program and provide lessons learned during the implementation stage.

On application of vector optimization in the problem of formation of portfolio of counterparties

NASA Astrophysics Data System (ADS)

Gorbich, A. L.; Medvedeva, M. A.; Medvedev, M. A.

2016-12-01

For the effective functioning of any enterprise it is necessary to choose the right partners: suppliers of raw material, buyers of finished products, with which the company interacts in the course of their business. However, the presence on the market of big amounts of enterprises makes the choice the most appropriate among them very difficult and requires the ability to objectively assess of the possible partners, based on multilateral analysis of their activities. This analysis can be carried out based on the solution of multiobjective problems of mathematical programming by using the methods of vector optimization. The work considers existing methods of selection of counterparties, as well as the theoretical foundations for the proposed methodology. It also describes a computer program that analyzes the raw data for contractors and allows choosing the best portfolio of suppliers of enterprise. The feature of selection of counterparties is that today's market has a large number of enterprises in similar activities. Successful choice of contractor will help to avoid unpleasant situations and financial losses, as well as to find a reliable partner in his person for the implementation of the production strategy of the company.

Belief Propagation Algorithm for Portfolio Optimization Problems

PubMed Central

2015-01-01

The typical behavior of optimal solutions to portfolio optimization problems with absolute deviation and expected shortfall models using replica analysis was pioneeringly estimated by S. Ciliberti et al. [Eur. Phys. B. 57, 175 (2007)]; however, they have not yet developed an approximate derivation method for finding the optimal portfolio with respect to a given return set. In this study, an approximation algorithm based on belief propagation for the portfolio optimization problem is presented using the Bethe free energy formalism, and the consistency of the numerical experimental results of the proposed algorithm with those of replica analysis is confirmed. Furthermore, the conjecture of H. Konno and H. Yamazaki, that the optimal solutions with the absolute deviation model and with the mean-variance model have the same typical behavior, is verified using replica analysis and the belief propagation algorithm. PMID:26305462

Belief Propagation Algorithm for Portfolio Optimization Problems.

PubMed

Shinzato, Takashi; Yasuda, Muneki

2015-01-01

The typical behavior of optimal solutions to portfolio optimization problems with absolute deviation and expected shortfall models using replica analysis was pioneeringly estimated by S. Ciliberti et al. [Eur. Phys. B. 57, 175 (2007)]; however, they have not yet developed an approximate derivation method for finding the optimal portfolio with respect to a given return set. In this study, an approximation algorithm based on belief propagation for the portfolio optimization problem is presented using the Bethe free energy formalism, and the consistency of the numerical experimental results of the proposed algorithm with those of replica analysis is confirmed. Furthermore, the conjecture of H. Konno and H. Yamazaki, that the optimal solutions with the absolute deviation model and with the mean-variance model have the same typical behavior, is verified using replica analysis and the belief propagation algorithm.

E-Portfolios: Concepts, Designs, and Integration within Student Affairs

ERIC Educational Resources Information Center

Garis, Jeff W.

2007-01-01

This chapter provides an overview of e-portfolio concepts and designs. It describes a model that outlines an array of dimensions for the categorization of e-portfolio systems, reviews selected systems, and makes observations regarding the importance for student affairs units to understand, collaborate, and include e-portfolio systems within their…

Investment portfolio management from cybernetic point of view

NASA Astrophysics Data System (ADS)

Marchev, Angel, Jr.; Marchev, Angel

2013-12-01

The theory of investment portfolios is a well defined component of financial science. While sound in principle, it faces some setbacks in its real-world implementation. In this paper the authors propose a reformulation of the investment portfolio problem as a cybernetic system where the Investor is the controlling system and the portfolio is the controlled system. Also the portfolio controlling process should be dissected in several ordered phases, so that each phase is represented as a subsystem within the structure of the controlling system Investor.

Linearly Adjustable International Portfolios

NASA Astrophysics Data System (ADS)

Fonseca, R. J.; Kuhn, D.; Rustem, B.

2010-09-01

We present an approach to multi-stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solutions however can become intractable as the number of stages increases. By restricting the space of decision policies to linear rules, we obtain a conservative tractable approximation to the original problem. Local asset prices and foreign exchange rates are modelled separately, which allows for a direct measure of their impact on the final portfolio value.

Universal portfolios generated by the Bregman divergence

NASA Astrophysics Data System (ADS)

Tan, Choon Peng; Kuang, Kee Seng

2017-04-01

The Bregman divergence of two probability vectors is a stronger form of the f-divergence introduced by Csiszar. Two versions of the Bregman universal portfolio are presented by exploiting the mean-value theorem. The explicit form of the Bregman universal portfolio generated by a function of a convex polynomial is derived and studied empirically. This portfolio can be regarded as another generalized of the well-known Helmbold portfolio. By running the portfolios on selected stock-price data sets from the local stock exchange, it is shown that it is possible to increase the wealth of the investor by using the portfolios in investment.

A nonlinear bi-level programming approach for product portfolio management.

PubMed

Ma, Shuang

2016-01-01

Product portfolio management (PPM) is a critical decision-making for companies across various industries in today's competitive environment. Traditional studies on PPM problem have been motivated toward engineering feasibilities and marketing which relatively pay less attention to other competitors' actions and the competitive relations, especially in mathematical optimization domain. The key challenge lies in that how to construct a mathematical optimization model to describe this Stackelberg game-based leader-follower PPM problem and the competitive relations between them. The primary work of this paper is the representation of a decision framework and the optimization model to leverage the PPM problem of leader and follower. A nonlinear, integer bi-level programming model is developed based on the decision framework. Furthermore, a bi-level nested genetic algorithm is put forward to solve this nonlinear bi-level programming model for leader-follower PPM problem. A case study of notebook computer product portfolio optimization is reported. Results and analyses reveal that the leader-follower bi-level optimization model is robust and can empower product portfolio optimization.

Learning portfolio models in health regulatory colleges of Ontario, Canada.

PubMed

Tompkins, Marianne; Paquette-Frenette, Denise

2010-01-01

Health regulatory colleges promote continued competence by requiring members to submit yearly portfolios that document learning. Previous studies conclude that portfolios can be valuable tools to promote continuous learning in health college members, but portfolios are time-consuming to complete and difficult to evaluate. This exploratory study compares the features of portfolio models in regulatory colleges, as a basis for future studies. Data were collected through a document review of the portfolio models described on the Web sites of 14 Canadian health regulatory colleges. All models contain 3 common components of self-directed learning: (1) self-diagnosis, (2) learning plan and activities, and (3) self-evaluation. Several include member profiles and peer feedback. A broad range of formal, nonformal, and informal activities are accepted as evidence of learning; a few colleges restrict learners' freedom in selecting these activities. There is a dual philosophy of learning in portfolio models that includes both humanist and technical paradigms. Low numbers of members are selected for audit of completed portfolios. The possibility of last-minute preparation and the lack of support to members who struggle with self-directed learning methods are issues to be resolved. Although portfolios are designed to enhance learning and reflection, quality cannot be ensured unless compliance is enforced, and learning outcomes are measured. Professionals should be guided regarding how to complete portfolios. More health regulatory colleges should announce the number of portfolios they audit. In general, the number of portfolios audited by each profession may need to be increased.

Noise sensitivity of portfolio selection in constant conditional correlation GARCH models

NASA Astrophysics Data System (ADS)

Varga-Haszonits, I.; Kondor, I.

2007-11-01

This paper investigates the efficiency of minimum variance portfolio optimization for stock price movements following the Constant Conditional Correlation GARCH process proposed by Bollerslev. Simulations show that the quality of portfolio selection can be improved substantially by computing optimal portfolio weights from conditional covariances instead of unconditional ones. Measurement noise can be further reduced by applying some filtering method on the conditional correlation matrix (such as Random Matrix Theory based filtering). As an empirical support for the simulation results, the analysis is also carried out for a time series of S&P500 stock prices.

E-Portfolios for Reflective Practice, Advocacy, and Professional Growth

ERIC Educational Resources Information Center

Keller, Cynthia

2013-01-01

An e-portfolio is an organized collection of professional work (artifacts), selected and reflected upon by the author, that represents a person's best efforts. Over time, an e-portfolio will reflect professional changes and growth. This article discusses some of the reasons for a school librarian to create an e-portfolio. Before creating an…

Complex Moving Parts: Assessment Systems and Electronic Portfolios

ERIC Educational Resources Information Center

Larkin, Martha J.; Robertson, Royce L.

2013-01-01

The largest college within an online university of over 50,000 students invested significant resources in translating a complex assessment system focused on continuous improvement and national accreditation into an effective and efficient electronic portfolio (ePortfolio). The team building the system needed a model to address problems met…

Electronic Portfolios.

ERIC Educational Resources Information Center

Purves, Alan C.

1996-01-01

Outlines three forms of electronic portfolio based on a student's work, a class project about a specific topic, and a class seminar on a broad topic. Discusses logistical problems of management, access, and cross-referencing; technical problems of input, access, and copying; and theoretical issues of the lack of realia, of ownership and copyright,…

Clustering of financial time series with application to index and enhanced index tracking portfolio

NASA Astrophysics Data System (ADS)

Dose, Christian; Cincotti, Silvano

2005-09-01

A stochastic-optimization technique based on time series cluster analysis is described for index tracking and enhanced index tracking problems. Our methodology solves the problem in two steps, i.e., by first selecting a subset of stocks and then setting the weight of each stock as a result of an optimization process (asset allocation). Present formulation takes into account constraints on the number of stocks and on the fraction of capital invested in each of them, whilst not including transaction costs. Computational results based on clustering selection are compared to those of random techniques and show the importance of clustering in noise reduction and robust forecasting applications, in particular for enhanced index tracking.

Portfolio optimization by using linear programing models based on genetic algorithm

NASA Astrophysics Data System (ADS)

Sukono; Hidayat, Y.; Lesmana, E.; Putra, A. S.; Napitupulu, H.; Supian, S.

2018-01-01

In this paper, we discussed the investment portfolio optimization using linear programming model based on genetic algorithms. It is assumed that the portfolio risk is measured by absolute standard deviation, and each investor has a risk tolerance on the investment portfolio. To complete the investment portfolio optimization problem, the issue is arranged into a linear programming model. Furthermore, determination of the optimum solution for linear programming is done by using a genetic algorithm. As a numerical illustration, we analyze some of the stocks traded on the capital market in Indonesia. Based on the analysis, it is shown that the portfolio optimization performed by genetic algorithm approach produces more optimal efficient portfolio, compared to the portfolio optimization performed by a linear programming algorithm approach. Therefore, genetic algorithms can be considered as an alternative on determining the investment portfolio optimization, particularly using linear programming models.

A method for minimum risk portfolio optimization under hybrid uncertainty

NASA Astrophysics Data System (ADS)

Egorova, Yu E.; Yazenin, A. V.

2018-03-01

In this paper, we investigate a minimum risk portfolio model under hybrid uncertainty when the profitability of financial assets is described by fuzzy random variables. According to Feng, the variance of a portfolio is defined as a crisp value. To aggregate fuzzy information the weakest (drastic) t-norm is used. We construct an equivalent stochastic problem of the minimum risk portfolio model and specify the stochastic penalty method for solving it.

Flow of Funds Modeling for Localized Financial Markets: An Application of Spatial Price and Allocation Activity Analysis Models.

DTIC Science & Technology

1981-01-01

on modeling the managerial aspects of the firm. The second has been the application to economic theory led by ...individual portfolio optimization problems which were embedded in a larger global optimization problem. In the global problem, portfolios were linked by market ...demand quantities or be given by linear demand relationships. As in~ the source markets , the model

Contract portfolio optimization for a gasoline supply chain

NASA Astrophysics Data System (ADS)

Wang, Shanshan

Major oil companies sell gasoline through three channels of trade: branded (associated with long-term contracts), unbranded (associated with short-term contracts), and spot market. The branded channel provides them with a long-term secured and sustainable demand source, but requires an inflexible long-term commitment with demand and price risks. The unbranded channel provides a medium level of allocation flexibility. The spot market provides them with the greatest allocation flexibility to the changing market conditions, but the spot market's illiquidity mitigates this benefit. In order to sell the product in a profitable and sustainable way, they need an optimal contract portfolio. This dissertation addresses the contract portfolio optimization problem from different perspectives (retrospective view and forward-looking view) at different levels (strategic level, tactical level and operational level). The objective of the retrospective operational model is to develop a financial case to estimate the business value of having a dynamic optimization model and quantify the opportunity values missed in the past. This model proves the financial significance of the problem and provides top management valuable insights into the business. BP has applied the insights and principles gained from this work and implemented the model to the entire Midwest gasoline supply chain to retrospectively review optimization opportunities. The strategic model is the most parsimonious model that captures the essential economic tradeoffs among different contract types, to demonstrate the need for a contract portfolio and what drives the portfolio. We examine the properties of the optimal contract portfolio and provide a comparative statics analysis by changing the model parameters. As the strategic model encapsulates the business problem at the macroscopic level, the tactical model resolves lower level issues. It considers the time dynamics, the information flow and contracting flow. Using this model, we characterize a simple and easily implementable dynamic contract portfolio policy that would enable the company to dynamically rebalance its supply contract portfolio over time in anticipation of the future market conditions in each individual channel while satisfying the contractual obligations. The optimal policy is a state-dependent base-share contract portfolio policy characterized by a branded base-share level and an unbranded contract commitment combination, given as a function of the initial information state. Using real-world market data, we estimate the model parameters. We also apply an efficient modified policy iteration method to compute the optimal contract portfolio strategies and corresponding profit value. We present computational results in order to obtain insights into the structure of optimal policies, capture the value of the dynamic contract portfolio policy by comparing it with static policies, and illustrate the sensitivity of the optimal contract portfolio and corresponding profit value in terms of the different parameters. Considering the geographic dispersion of different market areas and the pipeline network together with the dynamic contract portfolio optimization problem, we formulate a forward-looking operational model, which could be used by gasoline suppliers for lower-level planning. Finally, we discuss the generalization of the framework to other problems and applications, as well as further research.

Application’s Method of Quadratic Programming for Optimization of Portfolio Selection

NASA Astrophysics Data System (ADS)

Kawamoto, Shigeru; Takamoto, Masanori; Kobayashi, Yasuhiro

Investors or fund-managers face with optimization of portfolio selection, which means that determine the kind and the quantity of investment among several brands. We have developed a method to obtain optimal stock’s portfolio more rapidly from twice to three times than conventional method with efficient universal optimization. The method is characterized by quadratic matrix of utility function and constrained matrices divided into several sub-matrices by focusing on structure of these matrices.

Multi-objective possibilistic model for portfolio selection with transaction cost

NASA Astrophysics Data System (ADS)

Jana, P.; Roy, T. K.; Mazumder, S. K.

2009-06-01

In this paper, we introduce the possibilistic mean value and variance of continuous distribution, rather than probability distributions. We propose a multi-objective Portfolio based model and added another entropy objective function to generate a well diversified asset portfolio within optimal asset allocation. For quantifying any potential return and risk, portfolio liquidity is taken into account and a multi-objective non-linear programming model for portfolio rebalancing with transaction cost is proposed. The models are illustrated with numerical examples.

Improving the Quality of Evidence-Based Writing Entries in Electronic Portfolios

ERIC Educational Resources Information Center

Denton, David W.

2012-01-01

The problem investigated in this study was whether entries written to an electronic portfolio by preservice teachers improved in quality after an intervention was deployed. The study also compared portfolio metadata to writing quality scores to determine whether there was a relationship. Participants included a convenience sample of 11…

EFL Writers' Attitudes and Perceptions toward F-Portfolio Use

ERIC Educational Resources Information Center

Aydin, Selami

2014-01-01

Atitudes toward and perceptions of using Facebook as a portfolio-keeping tool in teaching English as a foreign language (EFL) writing. In general, existing research reveals primarily positive effects of Facebook on educational activities, and research on portfolio keeping in EFL writing shows both benefits and problem areas. Thus, the current…

Concurrent credit portfolio losses

PubMed Central

Sicking, Joachim; Schäfer, Rudi

2018-01-01

We consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure of such portfolio losses, we estimate their empirical pairwise copulas. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable portfolio loss correlations. Anticipated idiosyncratic effects turn out to be negligible. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector. JEL codes: C32, F34, G21, G32, H81. PMID:29425246

Concurrent credit portfolio losses.

PubMed

Sicking, Joachim; Guhr, Thomas; Schäfer, Rudi

2018-01-01

We consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure of such portfolio losses, we estimate their empirical pairwise copulas. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable portfolio loss correlations. Anticipated idiosyncratic effects turn out to be negligible. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector. JEL codes: C32, F34, G21, G32, H81.

Performance of finite order distribution-generated universal portfolios

NASA Astrophysics Data System (ADS)

Pang, Sook Theng; Liew, How Hui; Chang, Yun Fah

2017-04-01

A Constant Rebalanced Portfolio (CRP) is an investment strategy which reinvests by redistributing wealth equally among a set of stocks. The empirical performance of the distribution-generated universal portfolio strategies are analysed experimentally concerning 10 higher volume stocks from different categories in Kuala Lumpur Stock Exchange. The time interval of study is from January 2000 to December 2015, which includes the credit crisis from September 2008 to March 2009. The performance of the finite-order universal portfolio strategies has been shown to be better than Constant Rebalanced Portfolio with some selected parameters of proposed universal portfolios.

Joint Planning and Development Office Work Plan FY10

DTIC Science & Technology

2010-01-01

IPSA ) Division will make refinements to the NextGen Portfolio Analysis. In addition, IPSA will work with the Department of Defense (DoD) to define and...Submitted Interagency Portfolio and Systems Analysis ( IPSA ) DRAFT DoD Portfolio Analysis Criteria BASELINE DoD Portfolio Analysis Criteria DRAFT...WG Work Plan Review Prototype Capability Selected and Defined CHAs Complete Safety Metrics for IPSA Complete FINAL Prototype Report FINAL

Electronic Portfolios in Tenure and Promotion Decisions: Making a Virtual Case.

ERIC Educational Resources Information Center

Blair, Kristine

A current problem at many American universities is that tenure and promotion procedures continue to privilege print-based evidence of teaching and research productivity, or do not acknowledge the impact of technology on teaching, scholarship, and service. Despite these problems, this paper makes the case for electronic teaching portfolios as…

Portfolio Optimization with Stochastic Dividends and Stochastic Volatility

ERIC Educational Resources Information Center

Varga, Katherine Yvonne

2015-01-01

We consider an optimal investment-consumption portfolio optimization model in which an investor receives stochastic dividends. As a first problem, we allow the drift of stock price to be a bounded function. Next, we consider a stochastic volatility model. In each problem, we use the dynamic programming method to derive the Hamilton-Jacobi-Bellman…

Can One Portfolio Measure the Six ACGME General Competencies?

ERIC Educational Resources Information Center

Jarvis, Robert M.; O'Sullivan, Patricia S.; McClain, Tina; Clardy, James A.

2004-01-01

Objective: To determine that portfolios, useable by any program, can provide needed evidence of resident performance within the ACGME general competencies. Methods: Eighteen residents constructed portfolios with selected entries from thirteen psychiatric skills. Two raters assessed whether entries reflected resident performance within the general…

Reflection during Portfolio-Based Conversations

ERIC Educational Resources Information Center

Oosterbaan, Anne E.; van der Schaaf, Marieke F.; Baartman, Liesbeth K. J.; Stokking, Karel M.

2010-01-01

This study aims to explore the relationship between the occurrence of reflection (and non-reflection) and thinking activities (e.g., orientating, selecting, analysing) during portfolio-based conversations. Analysis of 21 transcripts of portfolio-based conversations revealed that 20% of the segments were made up of reflection (content reflection…

Formation of the portfolio of high-rise construction projects on the basis of optimization of «risk-return» rate

NASA Astrophysics Data System (ADS)

Uvarova, Svetlana; Kutsygina, Olga; Smorodina, Elena; Gumba, Khuta

2018-03-01

The effectiveness and sustainability of an enterprise are based on the effectiveness and sustainability of its portfolio of projects. When creating a production program for a construction company based on a portfolio of projects and related to the planning and implementation of initiated organizational and economic changes, the problem of finding the optimal "risk-return" ratio of the program (portfolio of projects) is solved. The article proposes and approves the methodology of forming a portfolio of enterprise projects on the basis of the correspondence principle. Optimization of the portfolio of projects on the criterion of "risk-return" also contributes to the company's sustainability.

Deformed exponentials and portfolio selection

NASA Astrophysics Data System (ADS)

Rodrigues, Ana Flávia P.; Guerreiro, Igor M.; Cavalcante, Charles Casimiro

In this paper, we present a method for portfolio selection based on the consideration on deformed exponentials in order to generalize the methods based on the gaussianity of the returns in portfolio, such as the Markowitz model. The proposed method generalizes the idea of optimizing mean-variance and mean-divergence models and allows a more accurate behavior for situations where heavy-tails distributions are necessary to describe the returns in a given time instant, such as those observed in economic crises. Numerical results show the proposed method outperforms the Markowitz portfolio for the cumulated returns with a good convergence rate of the weights for the assets which are searched by means of a natural gradient algorithm.

Portfolio Partnerships between Faculty and WAC: Lessons from Disciplinary Practice, Reflection, and Transformation

ERIC Educational Resources Information Center

Peters, Brad; Robertson, Julie Fisher

2007-01-01

In portfolio assessment, WAC helps other disciplines increase programmatic integrity and accountability. This analysis of a portfolio partnership also shows composition faculty how a dynamic culture of assessment helps us protect what we do well, improve what we need to do better, and solve problems as writing instruction keeps pace with…

Diversified models for portfolio selection based on uncertain semivariance

NASA Astrophysics Data System (ADS)

Chen, Lin; Peng, Jin; Zhang, Bo; Rosyida, Isnaini

2017-02-01

Since the financial markets are complex, sometimes the future security returns are represented mainly based on experts' estimations due to lack of historical data. This paper proposes a semivariance method for diversified portfolio selection, in which the security returns are given subjective to experts' estimations and depicted as uncertain variables. In the paper, three properties of the semivariance of uncertain variables are verified. Based on the concept of semivariance of uncertain variables, two types of mean-semivariance diversified models for uncertain portfolio selection are proposed. Since the models are complex, a hybrid intelligent algorithm which is based on 99-method and genetic algorithm is designed to solve the models. In this hybrid intelligent algorithm, 99-method is applied to compute the expected value and semivariance of uncertain variables, and genetic algorithm is employed to seek the best allocation plan for portfolio selection. At last, several numerical examples are presented to illustrate the modelling idea and the effectiveness of the algorithm.

Using an Online Portfolio Course in Assessing Students' Work

ERIC Educational Resources Information Center

Yilmaz, Harun; Cetinkaya, Bulent

2007-01-01

New developments and advancements in informational technology bring about several alternative avenues for educators to select in supporting and evaluating their students' learning. Online portfolio is a fairly new technique in this regard. As the online education grows, use of online portfolio becomes more vital for educational programs. At…

Experimental Studies on Electronic Portfolios in Turkey: A Literature Review

ERIC Educational Resources Information Center

Alan, Selahattin; Sünbül, Ali Murat

2015-01-01

In this study, a literature review was conducted about an individual's selected efforts, products stored in electronic format, and electronic portfolios that reflect the development and capacity of multimedia systems. In this context, relevant experimental studies performed in Turkey are collected to show e-portfolio application forms, their…

Vast Volatility Matrix Estimation using High Frequency Data for Portfolio Selection*

PubMed Central

Fan, Jianqing; Li, Yingying; Yu, Ke

2012-01-01

Portfolio allocation with gross-exposure constraint is an effective method to increase the efficiency and stability of portfolios selection among a vast pool of assets, as demonstrated in Fan et al. (2011). The required high-dimensional volatility matrix can be estimated by using high frequency financial data. This enables us to better adapt to the local volatilities and local correlations among vast number of assets and to increase significantly the sample size for estimating the volatility matrix. This paper studies the volatility matrix estimation using high-dimensional high-frequency data from the perspective of portfolio selection. Specifically, we propose the use of “pairwise-refresh time” and “all-refresh time” methods based on the concept of “refresh time” proposed by Barndorff-Nielsen et al. (2008) for estimation of vast covariance matrix and compare their merits in the portfolio selection. We establish the concentration inequalities of the estimates, which guarantee desirable properties of the estimated volatility matrix in vast asset allocation with gross exposure constraints. Extensive numerical studies are made via carefully designed simulations. Comparing with the methods based on low frequency daily data, our methods can capture the most recent trend of the time varying volatility and correlation, hence provide more accurate guidance for the portfolio allocation in the next time period. The advantage of using high-frequency data is significant in our simulation and empirical studies, which consist of 50 simulated assets and 30 constituent stocks of Dow Jones Industrial Average index. PMID:23264708

An Application of Digital Portfolio with the Peer, Self and Instructor Assessments in Art Education

ERIC Educational Resources Information Center

Dikici, Ayhan

2009-01-01

Problem Statement: In art education, one of the most difficult tasks is to evaluate the artistic works of students. Portfolio assessment is a method of assessment that is commonly used in artistic education. The major research question investigated in the study is: "What are the advantages and disadvantages of digital portfolio in an art…

On the Endogeneity of the Mean-Variance Efficient Frontier.

ERIC Educational Resources Information Center

Somerville, R. A.; O'Connell, Paul G. J.

2002-01-01

Explains that the endogeneity of the efficient frontier in the mean-variance model of portfolio selection is commonly obscured in portfolio selection literature and in widely used textbooks. Demonstrates endogeneity and discusses the impact of parameter changes on the mean-variance efficient frontier and on the beta coefficients of individual…

Robust portfolio selection based on asymmetric measures of variability of stock returns

NASA Astrophysics Data System (ADS)

Chen, Wei; Tan, Shaohua

2009-10-01

This paper addresses a new uncertainty set--interval random uncertainty set for robust optimization. The form of interval random uncertainty set makes it suitable for capturing the downside and upside deviations of real-world data. These deviation measures capture distributional asymmetry and lead to better optimization results. We also apply our interval random chance-constrained programming to robust mean-variance portfolio selection under interval random uncertainty sets in the elements of mean vector and covariance matrix. Numerical experiments with real market data indicate that our approach results in better portfolio performance.

The Effects of Portfolio Assessment on Writing of EFL Students

ERIC Educational Resources Information Center

Nezakatgoo, Behzad

2011-01-01

The primary focus of this study was to determine the effect of portfolio assessment on final examination scores of EFL students' writing skill. To determine the impact of portfolio-based writing assessment 40 university students who enrolled in composition course were initially selected and divided randomly into two experimental and control…

Professional Development Portfolio: Perceptions of Nutrition and Dietetics Current Students and Recent Graduates

ERIC Educational Resources Information Center

Vouchilas, Gus; George, Gretchen

2016-01-01

The Professional Development Portfolio (PDP) in family and consumer sciences nutrition and dietetics programs is a tool that can help students in their transition to professionals. Significant issues in the portfolio development process are: content selection, decision to create paper or online formatting, determination of proper timing to begin…

Conservation planning under uncertainty in urban development and vegetation dynamics

PubMed Central

Carmel, Yohay

2018-01-01

Systematic conservation planning is a framework for optimally locating and prioritizing areas for conservation. An often-noted shortcoming of most conservation planning studies is that they do not address future uncertainty. The selection of protected areas that are intended to ensure the long-term persistence of biodiversity is often based on a snapshot of the current situation, ignoring processes such as climate change. Scenarios, in the sense of being accounts of plausible futures, can be utilized to identify conservation area portfolios that are robust to future uncertainty. We compared three approaches for utilizing scenarios in conservation area selection: considering a full set of scenarios (all-scenarios portfolio), assuming the realization of specific scenarios, and a reference strategy based on the current situation (current distributions portfolio). Our objective was to compare the robustness of these approaches in terms of their relative performance across future scenarios. We focused on breeding bird species in Israel’s Mediterranean region. We simulated urban development and vegetation dynamics scenarios 60 years into the future using DINAMICA-EGO, a cellular-automata simulation model. For each scenario, we mapped the target species’ available habitat distribution, identified conservation priority areas using the site-selection software MARXAN, and constructed conservation area portfolios using the three aforementioned strategies. We then assessed portfolio performance based on the number of species for which representation targets were met in each scenario. The all-scenarios portfolio consistently outperformed the other portfolios, and was more robust to ‘errors’ (e.g., when an assumed specific scenario did not occur). On average, the all-scenarios portfolio achieved representation targets for five additional species compared with the current distributions portfolio (approximately 33 versus 28 species). Our findings highlight the importance of considering a broad and meaningful set of scenarios, rather than relying on the current situation, the expected occurrence of specific scenarios, or the worst-case scenario. PMID:29621330

Conservation planning under uncertainty in urban development and vegetation dynamics.

PubMed

Troupin, David; Carmel, Yohay

2018-01-01

Systematic conservation planning is a framework for optimally locating and prioritizing areas for conservation. An often-noted shortcoming of most conservation planning studies is that they do not address future uncertainty. The selection of protected areas that are intended to ensure the long-term persistence of biodiversity is often based on a snapshot of the current situation, ignoring processes such as climate change. Scenarios, in the sense of being accounts of plausible futures, can be utilized to identify conservation area portfolios that are robust to future uncertainty. We compared three approaches for utilizing scenarios in conservation area selection: considering a full set of scenarios (all-scenarios portfolio), assuming the realization of specific scenarios, and a reference strategy based on the current situation (current distributions portfolio). Our objective was to compare the robustness of these approaches in terms of their relative performance across future scenarios. We focused on breeding bird species in Israel's Mediterranean region. We simulated urban development and vegetation dynamics scenarios 60 years into the future using DINAMICA-EGO, a cellular-automata simulation model. For each scenario, we mapped the target species' available habitat distribution, identified conservation priority areas using the site-selection software MARXAN, and constructed conservation area portfolios using the three aforementioned strategies. We then assessed portfolio performance based on the number of species for which representation targets were met in each scenario. The all-scenarios portfolio consistently outperformed the other portfolios, and was more robust to 'errors' (e.g., when an assumed specific scenario did not occur). On average, the all-scenarios portfolio achieved representation targets for five additional species compared with the current distributions portfolio (approximately 33 versus 28 species). Our findings highlight the importance of considering a broad and meaningful set of scenarios, rather than relying on the current situation, the expected occurrence of specific scenarios, or the worst-case scenario.

Does asymmetric correlation affect portfolio optimization?

NASA Astrophysics Data System (ADS)

Fryd, Lukas

2017-07-01

The classical portfolio optimization problem does not assume asymmetric behavior of relationship among asset returns. The existence of asymmetric response in correlation on the bad news could be important information in portfolio optimization. The paper applies Dynamic conditional correlation model (DCC) and his asymmetric version (ADCC) to propose asymmetric behavior of conditional correlation. We analyse asymmetric correlation among S&P index, bonds index and spot gold price before mortgage crisis in 2008. We evaluate forecast ability of the models during and after mortgage crisis and demonstrate the impact of asymmetric correlation on the reduction of portfolio variance.

Merton's problem for an investor with a benchmark in a Barndorff-Nielsen and Shephard market.

PubMed

Lennartsson, Jan; Lindberg, Carl

2015-01-01

To try to outperform an externally given benchmark with known weights is the most common equity mandate in the financial industry. For quantitative investors, this task is predominantly approached by optimizing their portfolios consecutively over short time horizons with one-period models. We seek in this paper to provide a theoretical justification to this practice when the underlying market is of Barndorff-Nielsen and Shephard type. This is done by verifying that an investor who seeks to maximize her expected terminal exponential utility of wealth in excess of her benchmark will in fact use an optimal portfolio equivalent to the one-period Markowitz mean-variance problem in continuum under the corresponding Black-Scholes market. Further, we can represent the solution to the optimization problem as in Feynman-Kac form. Hence, the problem, and its solution, is analogous to Merton's classical portfolio problem, with the main difference that Merton maximizes expected utility of terminal wealth, not wealth in excess of a benchmark.

78 FR 65407 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To List...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-10-31

... selling investments for the Portfolio. Investments are selected based on fundamental and quantitative... Equity Portfolio. Investments are selected based on fundamental and quantitative analysis. MFS uses... trust and is registered with the Commission as an open-end management investment company.\\5\\ SSgA Funds...

Application and project portfolio valuation using enterprise architecture and business requirements modelling

NASA Astrophysics Data System (ADS)

Quartel, Dick; Steen, Maarten W. A.; Lankhorst, Marc M.

2012-05-01

This article describes an architecture-based approach to IT valuation. This approach offers organisations an instrument to valuate their application and project portfolios and to make well-balanced decisions about IT investments. The value of a software application is assessed in terms of its contribution to a selection of business goals. Based on such assessments, the value of different applications can be compared, and requirements for innovation, development, maintenance and phasing out can be identified. IT projects are proposed to realise the requirements. The value of each project is assessed in terms of the value it adds to one or more applications. This value can be obtained by relating the 'as-is' application portfolio to the 'to-be' portfolio that is being proposed by the project portfolio. In this way, projects can be ranked according to their added value, given a certain selection of business goals. The approach uses ArchiMate to model the relationship between software applications, business processes, services and products. In addition, two language extensions are used to model the relationship of these elements to business goals and requirements and to projects and project portfolios. The approach is illustrated using the portfolio method of Bedell and has been implemented in BiZZdesign Architect.

e-Portfolios Enhancing Students' Self-Directed Learning: A Systematic Review of Influencing Factors

ERIC Educational Resources Information Center

Beckers, Jorrick; Dolmans, Diana; Van Merriënboer, Jeroen

2016-01-01

e-Portfolios have become increasingly popular among educators as learning tools. Some research even shows that e-portfolios can be utilised to facilitate the development of skills for self-directed learning. Such skills include self-assessment of performance, formulation of learning goals, and selection of future tasks. However, it is not yet…

Shaping the Portfolio Course: The Uses of Direct Assessment and the Portfolio as a Critical Thinking Tool.

ERIC Educational Resources Information Center

Gruber, Loren C.

A composition teacher at Northwest Missouri State University completely redesigned the freshman composition course to include writing portfolios while meeting state requirements for direct assessment and allaying departmental fears. A unit on language history and a half-dozen literature selections were dropped in favor of timed, in-class essay…

Neural network for solving convex quadratic bilevel programming problems.

PubMed

He, Xing; Li, Chuandong; Huang, Tingwen; Li, Chaojie

2014-03-01

In this paper, using the idea of successive approximation, we propose a neural network to solve convex quadratic bilevel programming problems (CQBPPs), which is modeled by a nonautonomous differential inclusion. Different from the existing neural network for CQBPP, the model has the least number of state variables and simple structure. Based on the theory of nonsmooth analysis, differential inclusions and Lyapunov-like method, the limit equilibrium points sequence of the proposed neural networks can approximately converge to an optimal solution of CQBPP under certain conditions. Finally, simulation results on two numerical examples and the portfolio selection problem show the effectiveness and performance of the proposed neural network. Copyright © 2013 Elsevier Ltd. All rights reserved.

Authentic assessment based showcase portfolio on learning of mathematical problem solving in senior high school

NASA Astrophysics Data System (ADS)

Sukmawati, Zuhairoh, Faihatuz

2017-05-01

The purpose of this research was to develop authentic assessment model based on showcase portfolio on learning of mathematical problem solving. This research used research and development Method (R & D) which consists of four stages of development that: Phase I, conducting a preliminary study. Phase II, determining the purpose of developing and preparing the initial model. Phase III, trial test of instrument for the initial draft model and the initial product. The respondents of this research are the students of SMAN 8 and SMAN 20 Makassar. The collection of data was through observation, interviews, documentation, student questionnaire, and instrument tests mathematical solving abilities. The data were analyzed with descriptive and inferential statistics. The results of this research are authentic assessment model design based on showcase portfolio which involves: 1) Steps in implementing the authentic assessment based Showcase, assessment rubric of cognitive aspects, assessment rubric of affective aspects, and assessment rubric of skill aspect. 2) The average ability of the students' problem solving which is scored by using authentic assessment based on showcase portfolio was in high category and the students' response in good category.

Portfolios of quantum algorithms.

PubMed

Maurer, S M; Hogg, T; Huberman, B A

2001-12-17

Quantum computation holds promise for the solution of many intractable problems. However, since many quantum algorithms are stochastic in nature they can find the solution of hard problems only probabilistically. Thus the efficiency of the algorithms has to be characterized by both the expected time to completion and the associated variance. In order to minimize both the running time and its uncertainty, we show that portfolios of quantum algorithms analogous to those of finance can outperform single algorithms when applied to the NP-complete problems such as 3-satisfiability.

The use of integer programming to select bulls across breeding companies with volume price discounts.

PubMed

McConnel, M B; Galligan, D T

2004-10-01

Optimization programs are currently used to aid in the selection of bulls to be used in herd breeding programs. While these programs offer a systematic approach to the problem of semen selection, they ignore the impact of volume discounts. Volume discounts are discounts that vary depending on the number of straws purchased. The dynamic nature of volume discounts means that, in order to be adequately accounted for, they must be considered in the optimization routine. Failing to do this creates a missed economic opportunity because the potential benefits of optimally selecting and combining breeding company discount opportunities are not captured. To address these issues, an integer program was created which used binary decision variables to incorporate the effects of quantity discounts into the optimization program. A consistent set of trait criteria was used to select a group of bulls from 3 sample breeding companies. Three different selection programs were used to select the bulls, 2 traditional methods and the integer method. After the discounts were applied using each method, the integer program resulted in the lowest cost portfolio of bulls. A sensitivity analysis showed that the integer program also resulted in a low cost portfolio when the genetic trait goals were changed to be more or less stringent. In the sample application, a net benefit of the new approach over the traditional approaches was a 12.3 to 20.0% savings in semen cost.

Postoptimality analysis in the selection of technology portfolios

NASA Technical Reports Server (NTRS)

Adumitroaie, Virgil; Shelton, Kacie; Elfes, Alberto; Weisbin, Charles R.

2006-01-01

This paper describes an approach for qualifying optimal technology portfolios obtained with a multi-attribute decision support system. The goal is twofold: to gauge the degree of confidence in the optimal solution and to provide the decision-maker with an array of viable selection alternatives, which take into account input uncertainties and possibly satisfy non-technical constraints.

Switching portfolios.

PubMed

Singer, Y

1997-08-01

A constant rebalanced portfolio is an asset allocation algorithm which keeps the same distribution of wealth among a set of assets along a period of time. Recently, there has been work on on-line portfolio selection algorithms which are competitive with the best constant rebalanced portfolio determined in hindsight (Cover, 1991; Helmbold et al., 1996; Cover and Ordentlich, 1996). By their nature, these algorithms employ the assumption that high returns can be achieved using a fixed asset allocation strategy. However, stock markets are far from being stationary and in many cases the wealth achieved by a constant rebalanced portfolio is much smaller than the wealth achieved by an ad hoc investment strategy that adapts to changes in the market. In this paper we present an efficient portfolio selection algorithm that is able to track a changing market. We also describe a simple extension of the algorithm for the case of a general transaction cost, including the transactions cost models recently investigated in (Blum and Kalai, 1997). We provide a simple analysis of the competitiveness of the algorithm and check its performance on real stock data from the New York Stock Exchange accumulated during a 22-year period. On this data, our algorithm outperforms all the algorithms referenced above, with and without transaction costs.

Optimal Investment Under Transaction Costs: A Threshold Rebalanced Portfolio Approach

NASA Astrophysics Data System (ADS)

Tunc, Sait; Donmez, Mehmet Ali; Kozat, Suleyman Serdar

2013-06-01

We study optimal investment in a financial market having a finite number of assets from a signal processing perspective. We investigate how an investor should distribute capital over these assets and when he should reallocate the distribution of the funds over these assets to maximize the cumulative wealth over any investment period. In particular, we introduce a portfolio selection algorithm that maximizes the expected cumulative wealth in i.i.d. two-asset discrete-time markets where the market levies proportional transaction costs in buying and selling stocks. We achieve this using "threshold rebalanced portfolios", where trading occurs only if the portfolio breaches certain thresholds. Under the assumption that the relative price sequences have log-normal distribution from the Black-Scholes model, we evaluate the expected wealth under proportional transaction costs and find the threshold rebalanced portfolio that achieves the maximal expected cumulative wealth over any investment period. Our derivations can be readily extended to markets having more than two stocks, where these extensions are pointed out in the paper. As predicted from our derivations, we significantly improve the achieved wealth over portfolio selection algorithms from the literature on historical data sets.

Comparison between goal programming and cointegration approaches in enhanced index tracking

NASA Astrophysics Data System (ADS)

Lam, Weng Siew; Jamaan, Saiful Hafizah Hj.

2013-04-01

Index tracking is a popular form of passive fund management in stock market. Passive management is a buy-and-hold strategy that aims to achieve rate of return similar to the market return. Index tracking problem is a problem of reproducing the performance of a stock market index, without purchasing all of the stocks that make up the index. This can be done by establishing an optimal portfolio that minimizes risk or tracking error. An improved index tracking (enhanced index tracking) is a dual-objective optimization problem, a trade-off between maximizing the mean return and minimizing the tracking error. Enhanced index tracking aims to generate excess return over the return achieved by the index. The objective of this study is to compare the portfolio compositions and performances by using two different approaches in enhanced index tracking problem, which are goal programming and cointegration. The result of this study shows that the optimal portfolios for both approaches are able to outperform the Malaysia market index which is Kuala Lumpur Composite Index. Both approaches give different optimal portfolio compositions. Besides, the cointegration approach outperforms the goal programming approach because the cointegration approach gives higher mean return and lower risk or tracking error. Therefore, the cointegration approach is more appropriate for the investors in Malaysia.

Integration of a Portfolio-based Approach to Evaluate Aerospace R and D Problem Formulation Into a Parametric Synthesis Tool

NASA Astrophysics Data System (ADS)

Oza, Amit R.

The focus of this study is to improve R&D effectiveness towards aerospace and defense planning in the early stages of the product development lifecycle. Emphasis is on: correct formulation of a decision problem, with special attention to account for data relationships between the individual design problem and the system capability required to size the aircraft, understanding of the meaning of the acquisition strategy objective and subjective data requirements that are required to arrive at a balanced analysis and/or "correct" mix of technology projects, understanding the meaning of the outputs that can be created from the technology analysis, and methods the researcher can use at effectively support decisions at the acquisition and conceptual design levels through utilization of a research and development portfolio strategy. The primary objectives of this study are to: (1) determine what strategy should be used to initialize conceptual design parametric sizing processes during requirements analysis for the materiel solution analysis stage of the product development lifecycle when utilizing data already constructed in the latter phase when working with a generic database management system synthesis tool integration architecture for aircraft design , and (2) assess how these new data relationships can contribute for innovative decision-making when solving acquisition hardware/technology portfolio problems. As such, an automated composable problem formulation system is developed to consider data interactions for the system architecture that manages acquisition pre-design concept refinement portfolio management, and conceptual design parametric sizing requirements. The research includes a way to: • Formalize the data storage and implement the data relationship structure with a system architecture automated through a database management system. • Allow for composable modeling, in terms of level of hardware abstraction, for the product model, mission model, and operational constraint model data blocks in the pre-design stages. • Allow the product model, mission model, and operational constraint model to be cross referenced with a generic aircraft synthesis capability to identify disciplinary analysis methods and processes. • Allow for matching, comparison, and balancing of the aircraft hardware portfolio to the associated developmental and technology risk metrics. • Allow for visualization technology portfolio decision space. The problem formulation architecture is finally implemented and verified for a generic hypersonic vehicle research demonstrator where a portfolio of technology hardware are measured for developmental and technology risks, prioritized by the researcher risk constraints, and the data generated delivered to a novel aircraft synthesis tool to confirm vehicle feasibility.

Toward Affordable Systems III: Portfolio Management for Army Engineering and Manufacturing Development Programs

DTIC Science & Technology

2012-02-01

a public service of the RAND Corporation. CHILDREN AND FAMILIES EDUCATION AND THE ARTS ENERGY AND ENVIRONMENT HEALTH AND HEALTH CARE INFRASTRUCTURE...agencies use capability portfolio management to optimize capa- bility investments and minimize risk in meeting the DoD needs across the defense...broadly expose potential problem areas—that is, which requirements (or areas of demand) are at risk of not being met by that particular portfolio

Universal portfolios generated by weakly stationary processes

NASA Astrophysics Data System (ADS)

Tan, Choon Peng; Pang, Sook Theng

2014-12-01

Recently, a universal portfolio generated by a set of independent Brownian motions where a finite number of past stock prices are weighted by the moments of the multivariate normal distribution is introduced and studied. The multivariate normal moments as polynomials in time consequently lead to a constant rebalanced portfolio depending on the drift coefficients of the Brownian motions. For a weakly stationary process, a different type of universal portfolio is proposed where the weights on the stock prices depend only on the time differences of the stock prices. An empirical study is conducted on the returns achieved by the universal portfolios generated by the Ornstein-Uhlenbeck process on selected stock-price data sets. Promising results are demonstrated for increasing the wealth of the investor by using the weakly-stationary-process-generated universal portfolios.

Problems of Mathematical Finance by Stochastic Control Methods

NASA Astrophysics Data System (ADS)

Stettner, Łukasz

The purpose of this paper is to present main ideas of mathematics of finance using the stochastic control methods. There is an interplay between stochastic control and mathematics of finance. On the one hand stochastic control is a powerful tool to study financial problems. On the other hand financial applications have stimulated development in several research subareas of stochastic control in the last two decades. We start with pricing of financial derivatives and modeling of asset prices, studying the conditions for the absence of arbitrage. Then we consider pricing of defaultable contingent claims. Investments in bonds lead us to the term structure modeling problems. Special attention is devoted to historical static portfolio analysis called Markowitz theory. We also briefly sketch dynamic portfolio problems using viscosity solutions to Hamilton-Jacobi-Bellman equation, martingale-convex analysis method or stochastic maximum principle together with backward stochastic differential equation. Finally, long time portfolio analysis for both risk neutral and risk sensitive functionals is introduced.

Stochastic search, optimization and regression with energy applications

NASA Astrophysics Data System (ADS)

Hannah, Lauren A.

Designing clean energy systems will be an important task over the next few decades. One of the major roadblocks is a lack of mathematical tools to economically evaluate those energy systems. However, solutions to these mathematical problems are also of interest to the operations research and statistical communities in general. This thesis studies three problems that are of interest to the energy community itself or provide support for solution methods: R&D portfolio optimization, nonparametric regression and stochastic search with an observable state variable. First, we consider the one stage R&D portfolio optimization problem to avoid the sequential decision process associated with the multi-stage. The one stage problem is still difficult because of a non-convex, combinatorial decision space and a non-convex objective function. We propose a heuristic solution method that uses marginal project values---which depend on the selected portfolio---to create a linear objective function. In conjunction with the 0-1 decision space, this new problem can be solved as a knapsack linear program. This method scales well to large decision spaces. We also propose an alternate, provably convergent algorithm that does not exploit problem structure. These methods are compared on a solid oxide fuel cell R&D portfolio problem. Next, we propose Dirichlet Process mixtures of Generalized Linear Models (DPGLM), a new method of nonparametric regression that accommodates continuous and categorical inputs, and responses that can be modeled by a generalized linear model. We prove conditions for the asymptotic unbiasedness of the DP-GLM regression mean function estimate. We also give examples for when those conditions hold, including models for compactly supported continuous distributions and a model with continuous covariates and categorical response. We empirically analyze the properties of the DP-GLM and why it provides better results than existing Dirichlet process mixture regression models. We evaluate DP-GLM on several data sets, comparing it to modern methods of nonparametric regression like CART, Bayesian trees and Gaussian processes. Compared to existing techniques, the DP-GLM provides a single model (and corresponding inference algorithms) that performs well in many regression settings. Finally, we study convex stochastic search problems where a noisy objective function value is observed after a decision is made. There are many stochastic search problems whose behavior depends on an exogenous state variable which affects the shape of the objective function. Currently, there is no general purpose algorithm to solve this class of problems. We use nonparametric density estimation to take observations from the joint state-outcome distribution and use them to infer the optimal decision for a given query state. We propose two solution methods that depend on the problem characteristics: function-based and gradient-based optimization. We examine two weighting schemes, kernel-based weights and Dirichlet process-based weights, for use with the solution methods. The weights and solution methods are tested on a synthetic multi-product newsvendor problem and the hour-ahead wind commitment problem. Our results show that in some cases Dirichlet process weights offer substantial benefits over kernel based weights and more generally that nonparametric estimation methods provide good solutions to otherwise intractable problems.

Data Mining for Financial Applications

NASA Astrophysics Data System (ADS)

Kovalerchuk, Boris; Vityaev, Evgenii

This chapter describes Data Mining in finance by discussing financial tasks, specifics of methodologies and techniques in this Data Mining area. It includes time dependence, data selection, forecast horizon, measures of success, quality of patterns, hypothesis evaluation, problem ID, method profile, attribute-based and relational methodologies. The second part of the chapter discusses Data Mining models and practice in finance. It covers use of neural networks in portfolio management, design of interpretable trading rules and discovering money laundering schemes using decision rules and relational Data Mining methodology.

Optimal allocation of trend following strategies

NASA Astrophysics Data System (ADS)

Grebenkov, Denis S.; Serror, Jeremy

2015-09-01

We consider a portfolio allocation problem for trend following (TF) strategies on multiple correlated assets. Under simplifying assumptions of a Gaussian market and linear TF strategies, we derive analytical formulas for the mean and variance of the portfolio return. We construct then the optimal portfolio that maximizes risk-adjusted return by accounting for inter-asset correlations. The dynamic allocation problem for n assets is shown to be equivalent to the classical static allocation problem for n2 virtual assets that include lead-lag corrections in positions of TF strategies. The respective roles of asset auto-correlations and inter-asset correlations are investigated in depth for the two-asset case and a sector model. In contrast to the principle of diversification suggesting to treat uncorrelated assets, we show that inter-asset correlations allow one to estimate apparent trends more reliably and to adjust the TF positions more efficiently. If properly accounted for, inter-asset correlations are not deteriorative but beneficial for portfolio management that can open new profit opportunities for trend followers. These concepts are illustrated using daily returns of three highly correlated futures markets: the E-mini S&P 500, Euro Stoxx 50 index, and the US 10-year T-note futures.

Portfolio Optimization of Nanomaterial Use in Clean Energy Technologies.

PubMed

Moore, Elizabeth A; Babbitt, Callie W; Gaustad, Gabrielle; Moore, Sean T

2018-04-03

While engineered nanomaterials (ENMs) are increasingly incorporated in diverse applications, risks of ENM adoption remain difficult to predict and mitigate proactively. Current decision-making tools do not adequately account for ENM uncertainties including varying functional forms, unique environmental behavior, economic costs, unknown supply and demand, and upstream emissions. The complexity of the ENM system necessitates a novel approach: in this study, the adaptation of an investment portfolio optimization model is demonstrated for optimization of ENM use in renewable energy technologies. Where a traditional investment portfolio optimization model maximizes return on investment through optimal selection of stock, ENM portfolio optimization maximizes the performance of energy technology systems by optimizing selective use of ENMs. Cumulative impacts of multiple ENM material portfolios are evaluated in two case studies: organic photovoltaic cells (OPVs) for renewable energy and lithium-ion batteries (LIBs) for electric vehicles. Results indicate ENM adoption is dependent on overall performance and variance of the material, resource use, environmental impact, and economic trade-offs. From a sustainability perspective, improved clean energy applications can help extend product lifespans, reduce fossil energy consumption, and substitute ENMs for scarce incumbent materials.

Physics Portfolios

ERIC Educational Resources Information Center

Whitworth, Brooke A.; Bell, Randy L.

2013-01-01

Traditionally, teachers assess students' physics understanding through lab activities, responses to open-ended word problems, and tests. But there is another way to measure student understanding, one in which students apply their learning to the world around them. This article shows how to implement student portfolios, which allow students to…

Artificial bee colony algorithm for constrained possibilistic portfolio optimization problem

NASA Astrophysics Data System (ADS)

Chen, Wei

2015-07-01

In this paper, we discuss the portfolio optimization problem with real-world constraints under the assumption that the returns of risky assets are fuzzy numbers. A new possibilistic mean-semiabsolute deviation model is proposed, in which transaction costs, cardinality and quantity constraints are considered. Due to such constraints the proposed model becomes a mixed integer nonlinear programming problem and traditional optimization methods fail to find the optimal solution efficiently. Thus, a modified artificial bee colony (MABC) algorithm is developed to solve the corresponding optimization problem. Finally, a numerical example is given to illustrate the effectiveness of the proposed model and the corresponding algorithm.

Noisy covariance matrices and portfolio optimization

NASA Astrophysics Data System (ADS)

Pafka, S.; Kondor, I.

2002-05-01

According to recent findings [#!bouchaud!#,#!stanley!#], empirical covariance matrices deduced from financial return series contain such a high amount of noise that, apart from a few large eigenvalues and the corresponding eigenvectors, their structure can essentially be regarded as random. In [#!bouchaud!#], e.g., it is reported that about 94% of the spectrum of these matrices can be fitted by that of a random matrix drawn from an appropriately chosen ensemble. In view of the fundamental role of covariance matrices in the theory of portfolio optimization as well as in industry-wide risk management practices, we analyze the possible implications of this effect. Simulation experiments with matrices having a structure such as described in [#!bouchaud!#,#!stanley!#] lead us to the conclusion that in the context of the classical portfolio problem (minimizing the portfolio variance under linear constraints) noise has relatively little effect. To leading order the solutions are determined by the stable, large eigenvalues, and the displacement of the solution (measured in variance) due to noise is rather small: depending on the size of the portfolio and on the length of the time series, it is of the order of 5 to 15%. The picture is completely different, however, if we attempt to minimize the variance under non-linear constraints, like those that arise e.g. in the problem of margin accounts or in international capital adequacy regulation. In these problems the presence of noise leads to a serious instability and a high degree of degeneracy of the solutions.

Managing the Facilities Portfolio: New Book Addresses Elimination of $60 Billion Problem.

ERIC Educational Resources Information Center

Rush, Sean; And Others

1991-01-01

This excerpt from "Managing the Facilities Portfolio: A Practical Approach to Institutional Renewal and Deferred Maintenance" offers higher education business officers a conceptual framework comprising four steps: (1) establish baseline; (2) estimate needs; (3) compare model alternatives; and (4) report to management. (DB)

Replica analysis for the duality of the portfolio optimization problem

NASA Astrophysics Data System (ADS)

Shinzato, Takashi

2016-11-01

In the present paper, the primal-dual problem consisting of the investment risk minimization problem and the expected return maximization problem in the mean-variance model is discussed using replica analysis. As a natural extension of the investment risk minimization problem under only a budget constraint that we analyzed in a previous study, we herein consider a primal-dual problem in which the investment risk minimization problem with budget and expected return constraints is regarded as the primal problem, and the expected return maximization problem with budget and investment risk constraints is regarded as the dual problem. With respect to these optimal problems, we analyze a quenched disordered system involving both of these optimization problems using the approach developed in statistical mechanical informatics and confirm that both optimal portfolios can possess the primal-dual structure. Finally, the results of numerical simulations are shown to validate the effectiveness of the proposed method.

Replica analysis for the duality of the portfolio optimization problem.

PubMed

Shinzato, Takashi

2016-11-01

In the present paper, the primal-dual problem consisting of the investment risk minimization problem and the expected return maximization problem in the mean-variance model is discussed using replica analysis. As a natural extension of the investment risk minimization problem under only a budget constraint that we analyzed in a previous study, we herein consider a primal-dual problem in which the investment risk minimization problem with budget and expected return constraints is regarded as the primal problem, and the expected return maximization problem with budget and investment risk constraints is regarded as the dual problem. With respect to these optimal problems, we analyze a quenched disordered system involving both of these optimization problems using the approach developed in statistical mechanical informatics and confirm that both optimal portfolios can possess the primal-dual structure. Finally, the results of numerical simulations are shown to validate the effectiveness of the proposed method.

Portable parallel portfolio optimization in the Aurora Financial Management System

NASA Astrophysics Data System (ADS)

Laure, Erwin; Moritsch, Hans

2001-07-01

Financial planning problems are formulated as large scale, stochastic, multiperiod, tree structured optimization problems. An efficient technique for solving this kind of problems is the nested Benders decomposition method. In this paper we present a parallel, portable, asynchronous implementation of this technique. To achieve our portability goals we elected the programming language Java for our implementation and used a high level Java based framework, called OpusJava, for expressing the parallelism potential as well as synchronization constraints. Our implementation is embedded within a modular decision support tool for portfolio and asset liability management, the Aurora Financial Management System.

Enhanced index tracking modeling in portfolio optimization with mixed-integer programming z approach

NASA Astrophysics Data System (ADS)

Siew, Lam Weng; Jaaman, Saiful Hafizah Hj.; Ismail, Hamizun bin

2014-09-01

Enhanced index tracking is a popular form of portfolio management in stock market investment. Enhanced index tracking aims to construct an optimal portfolio to generate excess return over the return achieved by the stock market index without purchasing all of the stocks that make up the index. The objective of this paper is to construct an optimal portfolio using mixed-integer programming model which adopts regression approach in order to generate higher portfolio mean return than stock market index return. In this study, the data consists of 24 component stocks in Malaysia market index which is FTSE Bursa Malaysia Kuala Lumpur Composite Index from January 2010 until December 2012. The results of this study show that the optimal portfolio of mixed-integer programming model is able to generate higher mean return than FTSE Bursa Malaysia Kuala Lumpur Composite Index return with only selecting 30% out of the total stock market index components.

Optimal portfolio strategy with cross-correlation matrix composed by DCCA coefficients: Evidence from the Chinese stock market

NASA Astrophysics Data System (ADS)

Sun, Xuelian; Liu, Zixian

2016-02-01

In this paper, a new estimator of correlation matrix is proposed, which is composed of the detrended cross-correlation coefficients (DCCA coefficients), to improve portfolio optimization. In contrast to Pearson's correlation coefficients (PCC), DCCA coefficients acquired by the detrended cross-correlation analysis (DCCA) method can describe the nonlinear correlation between assets, and can be decomposed in different time scales. These properties of DCCA make it possible to improve the investment effect and more valuable to investigate the scale behaviors of portfolios. The minimum variance portfolio (MVP) model and the Mean-Variance (MV) model are used to evaluate the effectiveness of this improvement. Stability analysis shows the effect of two kinds of correlation matrices on the estimation error of portfolio weights. The observed scale behaviors are significant to risk management and could be used to optimize the portfolio selection.

Strife and Progress: Portfolio Strategies for Managing Urban Schools

ERIC Educational Resources Information Center

Campbell, Christine; Gross, Betheny; Hill, Paul T.

2012-01-01

Deficient urban schooling remains one of America's most pressing--and stubborn--public policy problems. This important new book details and evaluates a radical and promising new approach to K-12 education reform. "Strife and Progress" explains for a broad audience the "portfolio strategy" for providing urban education--its…

Portfolio Management Best Practices: Observations from Industry

DTIC Science & Technology

2008-05-15

Andreas and Ortwin Renn , “A New Approach to Risk Evaluation and Management: Risk-Based, Precaution-Based, and Discourse-Based Strategies”, Risk...Research and Development, RAND Corporation (2004). Stummer, Christian , and Kurt Heidenberger, “Interactive R&D Portfolio Selection Considering Multiple

Validity of portfolio assessment: which qualities determine ratings?

PubMed

Driessen, Erik W; Overeem, Karlijn; van Tartwijk, Jan; van der Vleuten, Cees P M; Muijtjens, Arno M M

2006-09-01

The portfolio is becoming increasingly accepted as a valuable tool for learning and assessment. The validity of portfolio assessment, however, may suffer from bias due to irrelevant qualities, such as lay-out and writing style. We examined the possible effects of such qualities in a portfolio programme aimed at stimulating Year 1 medical students to reflect on their professional and personal development. In later curricular years, this portfolio is also used to judge clinical competence. We developed an instrument, the Portfolio Analysis Scoring Inventory, to examine the impact of form and content aspects on portfolio assessment. The Inventory consists of 15 items derived from interviews with experienced mentors, the literature, and the criteria for reflective competence used in the regular portfolio assessment procedure. Forty portfolios, selected from 231 portfolios for which ratings from the regular assessment procedure were available, were rated by 2 researchers, independently, using the Inventory. Regression analysis was used to estimate the correlation between the ratings from the regular assessment and those resulting from the Inventory items. Inter-rater agreement ranged from 0.46 to 0.87. The strongest predictor of the variance in the regular ratings was 'quality of reflection' (R 0.80; R2 66%). No further items accounted for a significant proportion of variance. Irrelevant items, such as writing style and lay-out, had negligible effects. The absence of an impact of irrelevant criteria appears to support the validity of the portfolio assessment procedure. Further studies should examine the portfolio's validity for the assessment of clinical competence.

Ant Colony Optimization for Markowitz Mean-Variance Portfolio Model

NASA Astrophysics Data System (ADS)

Deng, Guang-Feng; Lin, Woo-Tsong

This work presents Ant Colony Optimization (ACO), which was initially developed to be a meta-heuristic for combinatorial optimization, for solving the cardinality constraints Markowitz mean-variance portfolio model (nonlinear mixed quadratic programming problem). To our knowledge, an efficient algorithmic solution for this problem has not been proposed until now. Using heuristic algorithms in this case is imperative. Numerical solutions are obtained for five analyses of weekly price data for the following indices for the period March, 1992 to September, 1997: Hang Seng 31 in Hong Kong, DAX 100 in Germany, FTSE 100 in UK, S&P 100 in USA and Nikkei 225 in Japan. The test results indicate that the ACO is much more robust and effective than Particle swarm optimization (PSO), especially for low-risk investment portfolios.

A methodology for the valuation and selection of adaptable technology portfolios and its application to small and medium airports

NASA Astrophysics Data System (ADS)

Pinon, Olivia J.

The increase in the types of airspace users (large aircraft, small and regional jets, very light jets, unmanned aerial vehicles, etc.), as well as the very limited number of future new airport development projects are some of the factors that will characterize the next decades in air transportation. These factors, associated with a persistent growth in air traffic will worsen the current gridlock situation experienced at some major airports. As airports are becoming the major capacity bottleneck to continued growth in air traffic, it is therefore primordial to make the most efficient use of the current, and very often, underutilized airport infrastructure. This research thus proposes to address the increase in air traffic demand and resulting capacity issues by considering the implementation of operational concepts and technologies at underutilized airports. However, there are many challenges associated with sustaining the development of this type of airports. First, the need to synchronize evolving technologies with airports’ needs and investment capabilities is paramount. Additionally, it was observed that the evolution of secondary airports, and their needs, is tightly linked to the environment in which they operate. In particular, sensitivity of airports to changes in the dynamics of their environment is important, therefore requiring that the factors that drive the need for technology acquisition be identified and characterized. Finally, the difficulty to evaluate risk and make financially viable decisions, particularly when investing in new technologies, cannot be ignored. This research provides a methodology that addresses these challenges and ensures the sustainability of airport capacity-enhancement investments in a continuously changing environment. In particular, it is articulated around the need to provide decision makers with the capability to valuate and select adaptable technology portfolios to ensure airport financial viability. Hence, the four-step process developed in this research leverages the benefits yielded by impact assessment techniques, system dynamics modeling, and real options analysis to 1) provide the decision maker with a rigorous, structured, and traceable process for technology selection, 2) assess the combined impact of interrelated technologies, 3) support the translation of technology impact factors into airport performance indicators, and help identify the factors that drive the need for capacity expansion, and finally 4) enable the quantitative assessment of the strategic value of embedding flexibility in the formulation of technology portfolios and investment options. In particular, the development of this methodology highlights the successful implementation of relevance tree analysis, morphological analysis, filters and dependency tables to support the aforementioned process for technology selection. Further, it illustrates the limited capability of Cross Impact Analysis to identify technology relationships for the problem at hand. Finally, this methodology demonstrates, through a change in demand at the airport modeled, the importance of being able to weigh both the technological and strategic performance of the technology portfolios considered. In particular, it illustrates the impact that the level of traffic, the presence of congestion, the timing and sequence of investments, and the number of technologies included, have on the strategic value of a portfolio. Hence, by capturing the time dimension and technology causality impacts in technology portfolio selection, this work helps identify key technologies or technology groupings, and assess their performance on airport metrics. By embedding flexibility in the formulation of investment scenarios, it provides the decision maker with a more accurate picture of the options available to him, as well as the time and sequence under which these should be exercised.

Leptokurtic portfolio theory

NASA Astrophysics Data System (ADS)

Kitt, R.; Kalda, J.

2006-03-01

The question of optimal portfolio is addressed. The conventional Markowitz portfolio optimisation is discussed and the shortcomings due to non-Gaussian security returns are outlined. A method is proposed to minimise the likelihood of extreme non-Gaussian drawdowns of the portfolio value. The theory is called Leptokurtic, because it minimises the effects from “fat tails” of returns. The leptokurtic portfolio theory provides an optimal portfolio for investors, who define their risk-aversion as unwillingness to experience sharp drawdowns in asset prices. Two types of risks in asset returns are defined: a fluctuation risk, that has Gaussian distribution, and a drawdown risk, that deals with distribution tails. These risks are quantitatively measured by defining the “noise kernel” — an ellipsoidal cloud of points in the space of asset returns. The size of the ellipse is controlled with the threshold parameter: the larger the threshold parameter, the larger return are accepted for investors as normal fluctuations. The return vectors falling into the kernel are used for calculation of fluctuation risk. Analogously, the data points falling outside the kernel are used for the calculation of drawdown risks. As a result the portfolio optimisation problem becomes three-dimensional: in addition to the return, there are two types of risks involved. Optimal portfolio for drawdown-averse investors is the portfolio minimising variance outside the noise kernel. The theory has been tested with MSCI North America, Europe and Pacific total return stock indices.

Students' reflections in a portfolio pilot: highlighting professional issues.

PubMed

Haffling, Ann-Christin; Beckman, Anders; Pahlmblad, Annika; Edgren, Gudrun

2010-01-01

Portfolios are highlighted as potential assessment tools for professional competence. Although students' self-reflections are considered to be central in the portfolio, the content of reflections in practice-based portfolios is seldom analysed. To investigate whether students' reflections include sufficient dimensions of professional competence, notwithstanding a standardized portfolio format, and to evaluate students' satisfaction with the portfolio. Thirty-five voluntary final-year medical students piloted a standardized portfolio in a general practice (GP) attachment at Lund University, Sweden. Students' portfolio reflections were based upon documentary evidence from practice, and aimed to demonstrate students' learning. The reflections were qualitatively analysed, using a framework approach. Students' evaluations of the portfolio were subjected to quantitative and qualitative analysis. Among professional issues, an integration of cognitive, affective and practical dimensions in clinical practice was provided by students' reflections. The findings suggested an emphasis on affective issues, particularly on self-awareness of feelings, attitudes and concerns. In addition, ethical problems, clinical reasoning strategies and future communication skills training were subjects of several reflective commentaries. Students' reflections on their consultation skills demonstrated their endeavour to achieve structure in the medical interview by negotiation of an agenda for the consultation, keeping the interview on track, and using internal summarizing. The importance of active listening and exploration of patient's perspective was also emphasized. In students' case summaries, illustrating characteristic attributes of GP, the dominating theme was 'patient-centred care', including the patient-doctor relationship, holistic modelling and longitudinal continuity. Students were satisfied with the portfolio, but improved instructions were needed. A standardized portfolio in a defined course with a limited timeframe provided ample opportunities for reflections on professional issues. Support by mentors and a final examiner interview contributed to the success of the portfolio with students. The interview also allowed students to deepen their reflections and to receive feedback.

Successful Technology Transfer in Colorado: A Portfolio of Technology Transfer "Success Stories."

ERIC Educational Resources Information Center

Colorado Advanced Tech. Inst., Denver.

The examples in this portfolio demonstrate how technology transfer among universities, businesses, and federal laboratories solve real-world problems, and create new goods and services. They reveal how, through strengthening the infrastructure joining private and public sectors, Colorado can better compete in the global marketplace. All of the…

Creating Meaning through Multimodality: Multiliteracies Assessment and Photo Projects for Online Portfolios

ERIC Educational Resources Information Center

Schmerbeck, Nicola; Lucht, Felecia

2017-01-01

Actively engaged in online media, learners today are surrounded by texts overtly and covertly transmitted by visual images, sound effects, and voices as well as the written word. Language learning portfolios can engage students in the literacy-oriented learning processes of interpretation, collaboration, and problem solving as outlined by Kern…

A Portfolio for Optimal Collaboration of Human and Cyber Physical Production Systems in Problem-Solving

ERIC Educational Resources Information Center

Ansari, Fazel; Seidenberg, Ulrich

2016-01-01

This paper discusses the complementarity of human and cyber physical production systems (CPPS). The discourse of complementarity is elaborated by defining five criteria for comparing the characteristics of human and CPPS. Finally, a management portfolio matrix is proposed for examining the feasibility of optimal collaboration between them. The…

Inverse Statistics and Asset Allocation Efficiency

NASA Astrophysics Data System (ADS)

Bolgorian, Meysam

In this paper using inverse statistics analysis, the effect of investment horizon on the efficiency of portfolio selection is examined. Inverse statistics analysis is a general tool also known as probability distribution of exit time that is used for detecting the distribution of the time in which a stochastic process exits from a zone. This analysis was used in Refs. 1 and 2 for studying the financial returns time series. This distribution provides an optimal investment horizon which determines the most likely horizon for gaining a specific return. Using samples of stocks from Tehran Stock Exchange (TSE) as an emerging market and S&P 500 as a developed market, effect of optimal investment horizon in asset allocation is assessed. It is found that taking into account the optimal investment horizon in TSE leads to more efficiency for large size portfolios while for stocks selected from S&P 500, regardless of portfolio size, this strategy does not only not produce more efficient portfolios, but also longer investment horizons provides more efficiency.

Portfolio theory and the alternative decision rule of cost-effectiveness analysis: theoretical and practical considerations.

PubMed

Sendi, Pedram; Al, Maiwenn J; Gafni, Amiram; Birch, Stephen

2004-05-01

Bridges and Terris (Soc. Sci. Med. (2004)) critique our paper on the alternative decision rule of economic evaluation in the presence of uncertainty and constrained resources within the context of a portfolio of health care programs (Sendi et al. Soc. Sci. Med. 57 (2003) 2207). They argue that by not adopting a formal portfolio theory approach we overlook the optimal solution. We show that these arguments stem from a fundamental misunderstanding of the alternative decision rule of economic evaluation. In particular, the portfolio theory approach advocated by Bridges and Terris is based on the same theoretical assumptions that the alternative decision rule set out to relax. Moreover, Bridges and Terris acknowledge that the proposed portfolio theory approach may not identify the optimal solution to resource allocation problems. Hence, it provides neither theoretical nor practical improvements to the proposed alternative decision rule.

Modeling of Mean-VaR portfolio optimization by risk tolerance when the utility function is quadratic

NASA Astrophysics Data System (ADS)

Sukono, Sidi, Pramono; Bon, Abdul Talib bin; Supian, Sudradjat

2017-03-01

The problems of investing in financial assets are to choose a combination of weighting a portfolio can be maximized return expectations and minimizing the risk. This paper discusses the modeling of Mean-VaR portfolio optimization by risk tolerance, when square-shaped utility functions. It is assumed that the asset return has a certain distribution, and the risk of the portfolio is measured using the Value-at-Risk (VaR). So, the process of optimization of the portfolio is done based on the model of Mean-VaR portfolio optimization model for the Mean-VaR done using matrix algebra approach, and the Lagrange multiplier method, as well as Khun-Tucker. The results of the modeling portfolio optimization is in the form of a weighting vector equations depends on the vector mean return vector assets, identities, and matrix covariance between return of assets, as well as a factor in risk tolerance. As an illustration of numeric, analyzed five shares traded on the stock market in Indonesia. Based on analysis of five stocks return data gained the vector of weight composition and graphics of efficient surface of portfolio. Vector composition weighting weights and efficient surface charts can be used as a guide for investors in decisions to invest.

On portfolio risk diversification

NASA Astrophysics Data System (ADS)

Takada, Hellinton H.; Stern, Julio M.

2017-06-01

The first portfolio risk diversification strategy was put into practice by the All Weather fund in 1996. The idea of risk diversification is related to the risk contribution of each available asset class or investment factor to the total portfolio risk. The maximum diversification or the risk parity allocation is achieved when the set of risk contributions is given by a uniform distribution. Meucci (2009) introduced the maximization of the Rényi entropy as part of a leverage constrained optimization problem to achieve such diversified risk contributions when dealing with uncorrelated investment factors. A generalization of the risk parity is the risk budgeting when there is a prior for the distribution of the risk contributions. Our contribution is the generalization of the existent optimization frameworks to be able to solve the risk budgeting problem. In addition, our framework does not possess any leverage constraint.

Responding to Gangs: Evaluation and Research.

ERIC Educational Resources Information Center

Reed, Winifred L., Ed.; Decker, Scott H., Ed.

This collection of papers presents a representative selection of the National Institute of Justice's portfolio of gang-related research. The 10 papers are: (1) "A Decade of Gang Research: Findings of the National Institute of Justice Gang Portfolio" (Scott H. Decker); (2) "The Evolution of Street Gangs: An Examination of Form and…

Portfolio as a Teaching Method: A Capstone Project to Promote Recognition of Professional Growth

ERIC Educational Resources Information Center

Wolffe, Robert; Crowe, Helja Antola; Evens, Wayne; McConnaughay, Kelly

2013-01-01

A reflective portfolio as a capstone assignment was selected to accomplish recognition by teachers completing a science, technology, mathematics, engineering master's program for elementary teachers about their professional and personal changes and to provide program evaluators additional qualitative data regarding attainment of program goals. As…

Using the ELP as a Basis for Self- and Peer Assessment When Selecting "Best" Work in Modern-Language Degree Programmes

ERIC Educational Resources Information Center

Dalziel, Fiona; Davies, Gillian; Han, Amy

2016-01-01

The European Language Portfolio (ELP) was designed as a tool that "supports reflective learning and fosters the development of learner autonomy" (Little 2009, "The European Language Portfolio: Where pedagogy and assessment meet". Strasbourg: Council of Europe.…

Combinatorial Algorithms for Portfolio Optimization Problems - Case of Risk Moderate Investor

NASA Astrophysics Data System (ADS)

Juarna, A.

2017-03-01

Portfolio optimization problem is a problem of finding optimal combination of n stocks from N ≥ n available stocks that gives maximal aggregate return and minimal aggregate risk. In this paper given N = 43 from the IDX (Indonesia Stock Exchange) group of the 45 most-traded stocks, known as the LQ45, with p = 24 data of monthly returns for each stock, spanned over interval 2013-2014. This problem actually is a combinatorial one where its algorithm is constructed based on two considerations: risk moderate type of investor and maximum allowed correlation coefficient between every two eligible stocks. The main outputs resulted from implementation of the algorithms is a multiple curve of three portfolio’s attributes, e.g. the size, the ratio of return to risk, and the percentage of negative correlation coefficient for every two chosen stocks, as function of maximum allowed correlation coefficient between each two stocks. The output curve shows that the portfolio contains three stocks with ratio of return to risk at 14.57 if the maximum allowed correlation coefficient between every two eligible stocks is negative and contains 19 stocks with maximum allowed correlation coefficient 0.17 to get maximum ratio of return to risk at 25.48.

Replica Approach for Minimal Investment Risk with Cost

NASA Astrophysics Data System (ADS)

Shinzato, Takashi

2018-06-01

In the present work, the optimal portfolio minimizing the investment risk with cost is discussed analytically, where an objective function is constructed in terms of two negative aspects of investment, the risk and cost. We note the mathematical similarity between the Hamiltonian in the mean-variance model and the Hamiltonians in the Hopfield model and the Sherrington-Kirkpatrick model, show that we can analyze this portfolio optimization problem by using replica analysis, and derive the minimal investment risk with cost and the investment concentration of the optimal portfolio. Furthermore, we validate our proposed method through numerical simulations.

Estimating risk of foreign exchange portfolio: Using VaR and CVaR based on GARCH-EVT-Copula model

NASA Astrophysics Data System (ADS)

Wang, Zong-Run; Chen, Xiao-Hong; Jin, Yan-Bo; Zhou, Yan-Ju

2010-11-01

This paper introduces GARCH-EVT-Copula model and applies it to study the risk of foreign exchange portfolio. Multivariate Copulas, including Gaussian, t and Clayton ones, were used to describe a portfolio risk structure, and to extend the analysis from a bivariate to an n-dimensional asset allocation problem. We apply this methodology to study the returns of a portfolio of four major foreign currencies in China, including USD, EUR, JPY and HKD. Our results suggest that the optimal investment allocations are similar across different Copulas and confidence levels. In addition, we find that the optimal investment concentrates on the USD investment. Generally speaking, t Copula and Clayton Copula better portray the correlation structure of multiple assets than Normal Copula.

Mathematical model of the loan portfolio dynamics in the form of Markov chain considering the process of new customers attraction

NASA Astrophysics Data System (ADS)

Bozhalkina, Yana

2017-12-01

Mathematical model of the loan portfolio structure change in the form of Markov chain is explored. This model considers in one scheme both the process of customers attraction, their selection based on the credit score, and loans repayment. The model describes the structure and volume of the loan portfolio dynamics, which allows to make medium-term forecasts of profitability and risk. Within the model corrective actions of bank management in order to increase lending volumes or to reduce the risk are formalized.

Analysis of optoelectronic strategic planning in Taiwan by artificial intelligence portfolio tool

NASA Astrophysics Data System (ADS)

Chang, Rang-Seng

1992-05-01

Taiwan ROC has achieved significant advances in the optoelectronic industry with some Taiwan products ranked high in the world market and technology. Six segmentations of optoelectronic were planned. Each one was divided into several strategic items, design artificial intelligent portfolio tool (AIPT) to analyze the optoelectronic strategic planning in Taiwan. The portfolio is designed to provoke strategic thinking intelligently. This computer- generated strategy should be selected and modified by the individual. Some strategies for the development of the Taiwan optoelectronic industry also are discussed in this paper.

Advising ePortfolios to Improve First-Generation Student Engagement in Higher Education

ERIC Educational Resources Information Center

Ambrose, G. Alex

2013-01-01

This study considers how advising ePortfolios are uniquely situated to address a current challenge in the application of educational technologies: using the right tool for the right job for the right reason at the right time. The particular problem identified for investigation lies at the intersection of two central issues: first, in the age of…

Mapping ecological risks with a portfolio-based technique: incorporating uncertainty and decision-making preferences

Treesearch

Denys Yemshanov; Frank H. Koch; Mark Ducey; Klaus Koehler

2013-01-01

Geographic mapping of risks is a useful analytical step in ecological risk assessments and in particular, in analyses aimed to estimate risks associated with introductions of invasive organisms. In this paper, we approach invasive species risk mapping as a portfolio allocation problem and apply techniques from decision theory to build an invasion risk map that combines...

Portfolio Preparation Tips for Teachers, Part 2

ERIC Educational Resources Information Center

Hunter-Lombardi, Brooke

2009-01-01

In the August/September 2008 issue of "SchoolArts," the author talked about strategies for helping students develop content and good working habits to support making portfolio-quality pieces. In this article, she offers some tips which focus on the importance of critique, presentation, and selection of images to end up with a polished,…

Development of a web database portfolio system with PACS connectivity for undergraduate health education and continuing professional development.

PubMed

Ng, Curtise K C; White, Peter; McKay, Janice C

2009-04-01

Increasingly, the use of web database portfolio systems is noted in medical and health education, and for continuing professional development (CPD). However, the functions of existing systems are not always aligned with the corresponding pedagogy and hence reflection is often lost. This paper presents the development of a tailored web database portfolio system with Picture Archiving and Communication System (PACS) connectivity, which is based on the portfolio pedagogy. Following a pre-determined portfolio framework, a system model with the components of web, database and mail servers, server side scripts, and a Query/Retrieve (Q/R) broker for conversion between Hypertext Transfer Protocol (HTTP) requests and Q/R service class of Digital Imaging and Communication in Medicine (DICOM) standard, is proposed. The system was piloted with seventy-seven volunteers. A tailored web database portfolio system (http://radep.hti.polyu.edu.hk) was developed. Technological arrangements for reinforcing portfolio pedagogy include popup windows (reminders) with guidelines and probing questions of 'collect', 'select' and 'reflect' on evidence of development/experience, limitation in the number of files (evidence) to be uploaded, the 'Evidence Insertion' functionality to link the individual uploaded artifacts with reflective writing, capability to accommodate diversity of contents and convenient interfaces for reviewing portfolios and communication. Evidence to date suggests the system supports users to build their portfolios with sound hypertext reflection under a facilitator's guidance, and with reviewers to monitor students' progress providing feedback and comments online in a programme-wide situation.

Linear versus quadratic portfolio optimization model with transaction cost

NASA Astrophysics Data System (ADS)

Razak, Norhidayah Bt Ab; Kamil, Karmila Hanim; Elias, Siti Masitah

2014-06-01

Optimization model is introduced to become one of the decision making tools in investment. Hence, it is always a big challenge for investors to select the best model that could fulfill their goal in investment with respect to risk and return. In this paper we aims to discuss and compare the portfolio allocation and performance generated by quadratic and linear portfolio optimization models namely of Markowitz and Maximin model respectively. The application of these models has been proven to be significant and popular among others. However transaction cost has been debated as one of the important aspects that should be considered for portfolio reallocation as portfolio return could be significantly reduced when transaction cost is taken into consideration. Therefore, recognizing the importance to consider transaction cost value when calculating portfolio' return, we formulate this paper by using data from Shariah compliant securities listed in Bursa Malaysia. It is expected that, results from this paper will effectively justify the advantage of one model to another and shed some lights in quest to find the best decision making tools in investment for individual investors.

What Is the Relationship Between a Preclerkship Portfolio Review and Later Performance in Clerkships?

PubMed

O'Brien, Celia Laird; Thomas, John X; Green, Marianne M

2018-01-01

Medical educators struggle to find effective ways to assess essential competencies such as communication, professionalism, and teamwork. Portfolio-based assessment provides one method of addressing this problem by allowing faculty reviewers to judge performance, as based on a longitudinal record of student behavior. At the Feinberg School of Medicine, the portfolio system measures behavioral competence using multiple assessments collected over time. This study examines whether a preclerkship portfolio review is a valid method of identifying problematic student behavior affecting later performance in clerkships. The authors divided students into two groups based on a summative preclerkship portfolio review in 2014: students who had concerning behavior in one or more competencies and students progressing satisfactorily. They compared how students in these groups later performed on two clerkship outcomes as of October 2015: final grades in required clerkships, and performance on a clerkship clinical composite score. They used Mann-Whitney tests and multiple linear regression to examine the relationship between portfolio review results and clerkship outcomes. They used USMLE Step 1 to control for knowledge acquisition. Students with concerning behavior preclerkship received significantly lower clerkship grades than students progressing satisfactorily (P = .002). They also scored significantly lower on the clinical composite score (P < .001). Regression analysis indicated concerning behavior was associated with lower clinical composite scores, even after controlling for knowledge acquisition. The results show a preclerkship portfolio review can identify behaviors that impact clerkship performance. A comprehensive portfolio system is a valid way to measure behavioral competencies.

Room 109's Portfolios and Our High School Writing Center

ERIC Educational Resources Information Center

Kent, Richard

2006-01-01

In this article, the author describes how he had revised his course expectations and English teaching methods in Room 109 at Mountain Valley High School in Rumford, Maine, with support from the writing center staff. He instituted thematic portfolios, self-selected reading with a wide range of projects in response to that reading, periodic student…

Portion Size Labeling and Intended Soft Drink Consumption: The Impact of Labeling Format and Size Portfolio

ERIC Educational Resources Information Center

Vermeer, Willemijn M.; Steenhuis, Ingrid H. M.; Leeuwis, Franca H.; Bos, Arjan E. R.; de Boer, Michiel; Seidell, Jacob C.

2010-01-01

Objective: To assess what portion size labeling "format" is most promising in helping consumers selecting appropriate soft drink sizes, and whether labeling impact depends on the size portfolio. Methods: An experimental study was conducted in fast-food restaurants in which 2 labeling formats (ie, reference portion size and small/medium/large…

Practitioners' Evaluation on the Procedural Aspects of an English Language Portfolio

ERIC Educational Resources Information Center

Karababa, Canan; Suzer, Sezgi Sarac

2010-01-01

This study aims to share English language practitioners' reflections on the adaptation of teaching methods and materials during the pre-validation period of the European Language Portfolio (ELP). In order to achieve this aim, a high school was selected as the scope of research, since it has started to adapt the English language teaching…

The Effects of Techniques of Vocabulary Portfolio on L2 Vocabulary Learning

ERIC Educational Resources Information Center

Zarei, Abbas Ali; Baftani, Fahimeh Nasiri

2014-01-01

To investigate the effects of different techniques of vocabulary portfolio including word map, word wizard, concept wheel, visual thesaurus, and word rose on L2 vocabulary comprehension and production, a sample of 75 female EFL learners of Kish Day Language Institute in Karaj, Iran were selected. They were in five groups and each group received…

Postoptimality Analysis in the Selection of Technology Portfolios

NASA Technical Reports Server (NTRS)

Adumitroaie, Virgil; Shelton, Kacie; Elfes, Alberto; Weisbin, Charles R.

2006-01-01

This slide presentation reviews a process of postoptimally analysing the selection of technology portfolios. The rationale for the analysis stems from the need for consistent, transparent and auditable decision making processes and tools. The methodology is used to assure that project investments are selected through an optimization of net mission value. The main intent of the analysis is to gauge the degree of confidence in the optimal solution and to provide the decision maker with an array of viable selection alternatives which take into account input uncertainties and possibly satisfy non-technical constraints. A few examples of the analysis are reviewed. The goal of the postoptimality study is to enhance and improve the decision-making process by providing additional qualifications and substitutes to the optimal solution.

Portfolio Purchasing Decision for Mobile Power Equipment of B2C E-Commerce Export Retailer Based on CVaR

NASA Astrophysics Data System (ADS)

Yanchun, Wan; Qiucen, Chen

2017-11-01

Purchasing is an important part of export e-commerce of B2C, which plays an important role on risk and cost control in supply management. From the perspective of risk control, the paper construct a CVaR model for portfolio purchase. We select a heavy sales mobile power equipment from a typical B2C e-commerce export retailer as study sample. This study optimizes the purchasing strategy of this type of mobile power equipment. The research has some reference for similar enterprises in purchasing portfolio decision.

Using KIE To Help Students Develop Shared Criteria for House Designs.

ERIC Educational Resources Information Center

Cuthbert, Alex; Hoadley, Christopher M.

How can students develop shared criteria for problems that have no "right" answer? Ill-structured problems of this sort are called design problems. Like portfolio projects, these problems are difficult to evaluate for both teachers and students. This investigation contrasts two methods for developing shared criteria for project…

Using logic models in a community-based agricultural injury prevention project.

PubMed

Helitzer, Deborah; Willging, Cathleen; Hathorn, Gary; Benally, Jeannie

2009-01-01

The National Institute for Occupational Safety and Health has long promoted the logic model as a useful tool in an evaluator's portfolio. Because a logic model supports a systematic approach to designing interventions, it is equally useful for program planners. Undertaken with community stakeholders, a logic model process articulates the underlying foundations of a particular programmatic effort and enhances program design and evaluation. Most often presented as sequenced diagrams or flow charts, logic models demonstrate relationships among the following components: statement of a problem, various causal and mitigating factors related to that problem, available resources to address the problem, theoretical foundations of the selected intervention, intervention goals and planned activities, and anticipated short- and long-term outcomes. This article describes a case example of how a logic model process was used to help community stakeholders on the Navajo Nation conceive, design, implement, and evaluate agricultural injury prevention projects.

Composing problem solvers for simulation experimentation: a case study on steady state estimation.

PubMed

Leye, Stefan; Ewald, Roland; Uhrmacher, Adelinde M

2014-01-01

Simulation experiments involve various sub-tasks, e.g., parameter optimization, simulation execution, or output data analysis. Many algorithms can be applied to such tasks, but their performance depends on the given problem. Steady state estimation in systems biology is a typical example for this: several estimators have been proposed, each with its own (dis-)advantages. Experimenters, therefore, must choose from the available options, even though they may not be aware of the consequences. To support those users, we propose a general scheme to aggregate such algorithms to so-called synthetic problem solvers, which exploit algorithm differences to improve overall performance. Our approach subsumes various aggregation mechanisms, supports automatic configuration from training data (e.g., via ensemble learning or portfolio selection), and extends the plugin system of the open source modeling and simulation framework James II. We show the benefits of our approach by applying it to steady state estimation for cell-biological models.

Random Matrix Theory Approach to Indonesia Energy Portfolio Analysis

NASA Astrophysics Data System (ADS)

Mahardhika, Alifian; Purqon, Acep

2017-07-01

In a few years, Indonesia experienced difficulties in maintaining energy security, the problem is the decline in oil production from 1.6 million barrels per day to 861 thousand barrels per day in 2012. However, there is a difference condition in 2015 until the third week in 2016, world oil prices actually fell at the lowest price level since last 12 years. The decline in oil prices due to oversupply of oil by oil-producing countries of the world due to the instability of the world economy. Wave of layoffs in Indonesia is a response to the decline in oil prices, this led to the energy and mines portfolios Indonesia feared would not be more advantageous than the portfolio in other countries. In this research, portfolio analysis will be done on energy and mining in Indonesia by using stock price data of energy and mines in the period 26 November 2010 until April 1, 2016. It was found that the results have a wide effect of the market potential is high in the determination of the return on the portfolio energy and mines. Later, it was found that there are eight of the thirty stocks in the energy and mining portfolio of Indonesia which have a high probability of return relative to the average return of stocks in a portfolio of energy and mines.

Flexibility and Project Value: Interactions and Multiple Real Options

NASA Astrophysics Data System (ADS)

Čulík, Miroslav

2010-06-01

This paper is focused on a project valuation with embedded portfolio of real options including their interactions. Valuation is based on the criterion of Net Present Value on the simulation basis. Portfolio includes selected types of European-type real options: option to expand, contract, abandon and temporarily shut down and restart a project. Due to the fact, that in reality most of the managerial flexibility takes the form of portfolio of real options, selected types of options are valued not only individually, but also in combination. The paper is structured as follows: first, diffusion models for forecasting of output prices and variable costs are derived. Second, project value is estimated on the assumption, that no real options are present. Next, project value is calculated with the presence of selected European-type options; these options and their impact on project value are valued first in isolation and consequently in different combinations. Moreover, intrinsic value evolution of given real options with respect to the time of exercising is analysed. In the end, results are presented graphically; selected statistics and risk measures (Value at Risk, Expected Shortfall) of the NPV's distributions are calculated and commented.

Environment and economic risk: An analysis of carbon emission market and portfolio management.

PubMed

Luo, Cuicui; Wu, Desheng

2016-08-01

Climate change has been one of the biggest and most controversial environmental issues of our times. It affects the global economy, environment and human health. Many researchers find that carbon dioxide (CO2) has contributed the most to climate change between 1750 and 2005. In this study, the orthogonal GARCH (OGARCH) model is applied to examine the time-varying correlations in European CO2 allowance, crude oil and stock markets in US, Europe and China during the Protocol's first commitment period. The results show that the correlations between EUA carbon spot price and the equity markets are higher and more volatile in US and Europe than in China. Then the optimal portfolios consisting these five time series are selected by Mean-Variance and Mean-CVAR models. It shows that the optimal portfolio selected by MV-OGARCH model has the best performance. Copyright © 2016 Elsevier Inc. All rights reserved.

The portfolio method as management support for patients with major depression.

PubMed

Nunstedt, Håkan; Nilsson, Kerstin; Skärsäter, Ingela

2014-06-01

To describe how patients with major depression in psychiatric outpatient care use the portfolio method and whether the method helps the patients to understand their depression. Major depressive disorder is an increasing problem in society. Learning about one's depression has been demonstrated to be important for recovery. If the goal is better understanding and management of depression, learning must proceed on the patient's own terms, based on the patient's previous understanding of their depression. Learning must be aligned with patient needs if it is to result in meaningful and useful understanding. Each patient's portfolio consisted of a binder. Inside the binder, there was a register with predetermined flaps and questions. The patients were asked to work with the questions in the sections that built the content in the portfolio. Individual interviews with patients (n = 5) suffering from major depression according to Diagnostic and Statistical Manual of Mental Disorders - Fourth Edition (DSM-IV) (American Psychiatric Association 1994) were repeatedly conducted between April 2008 and August 2009 in two psychiatric outpatient clinics in western Sweden. Data were analysed using latent content analysis. The results showed that the portfolio was used by patients as a management strategy for processing and analysis of their situation and that a portfolio's structure affects its usability. The patients use the portfolio for reflection on and confirmation of their progress, to create structure in their situation, as a management strategy for remembering situations and providing reminders of upcoming activities. Using a clearly structured care portfolio can enable participation and patient learning and help patients understand their depression. The portfolio method could provide a tool in psychiatric nursing that may facilitate patient understanding and increase self-efficacy. © 2013 John Wiley & Sons Ltd.

The national portfolio of learning for postgraduate family medicine training in South Africa: experiences of registrars and supervisors in clinical practice.

PubMed

Jenkins, Louis; Mash, Bob; Derese, Anselme

2013-11-08

In South Africa the submission of a portfolio of learning has become a national requirement for assessment of family medicine training. A national portfolio has been developed, validated and implemented. The aim of this study was to explore registrars' and supervisors' experience regarding the portfolio's educational impact, acceptability, and perceived usefulness for assessment of competence. Semi-structured interviews were conducted with 17 purposively selected registrars and supervisors from all eight South African training programmes. The portfolio primarily had an educational impact through making explicit the expectations of registrars and supervisors in the workplace. This impact was tempered by a lack of engagement in the process by registrars and supervisors who also lacked essential skills in reflection, feedback and assessment. The acceptability of the portfolio was limited by service delivery demands, incongruence between the clinical context and educational requirements, design of the logbook and easy availability of the associated tools. The use of the portfolio for formative assessment was strongly supported and appreciated, but was not always happening and in some cases registrars had even organised peer assessment. Respondents were unclear as to how the portfolio would be used for summative assessment. The learning portfolio had a significant educational impact in shaping work-place based supervision and training and providing formative assessment. Its acceptability and usefulness as a learning tool should increase over time as supervisors and registrars become more competent in its use. There is a need to clarify how it will be used in summative assessment.

Numerical approach to optimal portfolio in a power utility regime-switching model

NASA Astrophysics Data System (ADS)

Gyulov, Tihomir B.; Koleva, Miglena N.; Vulkov, Lubin G.

2017-12-01

We consider a system of weakly coupled degenerate semi-linear parabolic equations of optimal portfolio in a regime-switching with power utility function, derived by A.R. Valdez and T. Vargiolu [14]. First, we discuss some basic properties of the solution of this system. Then, we develop and analyze implicit-explicit, flux limited finite difference schemes for the differential problem. Numerical experiments are discussed.

Flightdeck Automation Problems (FLAP) Model for Safety Technology Portfolio Assessment

NASA Technical Reports Server (NTRS)

Ancel, Ersin; Shih, Ann T.

2014-01-01

NASA's Aviation Safety Program (AvSP) develops and advances methodologies and technologies to improve air transportation safety. The Safety Analysis and Integration Team (SAIT) conducts a safety technology portfolio assessment (PA) to analyze the program content, to examine the benefits and risks of products with respect to program goals, and to support programmatic decision making. The PA process includes systematic identification of current and future safety risks as well as tracking several quantitative and qualitative metrics to ensure the program goals are addressing prominent safety risks accurately and effectively. One of the metrics within the PA process involves using quantitative aviation safety models to gauge the impact of the safety products. This paper demonstrates the role of aviation safety modeling by providing model outputs and evaluating a sample of portfolio elements using the Flightdeck Automation Problems (FLAP) model. The model enables not only ranking of the quantitative relative risk reduction impact of all portfolio elements, but also highlighting the areas with high potential impact via sensitivity and gap analyses in support of the program office. Although the model outputs are preliminary and products are notional, the process shown in this paper is essential to a comprehensive PA of NASA's safety products in the current program and future programs/projects.

Exploring Student Teachers' Views on ePortfolios as an Empowering Tool to Enhance Self-Directed Learning in an Online Teacher Education Course

ERIC Educational Resources Information Center

van Wyk, Micheal M.

2017-01-01

This paper explores Economics student teachers' views on ePortfolios as an empowering tool to enhance self-directed learning in an online teacher education course. An interpretive phenomenological research approach was employed for data collection and a purposive convenient sampling technique was selected to collect data. Only Postgraduate…

Regularizing portfolio optimization

NASA Astrophysics Data System (ADS)

Still, Susanne; Kondor, Imre

2010-07-01

The optimization of large portfolios displays an inherent instability due to estimation error. This poses a fundamental problem, because solutions that are not stable under sample fluctuations may look optimal for a given sample, but are, in effect, very far from optimal with respect to the average risk. In this paper, we approach the problem from the point of view of statistical learning theory. The occurrence of the instability is intimately related to over-fitting, which can be avoided using known regularization methods. We show how regularized portfolio optimization with the expected shortfall as a risk measure is related to support vector regression. The budget constraint dictates a modification. We present the resulting optimization problem and discuss the solution. The L2 norm of the weight vector is used as a regularizer, which corresponds to a diversification 'pressure'. This means that diversification, besides counteracting downward fluctuations in some assets by upward fluctuations in others, is also crucial because it improves the stability of the solution. The approach we provide here allows for the simultaneous treatment of optimization and diversification in one framework that enables the investor to trade off between the two, depending on the size of the available dataset.

Enhanced index tracking modelling in portfolio optimization

NASA Astrophysics Data System (ADS)

Lam, W. S.; Hj. Jaaman, Saiful Hafizah; Ismail, Hamizun bin

2013-09-01

Enhanced index tracking is a popular form of passive fund management in stock market. It is a dual-objective optimization problem, a trade-off between maximizing the mean return and minimizing the risk. Enhanced index tracking aims to generate excess return over the return achieved by the index without purchasing all of the stocks that make up the index by establishing an optimal portfolio. The objective of this study is to determine the optimal portfolio composition and performance by using weighted model in enhanced index tracking. Weighted model focuses on the trade-off between the excess return and the risk. The results of this study show that the optimal portfolio for the weighted model is able to outperform the Malaysia market index which is Kuala Lumpur Composite Index because of higher mean return and lower risk without purchasing all the stocks in the market index.

Beginning science teachers' performances: Assessment in times of reform

NASA Astrophysics Data System (ADS)

Budzinsky, Fie K.

2000-10-01

The current reform in science education and the research on effective teaching and student learning have reinforced the importance of teacher competency. To better measure performances in the teaching of science, performance assessment has been added to Connecticut's licensure process for beginning science teachers. Teaching portfolios are used to document teaching and learning over time. Portfolios, however, are not without problems. One of the major concerns with the portfolio assessment process is its subjectivity. Assessors may not have opportunities to ask clarifying or follow-up questions to enhance the interpretation of a teacher's performance. In addition, portfolios often contain components based on self-documentation, which are subjective. Furthermore, the use of portfolios raises test equity issues. These concerns present challenges for persons in charge of establishing the validity of a portfolio-based licensure process. In high-stakes decision processes, such as teaching licensure, the validity of the assessment instruments must be studied. The primary purpose of this study was to explore the criterion-related validity of the Connecticut State Department of Education's Beginning Science Teaching Portfolio by comparing the interpretations of performances from science teaching portfolios to those derived from another assessment method, the Expert Science Teaching Educational and Evaluation Model, (ESTEEM). The analysis of correlations between the Beginning Science Teaching Portfolio and ESTEEM instrument scores was the primary method for establishing support for validity. The results indicated moderate correlations between all Beginning Science Teaching Portfolio and ESTEEM category and total variables. Multiple regression was used to examine whether differences existed in beginning science teachers' performances based on gender, poverty group, school level, and science discipline taught. None of these variables significantly contributed to the explanation of variance in the ESTEEM (p > .05), but poverty group and gender were significant predictors of portfolio performances, accounting for 21% of the total variance. Finally, data from interviews, written surveys, and beginning teacher attendance records at state-supported seminars were analyzed qualitatively and quantitatively. This information provided insight about the quality and quantity of support beginning science teachers received in their efforts to document, via the science teaching portfolio, their abilities to implement the Connecticut Professional Science Teaching Standards.

Land-Use Portfolio Modeler, Version 1.0

USGS Publications Warehouse

Taketa, Richard; Hong, Makiko

2010-01-01

Natural hazards pose significant threats to the public safety and economic health of many communities throughout the world. Community leaders and decision-makers continually face the challenges of planning and allocating limited resources to invest in protecting their communities against catastrophic losses from natural-hazard events. Public efforts to assess community vulnerability and encourage loss-reduction measures through mitigation often focused on either aggregating site-specific estimates or adopting standards based upon broad assumptions about regional risks. The site-specific method usually provided the most accurate estimates, but was prohibitively expensive, whereas regional risk assessments were often too general to be of practical use. Policy makers lacked a systematic and quantitative method for conducting a regional-scale risk assessment of natural hazards. In response, Bernknopf and others developed the portfolio model, an intermediate-scale approach to assessing natural-hazard risks and mitigation policy alternatives. The basis for the portfolio-model approach was inspired by financial portfolio theory, which prescribes a method of optimizing return on investment while reducing risk by diversifying investments in different security types. In this context, a security type represents a unique combination of features and hazard-risk level, while financial return is defined as the reduction in losses resulting from an investment in mitigation of chosen securities. Features are selected for mitigation and are modeled like investment portfolios. Earth-science and economic data for the features are combined and processed in order to analyze each of the portfolios, which are then used to evaluate the benefits of mitigating the risk in selected locations. Ultimately, the decision maker seeks to choose a portfolio representing a mitigation policy that maximizes the expected return-on-investment, while minimizing the uncertainty associated with that return-on-investment. The portfolio model, now known as the Land-Use Portfolio Model (LUPM), provided the framework for the development of the Land-Use Portfolio Modeler, Version 1.0 software (LUPM v1.0). The software provides a geographic information system (GIS)-based modeling tool for evaluating alternative risk-reduction mitigation strategies for specific natural-hazard events. The modeler uses information about a specific natural-hazard event and the features exposed to that event within the targeted study region to derive a measure of a given mitigation strategy`s effectiveness. Harnessing the spatial capabilities of a GIS enables the tool to provide a rich, interactive mapping environment in which users can create, analyze, visualize, and compare different

Non-native fish control below Glen Canyon Dam - Report from a structured decision-making project

USGS Publications Warehouse

Runge, Michael C.; Bean, Ellen; Smith, David; Kokos, Sonja

2011-01-01

This report describes the results of a structured decision-making project by the U.S. Geological Survey to provide substantive input to the Bureau of Reclamation (Reclamation) for use in the preparation of an Environmental Assessment concerning control of non-native fish below Glen Canyon Dam. A forum was created to allow the diverse cooperating agencies and Tribes to discuss, expand, and articulate their respective values; to develop and evaluate a broad set of potential control alternatives using the best available science; and to define individual preferences of each group on how to manage the inherent trade-offs in this non-native fish control problem. This project consisted of two face-to-face workshops, held in Mesa, Arizona, October 18-20 and November 8-10, 2010. At the first workshop, a diverse set of objectives was discussed, which represented the range of concerns of those agencies and Tribes present. A set of non-native fish control alternatives ('hybrid portfolios') was also developed. Over the 2-week period between the two workshops, four assessment teams worked to evaluate the control alternatives against the array of objectives. At the second workshop, the results of the assessment teams were presented. Multi-criteria decision analysis methods were used to examine the trade-offs inherent in the problem, and allowed the participating agencies and Tribes to express their individual judgments about how those trade-offs should best be managed in Reclamation`s selection of a preferred alternative. A broad array of objectives was identified and defined, and an effort was made to understand how these objectives are likely to be achieved by a variety of strategies. In general, the objectives reflected desired future conditions over 30 years. A rich set of alternative approaches was developed, and the complex structure of those alternatives was documented. Multi-criteria decision analysis methods allowed the evaluation of those alternatives against the array of objectives, with the values of individual agencies and tribes deliberately preserved. Trout removal strategies aimed at the Paria to Badger Rapid reach (PBR), with a variety of permutations in deference to cultural values, and with backup removal at the Little Colorado River reach (LCR) if necessary, were identified as top-ranking portfolios for all agencies and Tribes. These PBR/LCR removal portfolios outperformed LCR-only removal portfolios, for cultural reasons and for effectiveness - the probability of keeping the humpback chub population above a desired threshold was estimated to be higher under the PBR/LCR portfolios than the LCR-only portfolios. The PBR/LCR removal portfolios also outperformed portfolios based on flow manipulations, primarily because of the effect of sport fishery and wilderness recreation objectives, as well as cultural objectives. The preference for the PBR/LCR removal portfolios was quite robust to variation in the objective weights and to uncertainty about the underlying dynamics, at least over the ranges of uncertainty investigated. Examination of the effect of uncertainty on the recommended outcomes allowed us to complete a 'value of information' analysis. The results of this analysis led to an adaptive strategy that includes three possible long-term management actions (no action; LCR removal; or PBR removal) and seeks to reduce uncertainty about the following two issues: the degree to which rainbow trout limit chub populations, and the effectiveness of PBR removal to reduce trout emigration downstream into Marble and eastern Grand Canyons, where the largest population of humpback chub exist. In the face of uncertainty about the effectiveness of PBR removal, a case might be made for including flow manipulations in an adaptive strategy, but formal analysis of this case was not conducted. The full set of conclusions described above is not definitive, however. This analysis described in this report is a simplified depiction of the t

Maximizing and minimizing investment concentration with constraints of budget and investment risk

NASA Astrophysics Data System (ADS)

Shinzato, Takashi

2018-01-01

In this paper, as a first step in examining the properties of a feasible portfolio subset that is characterized by budget and risk constraints, we assess the maximum and minimum of the investment concentration using replica analysis. To do this, we apply an analytical approach of statistical mechanics. We note that the optimization problem considered in this paper is the dual problem of the portfolio optimization problem discussed in the literature, and we verify that these optimal solutions are also dual. We also present numerical experiments, in which we use the method of steepest descent that is based on Lagrange's method of undetermined multipliers, and we compare the numerical results to those obtained by replica analysis in order to assess the effectiveness of our proposed approach.

Portfolios in Stochastic Local Search: Efficiently Computing Most Probable Explanations in Bayesian Networks

NASA Technical Reports Server (NTRS)

Mengshoel, Ole J.; Roth, Dan; Wilkins, David C.

2001-01-01

Portfolio methods support the combination of different algorithms and heuristics, including stochastic local search (SLS) heuristics, and have been identified as a promising approach to solve computationally hard problems. While successful in experiments, theoretical foundations and analytical results for portfolio-based SLS heuristics are less developed. This article aims to improve the understanding of the role of portfolios of heuristics in SLS. We emphasize the problem of computing most probable explanations (MPEs) in Bayesian networks (BNs). Algorithmically, we discuss a portfolio-based SLS algorithm for MPE computation, Stochastic Greedy Search (SGS). SGS supports the integration of different initialization operators (or initialization heuristics) and different search operators (greedy and noisy heuristics), thereby enabling new analytical and experimental results. Analytically, we introduce a novel Markov chain model tailored to portfolio-based SLS algorithms including SGS, thereby enabling us to analytically form expected hitting time results that explain empirical run time results. For a specific BN, we show the benefit of using a homogenous initialization portfolio. To further illustrate the portfolio approach, we consider novel additive search heuristics for handling determinism in the form of zero entries in conditional probability tables in BNs. Our additive approach adds rather than multiplies probabilities when computing the utility of an explanation. We motivate the additive measure by studying the dramatic impact of zero entries in conditional probability tables on the number of zero-probability explanations, which again complicates the search process. We consider the relationship between MAXSAT and MPE, and show that additive utility (or gain) is a generalization, to the probabilistic setting, of MAXSAT utility (or gain) used in the celebrated GSAT and WalkSAT algorithms and their descendants. Utilizing our Markov chain framework, we show that expected hitting time is a rational function - i.e. a ratio of two polynomials - of the probability of applying an additive search operator. Experimentally, we report on synthetically generated BNs as well as BNs from applications, and compare SGSs performance to that of Hugin, which performs BN inference by compilation to and propagation in clique trees. On synthetic networks, SGS speeds up computation by approximately two orders of magnitude compared to Hugin. In application networks, our approach is highly competitive in Bayesian networks with a high degree of determinism. In addition to showing that stochastic local search can be competitive with clique tree clustering, our empirical results provide an improved understanding of the circumstances under which portfolio-based SLS outperforms clique tree clustering and vice versa.

Development and Implementation of a Curricular-wide Electronic Portfolio System in a School of Pharmacy

PubMed Central

Lopez, Tina C.; Trang, David D.; Farrell, Nicole C.; De Leon, Melissa A.; Villarreal, Cynthia C.; Maize, David F.

2011-01-01

The Feik School of Pharmacy collaborated with a commercial software development company to create a Web-based e-portfolio system to document student achievement of curricular outcomes and performance in pharmacy practice experiences. The multi-functional system also could be used for experiential site selection and assignment and continuing pharmacy education. The pharmacy school trained students, faculty members, and pharmacist preceptors to use the e-portfolio system. All pharmacy students uploaded the required number of documents and assessments to the program as evidence of achievement of each of the school's curricular outcomes and completion of pharmacy practice experiences. PMID:21829263

Evaluation of the free, open source software WordPress as electronic portfolio system in undergraduate medical education.

PubMed

Avila, Javier; Sostmann, Kai; Breckwoldt, Jan; Peters, Harm

2016-06-03

Electronic portfolios (ePortfolios) are used to document and support learning activities. E-portfolios with mobile capabilities allow even more flexibility. However, the development or acquisition of ePortfolio software is often costly, and at the same time, commercially available systems may not sufficiently fit the institution's needs. The aim of this study was to design and evaluate an ePortfolio system with mobile capabilities using a commercially free and open source software solution. We created an online ePortfolio environment using the blogging software WordPress based on reported capability features of such software by a qualitative weight and sum method. Technical implementation and usability were evaluated by 25 medical students during their clinical training by quantitative and qualitative means using online questionnaires and focus groups. The WordPress ePortfolio environment allowed students a broad spectrum of activities - often documented via mobile devices - like collection of multimedia evidences, posting reflections, messaging, web publishing, ePortfolio searches, collaborative learning, knowledge management in a content management system including a wiki and RSS feeds, and the use of aid tools for studying. The students' experience with WordPress revealed a few technical problems, and this report provides workarounds. The WordPress ePortfolio was rated positively by the students as a content management system (67 % of the students), for exchange with other students (74 %), as a note pad for reflections (53 %) and for its potential as an information source for assessment (48 %) and exchange with a mentor (68 %). On the negative side, 74 % of the students in this pilot study did not find it easy to get started with the system, and 63 % rated the ePortfolio as not being user-friendly. Qualitative analysis indicated a need for more introductory information and training. It is possible to build an advanced ePortfolio system with mobile capabilities with the free and open source software WordPress. This allows institutions without proprietary software to build a sophisticated ePortfolio system adapted to their needs with relatively few resources. The implementation of WordPress should be accompanied by introductory courses in the use of the software and its apps in order to facilitate its usability.

Use of Portfolio Assessment Technique in Teaching Map Sketching and Location in Secondary School Geography in Jos, Nigeria

ERIC Educational Resources Information Center

Ugodulunwa, Christiana; Wakjissa, Sayita

2015-01-01

This study investigated the use of portfolio assessment technique in teaching map sketching and location in geography in Jos, Nigeria. It adopted a quasi-experimental design. Two schools were selected using a table of random numbers from a population of 51 schools in Jos South and assigned to each of experimental and control group. The…

Effectiveness of bank credit activity evaluation with application of economic and mathematic modeling

NASA Astrophysics Data System (ADS)

Galeeva, G. M.; Zagladina, E. N.; Kadeeva, E. N.

2018-05-01

The paper presents data on the influence of the most significant factors having impact on the credit portfolio volume, as well as conducts correlation and regression analysis with the subsequent construction of the trend for a short period. Credit activity is understood as the bank activity in the formation of a credit portfolio. Considering the structure of the bank credit portfolio, it can be observed that it consists of credits granted by the bank particularly for legal entities, individuals and other banks. Herewith, it is necessary to understand that any decrease in the credit portfolio will adversely affect the financial stability and effectiveness of any commercial bank. Moreover, during crisis periods, the policy and practice of banks have been determined as quite aggressive and conducted as such with regard to interest rates. The dynamics of credit portfolio volume has been selected as an independent factor due to the reason that it can fully explain the current development situation and the effectiveness of the bank credit policy. Considering the dependent factors, their influence will be assessed by the credit portfolio volume indicator. The authors have distinguished the following ones among them: the volume of credits granted to individuals; the volume of credits granted to legal entities; the amount of overdue credits in the credit portfolio; bank investments in the securities; inflation; key rate.

Practice and professional development plans (PPDPs): results of a feasibility study.

PubMed

Elwyn, G; Carlisle, S; Hocking, P; Smail, S

2001-01-01

Dissatisfaction with uniprofessional education structures as a means of improving the quality of healthcare has led to proposals to develop ways of integrating professional learning and organisational development. Test the feasibility of introducing practice and professional development plans using a centrally sponsored project in Wales. Qualitative observational study. All 541 practices in Wales were alerted to the project and invited to apply. A selection process was suggested to Health Authorities but not always efficiently conducted: 23 practices were selected and 18 participated in the process. Central funding was made available to health authorities. The project framework was designed by an educational department and conceptualised as the development of personal portfolios linked to one key organisation change in each practice, facilitated by external consultants who would typically hold workshops or other events. An independent researcher using non-participant observation techniques at workshops and practices undertook documentary analysis and fieldwork in four health authorities. Difficulties were encountered with the process of implementing the project: marketing and practice selection inconsistencies delayed the work and it was difficult to recruit practices into the project. The lack of experienced individuals to do the work and practitioner suspicion about perceived 'management' agendas were significant problems. After initial hesitancies most practices appreciated the value of developing wider ownership and commitment to proposed practice changes. Organisations found it difficult to support individual completion of the personal portfolio component of the plans. The ability to develop systems for clinical services was dependent on having already established a culture of effective teamwork in the organisation. This work supports the view that organisational development has considerable potential for bringing about effective change, and individual contributions could form a valuable component of personal portfolios. We believe that the existing structures in education and management in the health service are not yet able to support these processes. Evidence from the fields of risk management and quality improvement all point to the need to develop effective organisational systems and the results of this feasibility study indicate that alternative models of sustaining organisational development need careful evaluation.

Practice and professional development plans (PPDPs): results of a feasibility study

PubMed Central

Elwyn, Glyn; Carlisle, Sandra; Hocking, Paul; Smail, Simon

2001-01-01

Background Dissatisfaction with uniprofessional education structures as a means of improving the quality of healthcare has led to proposals to develop ways of integrating professional learning and organisational development. Aims Test the feasibility of introducing practice and professional development plans using a centrally sponsored project in Wales. Design Qualitative observational study. Study sample All 541 practices in Wales were alerted to the project and invited to apply. A selection process was suggested to Health Authorities but not always efficiently conducted: 23 practices were selected and 18 participated in the process. Method Central funding was made available to health authorities. The project framework was designed by an educational department and conceptualised as the development of personal portfolios linked to one key organisation change in each practice, facilitated by external consultants who would typically hold workshops or other events. An independent researcher using non-participant observation techniques at workshops and practices undertook documentary analysis and fieldwork in four health authorities. Results Difficulties were encountered with the process of implementing the project: marketing and practice selection inconsistencies delayed the work and it was difficult to recruit practices into the project. The lack of experienced individuals to do the work and practitioner suspicion about perceived 'management' agendas were significant problems. After initial hesitancies most practices appreciated the value of developing wider ownership and commitment to proposed practice changes. Organisations found it difficult to support individual completion of the personal portfolio component of the plans. The ability to develop systems for clinical services was dependent on having already established a culture of effective teamwork in the organisation. Conclusions This work supports the view that organisational development has considerable potential for bringing about effective change, and individual contributions could form a valuable component of personal portfolios. We believe that the existing structures in education and management in the health service are not yet able to support these processes. Evidence from the fields of risk management and quality improvement all point to the need to develop effective organisational systems and the results of this feasibility study indicate that alternative models of sustaining organisational development need careful evaluation. PMID:11299046

A Portfolio of Energy Ideas: Social Studies.

ERIC Educational Resources Information Center

Clark, Richard C., Ed.

Presented are 12 social studies units which examine current energy issues and present energy dilemmas for careful study and reflection. The activities emphasize: (1) a range of teaching strategies; (2) problem identification, problem solving, and problem analysis; (3) futures education; (4) students as active learners; and (5) consideration of the…

Generalizable open source urban water portfolio simulation framework demonstrated using a multi-objective risk-based planning benchmark problem.

NASA Astrophysics Data System (ADS)

Trindade, B. C.; Reed, P. M.

2017-12-01

The growing access and reduced cost for computing power in recent years has promoted rapid development and application of multi-objective water supply portfolio planning. As this trend continues there is a pressing need for flexible risk-based simulation frameworks and improved algorithm benchmarking for emerging classes of water supply planning and management problems. This work contributes the Water Utilities Management and Planning (WUMP) model: a generalizable and open source simulation framework designed to capture how water utilities can minimize operational and financial risks by regionally coordinating planning and management choices, i.e. making more efficient and coordinated use of restrictions, water transfers and financial hedging combined with possible construction of new infrastructure. We introduce the WUMP simulation framework as part of a new multi-objective benchmark problem for planning and management of regionally integrated water utility companies. In this problem, a group of fictitious water utilities seek to balance the use of the mentioned reliability driven actions (e.g., restrictions, water transfers and infrastructure pathways) and their inherent financial risks. Several traits of this problem make it ideal for a benchmark problem, namely the presence of (1) strong non-linearities and discontinuities in the Pareto front caused by the step-wise nature of the decision making formulation and by the abrupt addition of storage through infrastructure construction, (2) noise due to the stochastic nature of the streamflows and water demands, and (3) non-separability resulting from the cooperative formulation of the problem, in which decisions made by stakeholder may substantially impact others. Both the open source WUMP simulation framework and its demonstration in a challenging benchmarking example hold value for promoting broader advances in urban water supply portfolio planning for regions confronting change.

Macroscopic relationship in primal-dual portfolio optimization problem

NASA Astrophysics Data System (ADS)

Shinzato, Takashi

2018-02-01

In the present paper, using a replica analysis, we examine the portfolio optimization problem handled in previous work and discuss the minimization of investment risk under constraints of budget and expected return for the case that the distribution of the hyperparameters of the mean and variance of the return rate of each asset are not limited to a specific probability family. Findings derived using our proposed method are compared with those in previous work to verify the effectiveness of our proposed method. Further, we derive a Pythagorean theorem of the Sharpe ratio and macroscopic relations of opportunity loss. Using numerical experiments, the effectiveness of our proposed method is demonstrated for a specific situation.

Fireworks algorithm for mean-VaR/CVaR models

NASA Astrophysics Data System (ADS)

Zhang, Tingting; Liu, Zhifeng

2017-10-01

Intelligent algorithms have been widely applied to portfolio optimization problems. In this paper, we introduce a novel intelligent algorithm, named fireworks algorithm, to solve the mean-VaR/CVaR model for the first time. The results show that, compared with the classical genetic algorithm, fireworks algorithm not only improves the optimization accuracy and the optimization speed, but also makes the optimal solution more stable. We repeat our experiments at different confidence levels and different degrees of risk aversion, and the results are robust. It suggests that fireworks algorithm has more advantages than genetic algorithm in solving the portfolio optimization problem, and it is feasible and promising to apply it into this field.

The national portfolio of learning for postgraduate family medicine training in South Africa: experiences of registrars and supervisors in clinical practice

PubMed Central

2013-01-01

Background In South Africa the submission of a portfolio of learning has become a national requirement for assessment of family medicine training. A national portfolio has been developed, validated and implemented. The aim of this study was to explore registrars’ and supervisors’ experience regarding the portfolio’s educational impact, acceptability, and perceived usefulness for assessment of competence. Methods Semi-structured interviews were conducted with 17 purposively selected registrars and supervisors from all eight South African training programmes. Results The portfolio primarily had an educational impact through making explicit the expectations of registrars and supervisors in the workplace. This impact was tempered by a lack of engagement in the process by registrars and supervisors who also lacked essential skills in reflection, feedback and assessment. The acceptability of the portfolio was limited by service delivery demands, incongruence between the clinical context and educational requirements, design of the logbook and easy availability of the associated tools. The use of the portfolio for formative assessment was strongly supported and appreciated, but was not always happening and in some cases registrars had even organised peer assessment. Respondents were unclear as to how the portfolio would be used for summative assessment. Conclusions The learning portfolio had a significant educational impact in shaping work-place based supervision and training and providing formative assessment. Its acceptability and usefulness as a learning tool should increase over time as supervisors and registrars become more competent in its use. There is a need to clarify how it will be used in summative assessment. PMID:24207009

Making practice transparent through e-portfolio.

PubMed

Stewart, Sarah M

2013-12-01

Midwives are required to maintain a professional portfolio as part of their statutory requirements. Some midwives are using open social networking tools and processes to develop an e-portfolio. However, confidentiality of patient and client data and professional reputation have to be taken into consideration when using online public spaces for reflection. There is little evidence about how midwives use social networking tools for ongoing learning. It is uncertain how reflecting in an e-portfolio with an audience impacts on learning outcomes. This paper investigates ways in which reflective midwifery practice be carried out using e-portfolio in open, social networking platforms using collaborative processes. Using an auto-ethnographic approach I explored my e-portfolio and selected posts that had attracted six or more comments. I used thematic analysis to identify themes within the textual conversations in the posts and responses posted by readers. The analysis identified that my collaborative e-portfolio had four themes: to provide commentary and discuss issues; to reflect and process learning; to seek advice, brainstorm and process ideas for practice, projects and research, and provide evidence of professional development. E-portfolio using open social networking tools and processes is a viable option for midwives because it facilitates collaborative reflection and shared learning. However, my experience shows that concerns about what people think, and client confidentiality does impact on the nature of open reflection and learning outcomes. I conclude this paper with a framework for managing midwifery statutory obligations using online public spaces and social networking tools. Copyright © 2013 Australian College of Midwives. Published by Elsevier Ltd. All rights reserved.

Feasibility and Outcomes of Implementing a Portfolio Assessment System Alongside a Traditional Grading System.

PubMed

O'Brien, Celia Laird; Sanguino, Sandra M; Thomas, John X; Green, Marianne M

2016-11-01

Portfolios are a powerful tool to collect and evaluate evidence of medical students' competence across time. However, comprehensive portfolio assessment systems that are implemented alongside traditional graded curricula at medical schools in the United States have not been described in the literature. This study describes the development and implementation of a longitudinal competency-based electronic portfolio system alongside a graded curriculum at a relatively large U.S. medical school. In 2009, the authors developed a portfolio system that served as a repository for all student assessments organized by competency domain. Five competencies were selected for a preclerkship summative portfolio review. Students submitted reflections on their performance. In 2014, four clinical faculty members participated in standard-setting activities and used expert judgment and holistic review to rate students' competency achievement as "progressing toward competence," "progressing toward competence with some concern," or "progressing toward competence pending remediation." Follow-up surveys measured students' and faculty members' perceptions of the process. Faculty evaluated 156 portfolios and showed high levels of agreement in their ratings. The majority of students achieved the "progressing toward competence" benchmark in all competency areas. However, 31 students received at least one concerning rating, which was not reflected in their course grades. Students' perceptions of the system's ability to foster self-assessment were mixed. The portfolio review process allowed faculty to identify students with a concerning rating in a behavioral competency who would not have been identified in a traditional grading system. Identification of these students allows for intervention and early remediation.

Effect of a dietary portfolio of cholesterol-lowering foods given at 2 levels of intensity of dietary advice on serum lipids in hyperlipidemia: a randomized controlled trial.

PubMed

Jenkins, David J A; Jones, Peter J H; Lamarche, Benoit; Kendall, Cyril W C; Faulkner, Dorothea; Cermakova, Luba; Gigleux, Iris; Ramprasath, Vanu; de Souza, Russell; Ireland, Chris; Patel, Darshna; Srichaikul, Korbua; Abdulnour, Shahad; Bashyam, Balachandran; Collier, Cheryl; Hoshizaki, Sandy; Josse, Robert G; Leiter, Lawrence A; Connelly, Philip W; Frohlich, Jiri

2011-08-24

Combining foods with recognized cholesterol-lowering properties (dietary portfolio) has proven highly effective in lowering serum cholesterol under metabolically controlled conditions. To assess the effect of a dietary portfolio administered at 2 levels of intensity on percentage change in low-density lipoprotein cholesterol (LDL-C) among participants following self-selected diets. A parallel-design study of 351 participants with hyperlipidemia from 4 participating academic centers across Canada (Quebec City, Toronto, Winnipeg, and Vancouver) randomized between June 25, 2007, and February 19, 2009, to 1 of 3 treatments lasting 6 months. Participants received dietary advice for 6 months on either a low-saturated fat therapeutic diet (control) or a dietary portfolio, for which counseling was delivered at different frequencies, that emphasized dietary incorporation of plant sterols, soy protein, viscous fibers, and nuts. Routine dietary portfolio involved 2 clinic visits over 6 months and intensive dietary portfolio involved 7 clinic visits over 6 months. Percentage change in serum LDL-C. In the modified intention-to-treat analysis of 345 participants, the overall attrition rate was not significantly different between treatments (18% for intensive dietary portfolio, 23% for routine dietary portfolio, and 26% for control; Fisher exact test, P = .33). The LDL-C reductions from an overall mean of 171 mg/dL (95% confidence interval [CI], 168-174 mg/dL) were -13.8% (95% CI, -17.2% to -10.3%; P < .001) or -26 mg/dL (95% CI, -31 to -21 mg/dL; P < .001) for the intensive dietary portfolio; -13.1% (95% CI, -16.7% to -9.5%; P < .001) or -24 mg/dL (95% CI, -30 to -19 mg/dL; P < .001) for the routine dietary portfolio; and -3.0% (95% CI, -6.1% to 0.1%; P = .06) or -8 mg/dL (95% CI, -13 to -3 mg/dL; P = .002) for the control diet. Percentage LDL-C reductions for each dietary portfolio were significantly more than the control diet (P < .001, respectively). The 2 dietary portfolio interventions did not differ significantly (P = .66). Among participants randomized to one of the dietary portfolio interventions, percentage reduction in LDL-C on the dietary portfolio was associated with dietary adherence (r = -0.34, n = 157, P < .001). Use of a dietary portfolio compared with the low-saturated fat dietary advice resulted in greater LDL-C lowering during 6 months of follow-up. clinicaltrials.gov Identifier: NCT00438425.

Black-Litterman model on non-normal stock return (Case study four banks at LQ-45 stock index)

NASA Astrophysics Data System (ADS)

Mahrivandi, Rizki; Noviyanti, Lienda; Setyanto, Gatot Riwi

2017-03-01

The formation of the optimal portfolio is a method that can help investors to minimize risks and optimize profitability. One model for the optimal portfolio is a Black-Litterman (BL) model. BL model can incorporate an element of historical data and the views of investors to form a new prediction about the return of the portfolio as a basis for preparing the asset weighting models. BL model has two fundamental problems, the assumption of normality and estimation parameters on the market Bayesian prior framework that does not from a normal distribution. This study provides an alternative solution where the modelling of the BL model stock returns and investor views from non-normal distribution.

Business Model Evaluation for an Advanced Multimedia Service Portfolio

NASA Astrophysics Data System (ADS)

Pisciella, Paolo; Zoric, Josip; Gaivoronski, Alexei A.

In this paper we analyze quantitatively a business model for the collaborative provision of an advanced mobile data service portfolio composed of three multimedia services: Video on Demand, Internet Protocol Television and User Generated Content. We provide a description of the provision system considering the relation occurring between tecnical aspects and business aspects for each agent providing the basic multimedia service. Such a techno-business analysis is then projected into a mathematical model dealing with the problem of the definition of incentives between the different agents involved in a collaborative service provision. Through the implementation of this model we aim at shaping the behaviour of each of the contributing agents modifying the level of profitability that the Service Portfolio yields to each of them.

A Comparison of the Effects of Reflective Learning Portfolios and Dialogue Journal Writing on Iranian EFL Learners' Accuracy in Writing Performance

ERIC Educational Resources Information Center

Hemmati, Fatemeh; Soltanpour, Fatemeh

2012-01-01

This study aimed at comparing the effects of reflective learning portfolio (RLP) and dialogue journal writing (DJW) on the Iranian EFL learners' grammatical accuracy in writing as well as their overall writing performance. 60 Iranian EFL learners between the ages of 17 to 30 who were studying at general English courses were selected based on their…

Ergonomic evaluation of workload by milk production - a bibliometric analysis.

PubMed

de Oliveira, Claudilaine Caldas; Pereira Moro, Antônio Renato; Ulbricht, Leandra; Belinelli, Marjorie; de Souza, Gilberto F M; Gabriel, Michele; Zattar, Izabel Cristina

2017-09-21

The purpose of this study was to select in a structured manner the relevant articles with scientific recognition, and simultaneously identify the characteristics of these publications that may scientifically enrich the theme in a portfolio of papers. The theme involves ergonomics in milk production as a criterion for evaluating and improving organizational performance in the milking sector. The study used ProKnow-C as a theoretical instrument for intervention. The main results show: i) a bibliographic portfolio of 18 items aligned with the view adopted by researchers which served as a theoretical framework for this research; ii) The article entitled "Wrist positions and movements as possible risk factors during machine milking", by Marianne Stål, Gert-Åke Hansson and Ulrich Moritz in 1999 and published in the Journal of Applied Ergonomics presented the highest scientific recognition, iii) the authors highlighted in the bibliographic portfolio or in its references researching the subject are Gert-Åke Hansson, Marianne Stål and Stefan Pinzke, and iv) the International Journal of Industrial Ergonomics shows the highest number of scientific articles in the bibliographic portfolio. The studies selected using the methodology indicate research in ergonomics focused on the production of milk in rural areas, specifically in the milking sector, are generally related to the health and safety of the workers.

Perceptions of a continuing professional development portfolio model to enhance the scholarship of teaching and learning.

PubMed

Tofade, Toyin; Abate, Marie; Fu, Yunting

2014-04-01

To obtain feedback about the potential usefulness of a continuing professional development (CPD) portfolio for enhancing a faculty or practitioner's scholarship of teaching and learning (SoTL). A CPD portfolio approach to the SoTL was distributed in advance to registrants of the 2011 Annual AACP Teacher's Seminar. In an interactive workshop, faculty facilitators described a model for a CPD process applied to the development of an individual's SoTL. During the workshop, participants were asked to complete the initial sections of the portfolio to develop a personal plan for success in the SoTL. Post workshop, an evaluation form was distributed to the participants to obtain feedback about the CPD approach. Completed evaluation forms were collected, collated, and summarized. A total of 53 (14.1%) workshop participants completed the evaluation form of the 375 attendees. In all, 25 assistant professors, 14 associate professors, 4 full professors, 10 residents/students, 22 clinical, and 2 research faculty submitted evaluations. The proposed uses for the portfolio model selected most often by the responders were for personal development, faculty evaluation, increasing the SoTL, new faculty development, preceptor development, and residency training. A structured CPD portfolio model might be useful for the professional development of the SoTL.

Methodology Development for Assessment of Spaceport Technology Returns and Risks

NASA Technical Reports Server (NTRS)

Joglekar, Prafulla; Zapata, Edgar

2001-01-01

As part of Kennedy Space Center's (KSC's) challenge to open the space frontier, new spaceport technologies must be developed, matured and successfully transitioned to operational systems. R&D investment decisions can be considered from multiple perspectives. Near mid and far term technology horizons must be understood. Because a multitude of technology investment opportunities are available, we must identify choices that promise the greatest likelihood of significant lifecycle At the same time, the costs and risks of any choice must be well understood and balanced against its potential returns The problem is not one of simply rank- ordering projects in terms of their desirability. KSC wants to determine a portfolio of projects that simultaneously satisfies multiple goals, such as getting the biggest bang for the buck, supporting projects that may be too risky for private funding, staying within annual budget cycles without foregoing the requirements of a long term technology vision, and ensuring the development of a diversity of technologies that, support the variety of operational functions involved in space transportation. This work aims to assist in the development of in methods and techniques that support strategic technology investment decisions and ease the process of determining an optimal portfolio of spaceport R&D investments. Available literature on risks and returns to R&D is reviewed and most useful pieces are brought to the attention of the Spaceport Technology Development Office (STDO). KSC's current project management procedures are reviewed. It is found that the "one size fits all" nature of KSC's existing procedures and project selection criteria is not conducive to prudent decision-making. Directions for improving KSC's - procedures and criteria are outlined. With help of a contractor, STDO is currently developing a tool, named Change Management Analysis Tool (CMAT)/ Portfolio Analysis Tool (PAT), to assist KSC's R&D portfolio determination. A critical review of CMAT/PAT is undertaken. Directions for the improvement of this tool are provided. STDO and KSC intend to follow up on many, if not all, of the recommendations provided.

Towards resiliency with micro-grids: Portfolio optimization and investment under uncertainty

NASA Astrophysics Data System (ADS)

Gharieh, Kaveh

Energy security and sustained supply of power are critical for community welfare and economic growth. In the face of the increased frequency and intensity of extreme weather conditions which can result in power grid outage, the value of micro-grids to improve the communities' power reliability and resiliency is becoming more important. Micro-grids capability to operate in islanded mode in stressed-out conditions, dramatically decreases the economic loss of critical infrastructure in power shortage occasions. More wide-spread participation of micro-grids in the wholesale energy market in near future, makes the development of new investment models necessary. However, market and price risks in short term and long term along with risk factors' impacts shall be taken into consideration in development of new investment models. This work proposes a set of models and tools to address different problems associated with micro-grid assets including optimal portfolio selection, investment and financing in both community and a sample critical infrastructure (i.e. wastewater treatment plant) levels. The models account for short-term operational volatilities and long-term market uncertainties. A number of analytical methodologies and financial concepts have been adopted to develop the aforementioned models as follows. (1) Capital budgeting planning and portfolio optimization models with Monte Carlo stochastic scenario generation are applied to derive the optimal investment decision for a portfolio of micro-grid assets considering risk factors and multiple sources of uncertainties. (2) Real Option theory, Monte Carlo simulation and stochastic optimization techniques are applied to obtain optimal modularized investment decisions for hydrogen tri-generation systems in wastewater treatment facilities, considering multiple sources of uncertainty. (3) Public Private Partnership (PPP) financing concept coupled with investment horizon approach are applied to estimate public and private parties' revenue shares from a community-level micro-grid project over the course of assets' lifetime considering their optimal operation under uncertainty.

Exploring students' perceptions on the use of significant event analysis, as part of a portfolio assessment process in general practice, as a tool for learning how to use reflection in learning

PubMed Central

Grant, Andrew J; Vermunt, Jan D; Kinnersley, Paul; Houston, Helen

2007-01-01

Background Portfolio learning enables students to collect evidence of their learning. Component tasks making up a portfolio can be devised that relate directly to intended learning outcomes. Reflective tasks can stimulate students to recognise their own learning needs. Assessment of portfolios using a rating scale relating to intended learning outcomes offers high content validity. This study evaluated a reflective portfolio used during a final-year attachment in general practice (family medicine). Students were asked to evaluate the portfolio (which used significant event analysis as a basis for reflection) as a learning tool. The validity and reliability of the portfolio as an assessment tool were also measured. Methods 81 final-year medical students completed reflective significant event analyses as part of a portfolio created during a three-week attachment (clerkship) in general practice (family medicine). As well as two reflective significant event analyses each portfolio contained an audit and a health needs assessment. Portfolios were marked three times; by the student's GP teacher, the course organiser and by another teacher in the university department of general practice. Inter-rater reliability between pairs of markers was calculated. A questionnaire enabled the students' experience of portfolio learning to be determined. Results Benefits to learning from reflective learning were limited. Students said that they thought more about the patients they wrote up in significant event analyses but information as to the nature and effect of this was not forthcoming. Moderate inter-rater reliability (Spearman's Rho .65) was found between pairs of departmental raters dealing with larger numbers (20 – 60) of portfolios. Inter-rater reliability of marking involving GP tutors who only marked 1 – 3 portfolios was very low. Students rated highly their mentoring relationship with their GP teacher but found the portfolio tasks time-consuming. Conclusion The inter-rater reliability observed in this study should be viewed alongside the high validity afforded by the authenticity of the learning tasks (compared with a sample of a student's learning taken by an exam question). Validity is enhanced by the rating scale which directly connects the grade given with intended learning outcomes. The moderate inter-rater reliability may be increased if a portfolio is completed over a longer period of time and contains more component pieces of work. The questionnaire used in this study only accessed limited information about the effect of reflection on students' learning. Qualitative methods of evaluation would determine the students experience in greater depth. It would be useful to evaluate the effects of reflective learning after students have had more time to get used to this unfamiliar method of learning and to overcome any problems in understanding the task. PMID:17397544

Exploring students' perceptions on the use of significant event analysis, as part of a portfolio assessment process in general practice, as a tool for learning how to use reflection in learning.

PubMed

Grant, Andrew J; Vermunt, Jan D; Kinnersley, Paul; Houston, Helen

2007-03-30

Portfolio learning enables students to collect evidence of their learning. Component tasks making up a portfolio can be devised that relate directly to intended learning outcomes. Reflective tasks can stimulate students to recognise their own learning needs. Assessment of portfolios using a rating scale relating to intended learning outcomes offers high content validity. This study evaluated a reflective portfolio used during a final-year attachment in general practice (family medicine). Students were asked to evaluate the portfolio (which used significant event analysis as a basis for reflection) as a learning tool. The validity and reliability of the portfolio as an assessment tool were also measured. 81 final-year medical students completed reflective significant event analyses as part of a portfolio created during a three-week attachment (clerkship) in general practice (family medicine). As well as two reflective significant event analyses each portfolio contained an audit and a health needs assessment. Portfolios were marked three times; by the student's GP teacher, the course organiser and by another teacher in the university department of general practice. Inter-rater reliability between pairs of markers was calculated. A questionnaire enabled the students' experience of portfolio learning to be determined. Benefits to learning from reflective learning were limited. Students said that they thought more about the patients they wrote up in significant event analyses but information as to the nature and effect of this was not forthcoming. Moderate inter-rater reliability (Spearman's Rho .65) was found between pairs of departmental raters dealing with larger numbers (20-60) of portfolios. Inter-rater reliability of marking involving GP tutors who only marked 1-3 portfolios was very low. Students rated highly their mentoring relationship with their GP teacher but found the portfolio tasks time-consuming. The inter-rater reliability observed in this study should be viewed alongside the high validity afforded by the authenticity of the learning tasks (compared with a sample of a student's learning taken by an exam question). Validity is enhanced by the rating scale which directly connects the grade given with intended learning outcomes. The moderate inter-rater reliability may be increased if a portfolio is completed over a longer period of time and contains more component pieces of work. The questionnaire used in this study only accessed limited information about the effect of reflection on students' learning. Qualitative methods of evaluation would determine the students experience in greater depth. It would be useful to evaluate the effects of reflective learning after students have had more time to get used to this unfamiliar method of learning and to overcome any problems in understanding the task.

Portfolio optimization in enhanced index tracking with goal programming approach

NASA Astrophysics Data System (ADS)

Siew, Lam Weng; Jaaman, Saiful Hafizah Hj.; Ismail, Hamizun bin

2014-09-01

Enhanced index tracking is a popular form of passive fund management in stock market. Enhanced index tracking aims to generate excess return over the return achieved by the market index without purchasing all of the stocks that make up the index. This can be done by establishing an optimal portfolio to maximize the mean return and minimize the risk. The objective of this paper is to determine the portfolio composition and performance using goal programming approach in enhanced index tracking and comparing it to the market index. Goal programming is a branch of multi-objective optimization which can handle decision problems that involve two different goals in enhanced index tracking, a trade-off between maximizing the mean return and minimizing the risk. The results of this study show that the optimal portfolio with goal programming approach is able to outperform the Malaysia market index which is FTSE Bursa Malaysia Kuala Lumpur Composite Index because of higher mean return and lower risk without purchasing all the stocks in the market index.

Analytic solution to variance optimization with no short positions

NASA Astrophysics Data System (ADS)

Kondor, Imre; Papp, Gábor; Caccioli, Fabio

2017-12-01

We consider the variance portfolio optimization problem with a ban on short selling. We provide an analytical solution by means of the replica method for the case of a portfolio of independent, but not identically distributed, assets. We study the behavior of the solution as a function of the ratio r between the number N of assets and the length T of the time series of returns used to estimate risk. The no-short-selling constraint acts as an asymmetric \

[Problem-based learning, a comparison in the acquisition of transversal competencies].

PubMed

González Pascual, Juan Luis; López Martin, Inmaculada; Toledo Gómez, David

2009-01-01

In the European Higher Education Area (EEES in Spanish reference), a change in the pedagogical model has occurred: from teaching centered on the figure of the professor to learning centered on students, from an integral perspective. This learning must bring together the full set of competencies included in the program requirements necessary to obtain a degree. The specific competencies characterize a profession and distinguish one from others. The transversal competencies surpass the limits of one particular discipline to be potentially developed in all; these are subdivided in three types: instrumental, interpersonal and systemic. The authors describe and compare the acquisition of transversal competencies connected to students' portfolios and Problem-based Learning as pedagogical methods from the perspective of second year nursing students at the European University in Madrid during the 2007-8 academic year To do so, the authors carried out a transversal descriptive study; data was collected by a purpose-made questionnaire the authors developed which they based on the transversal competencies of the Tuning Nursing Project. Variables included age, sex, pedagogical method, perception on acquisition of those 24 competencies by means of a Likert Scale. U de Mann-Whitney descriptive and analytical statistics. The authors conclude that the portfolio and Problem-based Learning are useful pedagogical methods for acquiring transversal competencies; these results coincide with those of other studies. Comparing both methods, the authors share the opinion that the Problem-based Learning method could stimulate the search for information better than the portfolio method.

A one-layer recurrent neural network for constrained pseudoconvex optimization and its application for dynamic portfolio optimization.

PubMed

Liu, Qingshan; Guo, Zhishan; Wang, Jun

2012-02-01

In this paper, a one-layer recurrent neural network is proposed for solving pseudoconvex optimization problems subject to linear equality and bound constraints. Compared with the existing neural networks for optimization (e.g., the projection neural networks), the proposed neural network is capable of solving more general pseudoconvex optimization problems with equality and bound constraints. Moreover, it is capable of solving constrained fractional programming problems as a special case. The convergence of the state variables of the proposed neural network to achieve solution optimality is guaranteed as long as the designed parameters in the model are larger than the derived lower bounds. Numerical examples with simulation results illustrate the effectiveness and characteristics of the proposed neural network. In addition, an application for dynamic portfolio optimization is discussed. Copyright © 2011 Elsevier Ltd. All rights reserved.

From aggregation to interpretation: how assessors judge complex data in a competency-based portfolio.

PubMed

Oudkerk Pool, Andrea; Govaerts, Marjan J B; Jaarsma, Debbie A D C; Driessen, Erik W

2018-05-01

While portfolios are increasingly used to assess competence, the validity of such portfolio-based assessments has hitherto remained unconfirmed. The purpose of the present research is therefore to further our understanding of how assessors form judgments when interpreting the complex data included in a competency-based portfolio. Eighteen assessors appraised one of three competency-based mock portfolios while thinking aloud, before taking part in semi-structured interviews. A thematic analysis of the think-aloud protocols and interviews revealed that assessors reached judgments through a 3-phase cyclical cognitive process of acquiring, organizing, and integrating evidence. Upon conclusion of the first cycle, assessors reviewed the remaining portfolio evidence to look for confirming or disconfirming evidence. Assessors were inclined to stick to their initial judgments even when confronted with seemingly disconfirming evidence. Although assessors reached similar final (pass-fail) judgments of students' professional competence, they differed in their information-processing approaches and the reasoning behind their judgments. Differences sprung from assessors' divergent assessment beliefs, performance theories, and inferences about the student. Assessment beliefs refer to assessors' opinions about what kind of evidence gives the most valuable and trustworthy information about the student's competence, whereas assessors' performance theories concern their conceptualizations of what constitutes professional competence and competent performance. Even when using the same pieces of information, assessors furthermore differed with respect to inferences about the student as a person as well as a (future) professional. Our findings support the notion that assessors' reasoning in judgment and decision-making varies and is guided by their mental models of performance assessment, potentially impacting feedback and the credibility of decisions. Our findings also lend further credence to the assertion that portfolios should be judged by multiple assessors who should, moreover, thoroughly substantiate their judgments. Finally, it is suggested that portfolios be designed in such a way that they facilitate the selection of and navigation through the portfolio evidence.

A Qualitative Analysis of Narrative Preclerkship Assessment Data to Evaluate Teamwork Skills.

PubMed

Dolan, Brigid M; O'Brien, Celia Laird; Cameron, Kenzie A; Green, Marianne M

2018-04-16

Construct: Students entering the health professions require competency in teamwork. Although many teamwork curricula and assessments exist, studies have not demonstrated robust longitudinal assessment of preclerkship students' teamwork skills and attitudes. Assessment portfolios may serve to fill this gap, but it is unknown how narrative comments within portfolios describe student teamwork behaviors. We performed a qualitative analysis of narrative data in 15 assessment portfolios. Student portfolios were randomly selected from 3 groups stratified by quantitative ratings of teamwork performance gathered from small-group and clinical preceptor assessment forms. Narrative data included peer and faculty feedback from these same forms. Data were coded for teamwork-related behaviors using a constant comparative approach combined with an identification of the valence of the coded statements as either "positive observation" or "suggestion for improvement." Eight codes related to teamwork emerged: attitude and demeanor, information facilitation, leadership, preparation and dependability, professionalism, team orientation, values team member contributions, and nonspecific teamwork comments. The frequency of codes and valence varied across the 3 performance groups, with students in the low-performing group receiving more suggestions for improvement across all teamwork codes. Narrative data from assessment portfolios included specific descriptions of teamwork behavior, with important contributions provided by both faculty and peers. A variety of teamwork domains were represented. Such feedback as collected in an assessment portfolio can be used for longitudinal assessment of preclerkship student teamwork skills and attitudes.

Assessing the Value of Information for Identifying Optimal Floodplain Management Portfolios

NASA Astrophysics Data System (ADS)

Read, L.; Bates, M.; Hui, R.; Lund, J. R.

2014-12-01

Floodplain management is a complex portfolio problem that can be analyzed from an integrated perspective incorporating traditionally structural and nonstructural options. One method to identify effective strategies for preparing, responding to, and recovering from floods is to optimize for a portfolio of temporary (emergency) and permanent floodplain management options. A risk-based optimization approach to this problem assigns probabilities to specific flood events and calculates the associated expected damages. This approach is currently limited by: (1) the assumption of perfect flood forecast information, i.e. implementing temporary management activities according to the actual flood event may differ from optimizing based on forecasted information and (2) the inability to assess system resilience across a range of possible future events (risk-centric approach). Resilience is defined here as the ability of a system to absorb and recover from a severe disturbance or extreme event. In our analysis, resilience is a system property that requires integration of physical, social, and information domains. This work employs a 3-stage linear program to identify the optimal mix of floodplain management options using conditional probabilities to represent perfect and imperfect flood stages (forecast vs. actual events). We assess the value of information in terms of minimizing damage costs for two theoretical cases - urban and rural systems. We use portfolio analysis to explore how the set of optimal management options differs depending on whether the goal is for the system to be risk-adverse to a specified event or resilient over a range of events.

Cryptographic Combinatorial Securities Exchanges

NASA Astrophysics Data System (ADS)

Thorpe, Christopher; Parkes, David C.

We present a useful new mechanism that facilitates the atomic exchange of many large baskets of securities in a combinatorial exchange. Cryptography prevents information about the securities in the baskets from being exploited, enhancing trust. Our exchange offers institutions who wish to trade large positions a new alternative to existing methods of block trading: they can reduce transaction costs by taking advantage of other institutions’ available liquidity, while third party liquidity providers guarantee execution—preserving their desired portfolio composition at all times. In our exchange, institutions submit encrypted orders which are crossed, leaving a “remainder”. The exchange proves facts about the portfolio risk of this remainder to third party liquidity providers without revealing the securities in the remainder, the knowledge of which could also be exploited. The third parties learn either (depending on the setting) the portfolio risk parameters of the remainder itself, or how their own portfolio risk would change if they were to incorporate the remainder into a portfolio they submit. In one setting, these third parties submit bids on the commission, and the winner supplies necessary liquidity for the entire exchange to clear. This guaranteed clearing, coupled with external price discovery from the primary markets for the securities, sidesteps difficult combinatorial optimization problems. This latter method of proving how taking on the remainder would change risk parameters of one’s own portfolio, without revealing the remainder’s contents or its own risk parameters, is a useful protocol of independent interest.

The surgical learning and instructional portfolio: what residents at a single institution are learning.

PubMed

Webb, Travis P; Merkley, Taylor R

2011-03-01

The Accreditation Council for Graduate Medical Education (ACGME) Learning Portfolio is recommended as a tool to develop and document reflective, practice-based learning and improvement. There is no consensus regarding the appropriate content of a learning portfolio in medical education. Studying lessons selected for inclusion in their learning portfolios by surgical trainees could help identify useful subject matter for this purpose. Each month, all residents in our surgery residency program submit entries into their individual Surgical Learning and Instructional Portfolio (SLIP). The SLIP entries from July 2008 to 2009 (n = 420) were deidentified and randomized using a random number generator. We conducted a thematic content analysis of 50 random portfolio entries to identify lessons learned. Two independent raters analyzed the "3 lessons learned" portion of the portfolio entries and identified themes and subthemes using the constant comparative method used in grounded theory. The collaborative coding process resulted in theme saturation after the identification of 7 themes and their subthemes. Themes in decreasing order of frequency included complications, disease epidemiology, disease presentation, surgical management of disease, medical management of disease, operative techniques, and pathophysiology. Junior residents chose to focus on a broad array of foundational topics including disease presentation, epidemiology, and overall management of diseases, whereas postgraduate year-4 (PGY-4) and PGY-5 residents most frequently chose to focus on complications as learning points. Lessons learned reflect perceived needs of the trainees based on training year. When given a template to follow, junior and senior residents choose to reflect on different subject matter to meet their learning goals.

The Surgical Learning and Instructional Portfolio: What Residents at a Single Institution Are Learning

PubMed Central

Webb, Travis P; Merkley, Taylor R

2011-01-01

Background The Accreditation Council for Graduate Medical Education (ACGME) Learning Portfolio is recommended as a tool to develop and document reflective, practice-based learning and improvement. There is no consensus regarding the appropriate content of a learning portfolio in medical education. Studying lessons selected for inclusion in their learning portfolios by surgical trainees could help identify useful subject matter for this purpose. Methods Each month, all residents in our surgery residency program submit entries into their individual Surgical Learning and Instructional Portfolio (SLIP). The SLIP entries from July 2008 to 2009 (n = 420) were deidentified and randomized using a random number generator. We conducted a thematic content analysis of 50 random portfolio entries to identify lessons learned. Two independent raters analyzed the “3 lessons learned” portion of the portfolio entries and identified themes and subthemes using the constant comparative method used in grounded theory. Results The collaborative coding process resulted in theme saturation after the identification of 7 themes and their subthemes. Themes in decreasing order of frequency included complications, disease epidemiology, disease presentation, surgical management of disease, medical management of disease, operative techniques, and pathophysiology. Junior residents chose to focus on a broad array of foundational topics including disease presentation, epidemiology, and overall management of diseases, whereas postgraduate year-4 (PGY-4) and PGY-5 residents most frequently chose to focus on complications as learning points. Conclusions Lessons learned reflect perceived needs of the trainees based on training year. When given a template to follow, junior and senior residents choose to reflect on different subject matter to meet their learning goals. PMID:22379531

A Review of NCI’s Extramural Grant Portfolio: Identifying Opportunities for Future Research in Genes and Environment in Cancer

PubMed Central

Ghazarian, Armen A.; Simonds, Naoko I.; Bennett, Kelly; Pimentel, Camilla B.; Ellison, Gary L.; Gillanders, Elizabeth M.; Schully, Sheri D.; Mechanic, Leah E.

2013-01-01

Background Genetic and environmental factors jointly influence cancer risk. The National Institutes of Health (NIH) has made the study of gene-environment (GxE) interactions a research priority since the year 2000. Methods To assess the current status of GxE research in cancer, we analyzed the extramural grant portfolio of the National Cancer Institute (NCI) from Fiscal Years 2007 to 2009. Publications attributed to selected grants were also evaluated. Results From the 1,106 research grants identified in our portfolio analysis, a random sample of 450 grants (40%) was selected for data abstraction; of these, 147 (33%) were considered relevant. The most common cancer type was breast (20%, n=29), followed by lymphoproliferative (10%, n=14), colorectal (9%, n=13), melanoma/other skin (9%, n=13), and lung/upper aero-digestive tract (8%, n=12) cancers. The majority of grants were studies of candidate genes (68%, n=100) compared to genome-wide association studies (GWAS) (8%, n=12). Approximately one third studied environmental exposures categorized as energy balance (37%, n=54) or drugs/treatment (29%, n=43). From the 147 relevant grants, 108 publications classified as GxE or pharmacogenomic were identified. These publications were linked to 37 of the 147 grant applications (25%). Conclusion The findings from our portfolio analysis suggest that GxE studies are concentrated in specific areas. There is room for investments in other aspects of GxE research, including, but not limited to developing alternative approaches to exposure assessment, broadening the spectrum of cancer types investigated, and performing GxE within GWAS. Impact This portfolio analysis provides a cross-sectional review of NCI support for GxE research in cancer. PMID:23462918

A review of NCI's extramural grant portfolio: identifying opportunities for future research in genes and environment in cancer.

PubMed

Ghazarian, Armen A; Simonds, Naoko I; Bennett, Kelly; Pimentel, Camilla B; Ellison, Gary L; Gillanders, Elizabeth M; Schully, Sheri D; Mechanic, Leah E

2013-04-01

Genetic and environmental factors jointly influence cancer risk. The NIH has made the study of gene-environment (GxE) interactions a research priority since the year 2000. To assess the current status of GxE research in cancer, we analyzed the extramural grant portfolio of the National Cancer Institute (NCI) from Fiscal Years 2007 to 2009. Publications attributed to selected grants were also evaluated. From the 1,106 research grants identified in our portfolio analysis, a random sample of 450 grants (40%) was selected for data abstraction; of these, 147 (33%) were considered relevant. The most common cancer type was breast (20%, n = 29), followed by lymphoproliferative (10%, n = 14), colorectal (9%, n = 13), melanoma/other skin (9%, n = 13), and lung/upper aerodigestive tract (8%, n = 12) cancers. The majority of grants were studies of candidate genes (68%, n = 100) compared with genome-wide association studies (GWAS) (8%, n = 12). Approximately one-third studied environmental exposures categorized as energy balance (37%, n = 54) or drugs/treatment (29%, n = 43). From the 147 relevant grants, 108 publications classified as GxE or pharmacogenomic were identified. These publications were linked to 37 of the 147 grant applications (25%). The findings from our portfolio analysis suggest that GxE studies are concentrated in specific areas. There is room for investments in other aspects of GxE research, including, but not limited to developing alternative approaches to exposure assessment, broadening the spectrum of cancer types investigated, and conducting GxE within GWAS. This portfolio analysis provides a cross-sectional review of NCI support for GxE research in cancer.

Ethical aspects of the mitigation obstruction argument against climate engineering research.

PubMed

Morrow, David R

2014-12-28

Many commentators fear that climate engineering research might lead policy-makers to reduce mitigation efforts. Most of the literature on this so-called 'moral hazard' problem focuses on the prediction that climate engineering research would reduce mitigation efforts. This paper focuses on a related ethical question: Why would it be a bad thing if climate engineering research obstructed mitigation? If climate engineering promises to be effective enough, it might justify some reduction in mitigation. Climate policy portfolios involving sufficiently large or poorly planned reductions in mitigation, however, could lead to an outcome that would be worse than the portfolio that would be chosen in the absence of further climate engineering research. This paper applies three ethical perspectives to describe the kinds of portfolios that would be worse than that 'baseline portfolio'. The literature on climate engineering identifies various mechanisms that might cause policy-makers to choose these inferior portfolios, but it is difficult to know in advance whether the existence of these mechanisms means that climate engineering research really would lead to a worse outcome. In the light of that uncertainty, a precautionary approach suggests that researchers should take measures to reduce the risk of mitigation obstruction. Several such measures are suggested. © 2014 The Author(s) Published by the Royal Society. All rights reserved.

A Portfolio of Energy Ideas: Science.

ERIC Educational Resources Information Center

Clark, Richard C., Ed.

Presented are 10 science energy education units designed to help students learn how to turn science questions and problems about energy into experiments. Each unit focuses on subject-matter knowledge and on the logic and strategy of scientific problem solving. These teacher-oriented materials include an overview of each unit, background…

A Portfolio of Energy Ideas: Science.

ERIC Educational Resources Information Center

Clark, Richard C., Ed.

Ten units which focus on subject-matter knowledge about energy and on the logic and strategy of problem-solving within science are provided in this user's guide. Each unit includes: a detailed summary of unit problems and activities; recommended grade levels and subject areas; possible learner outcomes and general goals; teacher background…

Vehicle routing problem and capacitated vehicle routing problem frameworks in fund allocation problem

NASA Astrophysics Data System (ADS)

Mamat, Nur Jumaadzan Zaleha; Jaaman, Saiful Hafizah; Ahmad, Rokiah@Rozita

2016-11-01

Two new methods adopted from methods commonly used in the field of transportation and logistics are proposed to solve a specific issue of investment allocation problem. Vehicle routing problem and capacitated vehicle routing methods are applied to optimize the fund allocation of a portfolio of investment assets. This is done by determining the sequence of the assets. As a result, total investment risk is minimized by this sequence.

Replica approach to mean-variance portfolio optimization

NASA Astrophysics Data System (ADS)

Varga-Haszonits, Istvan; Caccioli, Fabio; Kondor, Imre

2016-12-01

We consider the problem of mean-variance portfolio optimization for a generic covariance matrix subject to the budget constraint and the constraint for the expected return, with the application of the replica method borrowed from the statistical physics of disordered systems. We find that the replica symmetry of the solution does not need to be assumed, but emerges as the unique solution of the optimization problem. We also check the stability of this solution and find that the eigenvalues of the Hessian are positive for r  =  N/T  <  1, where N is the dimension of the portfolio and T the length of the time series used to estimate the covariance matrix. At the critical point r  =  1 a phase transition is taking place. The out of sample estimation error blows up at this point as 1/(1  -  r), independently of the covariance matrix or the expected return, displaying the universality not only of the critical exponent, but also the critical point. As a conspicuous illustration of the dangers of in-sample estimates, the optimal in-sample variance is found to vanish at the critical point inversely proportional to the divergent estimation error.

Optimization of investment portfolio weight of stocks affected by market index

NASA Astrophysics Data System (ADS)

Azizah, E.; Rusyaman, E.; Supian, S.

2017-01-01

Stock price assessment, selection of optimum combination, and measure the risk of a portfolio investment is one important issue for investors. In this paper single index model used for the assessment of the stock price, and formulation optimization model developed using Lagrange multiplier technique to determine the proportion of assets to be invested. The level of risk is estimated by using variance. These models are used to analyse the stock price data Lippo Bank and Bumi Putera.

45 CFR 2522.415 - How does the grant selection process work?

Code of Federal Regulations, 2010 CFR

2010-10-01

... NATIONAL AND COMMUNITY SERVICE AMERICORPS PARTICIPANTS, PROGRAMS, AND APPLICANTS Selection of AmeriCorps... Notice of Funding Availability; and (d) Ensuring innovation and geographic, demographic, and programmatic diversity across the Corporation's national AmeriCorps portfolio. [70 FR 39600, July 8, 2005] ...

45 CFR 2522.415 - How does the grant selection process work?

Code of Federal Regulations, 2011 CFR

2011-10-01

... NATIONAL AND COMMUNITY SERVICE AMERICORPS PARTICIPANTS, PROGRAMS, AND APPLICANTS Selection of AmeriCorps... Notice of Funding Availability; and (d) Ensuring innovation and geographic, demographic, and programmatic diversity across the Corporation's national AmeriCorps portfolio. [70 FR 39600, July 8, 2005] ...

45 CFR 2522.415 - How does the grant selection process work?

Code of Federal Regulations, 2013 CFR

2013-10-01

... NATIONAL AND COMMUNITY SERVICE AMERICORPS PARTICIPANTS, PROGRAMS, AND APPLICANTS Selection of AmeriCorps... Notice of Funding Availability; and (d) Ensuring innovation and geographic, demographic, and programmatic diversity across the Corporation's national AmeriCorps portfolio. [70 FR 39600, July 8, 2005] ...

45 CFR 2522.415 - How does the grant selection process work?

Code of Federal Regulations, 2012 CFR

2012-10-01

... NATIONAL AND COMMUNITY SERVICE AMERICORPS PARTICIPANTS, PROGRAMS, AND APPLICANTS Selection of AmeriCorps... Notice of Funding Availability; and (d) Ensuring innovation and geographic, demographic, and programmatic diversity across the Corporation's national AmeriCorps portfolio. [70 FR 39600, July 8, 2005] ...

Risk analytics for hedge funds

NASA Astrophysics Data System (ADS)

Pareek, Ankur

2005-05-01

The rapid growth of the hedge fund industry presents significant business opportunity for the institutional investors particularly in the form of portfolio diversification. To facilitate this, there is a need to develop a new set of risk analytics for investments consisting of hedge funds, with the ultimate aim to create transparency in risk measurement without compromising the proprietary investment strategies of hedge funds. As well documented in the literature, use of dynamic options like strategies by most of the hedge funds make their returns highly non-normal with fat tails and high kurtosis, thus rendering Value at Risk (VaR) and other mean-variance analysis methods unsuitable for hedge fund risk quantification. This paper looks at some unique concerns for hedge fund risk management and will particularly concentrate on two approaches from physical world to model the non-linearities and dynamic correlations in hedge fund portfolio returns: Self Organizing Criticality (SOC) and Random Matrix Theory (RMT).Random Matrix Theory analyzes correlation matrix between different hedge fund styles and filters random noise from genuine correlations arising from interactions within the system. As seen in the results of portfolio risk analysis, it leads to a better portfolio risk forecastability and thus to optimum allocation of resources to different hedge fund styles. The results also prove the efficacy of self-organized criticality and implied portfolio correlation as a tool for risk management and style selection for portfolios of hedge funds, being particularly effective during non-linear market crashes.

Automatic Trading Agent. RMT Based Portfolio Theory and Portfolio Selection

NASA Astrophysics Data System (ADS)

Snarska, M.; Krzych, J.

2006-11-01

Portfolio theory is a very powerful tool in the modern investment theory. It is helpful in estimating risk of an investor's portfolio, arosen from lack of information, uncertainty and incomplete knowledge of reality, which forbids a perfect prediction of future price changes. Despite of many advantages this tool is not known and not widely used among investors on Warsaw Stock Exchange. The main reason for abandoning this method is a high level of complexity and immense calculations. The aim of this paper is to introduce an automatic decision-making system, which allows a single investor to use complex methods of Modern Portfolio Theory (MPT). The key tool in MPT is an analysis of an empirical covariance matrix. This matrix, obtained from historical data, biased by such a high amount of statistical uncertainty, that it can be seen as random. By bringing into practice the ideas of Random Matrix Theory (RMT), the noise is removed or significantly reduced, so the future risk and return are better estimated and controlled. These concepts are applied to the Warsaw Stock Exchange Simulator {http://gra.onet.pl}. The result of the simulation is 18% level of gains in comparison with respective 10% loss of the Warsaw Stock Exchange main index WIG.

An Auto-Scoring Mechanism for Evaluating Problem-Solving Ability in a Web-Based Learning Environment

ERIC Educational Resources Information Center

Chiou, Chuang-Kai; Hwang, Gwo-Jen; Tseng, Judy C. R.

2009-01-01

The rapid development of computer and network technologies has attracted researchers to investigate strategies for and the effects of applying information technologies in learning activities; simultaneously, learning environments have been developed to record the learning portfolios of students seeking web information for problem-solving. Although…

Optimization Techniques for Clustering,Connectivity, and Flow Problems in Complex Networks

DTIC Science & Technology

2012-10-01

discrete optimization and for analysis of performance of algorithm portfolios; introducing a metaheuristic framework of variable objective search that...The results of empirical evaluation of the proposed algorithm are also included. 1.3 Theoretical analysis of heuristics and designing new metaheuristic ...analysis of heuristics for inapproximable problems and designing new metaheuristic approaches for the problems of interest; (IV) Developing new models

Developing evaluation instrument based on CIPP models on the implementation of portfolio assessment

NASA Astrophysics Data System (ADS)

Kurnia, Feni; Rosana, Dadan; Supahar

2017-08-01

This study aimed to develop an evaluation instrument constructed by CIPP model on the implementation of portfolio assessment in science learning. This study used research and development (R & D) method; adapting 4-D by the development of non-test instrument, and the evaluation instrument constructed by CIPP model. CIPP is the abbreviation of Context, Input, Process, and Product. The techniques of data collection were interviews, questionnaires, and observations. Data collection instruments were: 1) the interview guidelines for the analysis of the problems and the needs, 2) questionnaire to see level of accomplishment of portfolio assessment instrument, and 3) observation sheets for teacher and student to dig up responses to the portfolio assessment instrument. The data obtained was quantitative data obtained from several validators. The validators consist of two lecturers as the evaluation experts, two practitioners (science teachers), and three colleagues. This paper shows the results of content validity obtained from the validators and the analysis result of the data obtained by using Aikens' V formula. The results of this study shows that the evaluation instrument based on CIPP models is proper to evaluate the implementation of portfolio assessment instruments. Based on the experts' judgments, practitioners, and colleagues, the Aikens' V coefficient was between 0.86-1,00 which means that it is valid and can be used in the limited trial and operational field trial.

Scheduling Future Water Supply Investments Under Uncertainty

NASA Astrophysics Data System (ADS)

Huskova, I.; Matrosov, E. S.; Harou, J. J.; Kasprzyk, J. R.; Reed, P. M.

2014-12-01

Uncertain hydrological impacts of climate change, population growth and institutional changes pose a major challenge to planning of water supply systems. Planners seek optimal portfolios of supply and demand management schemes but also when to activate assets whilst considering many system goals and plausible futures. Incorporation of scheduling into the planning under uncertainty problem strongly increases its complexity. We investigate some approaches to scheduling with many-objective heuristic search. We apply a multi-scenario many-objective scheduling approach to the Thames River basin water supply system planning problem in the UK. Decisions include which new supply and demand schemes to implement, at what capacity and when. The impact of different system uncertainties on scheme implementation schedules are explored, i.e. how the choice of future scenarios affects the search process and its outcomes. The activation of schemes is influenced by the occurrence of extreme hydrological events in the ensemble of plausible scenarios and other factors. The approach and results are compared with a previous study where only the portfolio problem is addressed (without scheduling).

Risk and utility in portfolio optimization

NASA Astrophysics Data System (ADS)

Cohen, Morrel H.; Natoli, Vincent D.

2003-06-01

Modern portfolio theory (MPT) addresses the problem of determining the optimum allocation of investment resources among a set of candidate assets. In the original mean-variance approach of Markowitz, volatility is taken as a proxy for risk, conflating uncertainty with risk. There have been many subsequent attempts to alleviate that weakness which, typically, combine utility and risk. We present here a modification of MPT based on the inclusion of separate risk and utility criteria. We define risk as the probability of failure to meet a pre-established investment goal. We define utility as the expectation of a utility function with positive and decreasing marginal value as a function of yield. The emphasis throughout is on long investment horizons for which risk-free assets do not exist. Analytic results are presented for a Gaussian probability distribution. Risk-utility relations are explored via empirical stock-price data, and an illustrative portfolio is optimized using the empirical data.

[Reflective portfolio: a proposal for teaching and learning geared on competencies].

PubMed

Cotta, Rosângela Minardi Mitre; da Costa, Glauce Dias; Mendonça, Erica Toledo

2013-06-01

This article seeks to analyze the experience of collective construction of portfolios as a teaching-learning method in the discipline of Health Policy, identifying the competencies developed by students. Qualitative research, whose collection and data processing were conducted by means of documental and thematic analysis of 34 portfolios. The "Learning to be" and "Learning to live and work together" competencies were considered according to the proposals of the UNESCO report for Education. The training of critical-reflexive individuals, provided by the portfolio, was particularly observed when students reported the transformation of the negative views that they had about the health care system - an inefficient and precarious policy - to a positive vision - policy which deals with the principles of equity, integrity and universality. This process of critical transformation is the result of the practice and use of communication skills, information management (search, selection, analysis and evaluation of information), leadership, cooperation and human relationships (teamwork, ethics and recognition of diversity), and personal competencies (time management, responsibility and planning), namely important skills in the training of professionals committed to the national health policy.

A Method for the Selection of Exploration Areas for Unconformity Uranium Deposits

DOE Office of Scientific and Technical Information (OSTI.GOV)

Harris, DeVerle P.; Zaluski, Gerard; Marlatt, James

2009-06-15

The method we propose employs two analyses: (1) exploration simulation and risk valuation and (2) portfolio optimization. The first analysis, implemented by the investment worth system (IWS), uses Monte Carlo simulation to integrate a wide spectrum of uncertain and varied components to a relative frequency histogram for net present value of the exploration investment, which is converted to a risk-adjusted value (RAV). Iterative rerunning of the IWS enables the mapping of the relationship of RAV to magnitude of exploration expenditure, X. The second major analysis uses RAV vs. X maps to identify that subset (portfolio) of areas that maximizes themore » RAV of the firm's multiyear exploration budget. The IWS, which is demonstrated numerically, consists of six components based on the geologic description of a hypothetical basin and project area (PA) and a mix of hypothetical and actual conditions of an unidentified area. The geology is quantified and processed by Bayesian belief networks to produce the geology-based inputs required by the IWS. An exploration investment of $60 M produced a highly skewed distribution of net present value (NPV), having mean and median values of $4,160 M and $139 M, respectively. For hypothetical mining firm Minex, the RAV of the exploration investment of $60 M is only $110.7 M. An RAV that is less than 3% of mean NPV reflects the aversion by Minex to risk as well as the magnitude of risk implicit to the highly skewed NPV distribution and the probability of 0.45 for capital loss. Potential benefits of initiating exploration of a portfolio of areas, as contrasted with one area, include increased marginal productivity of exploration as well as reduced probability for nondiscovery. For an exogenously determined multiyear exploration budget, a conceptual framework for portfolio optimization is developed based on marginal RAV exploration products for candidate PAs. PORTFOLIO, a software developed to implement optimization, allocates exploration to PAs so that the RAV of the exploration budget is maximized. Moreover, PORTFOLIO provides a means to examine the impact of magnitude of budget on the composition of the exploration portfolio and the optimum allocation of exploration to PAs that comprise the portfolio. Using fictitious data for five PAs, a numerical demonstration is provided of the use of PORTFOLIO to identify those PAs that comprise the optimum exploration portfolio and to optimally allocate the multiyear budget across portfolio PAs.« less

Replica Analysis for Portfolio Optimization with Single-Factor Model

NASA Astrophysics Data System (ADS)

Shinzato, Takashi

2017-06-01

In this paper, we use replica analysis to investigate the influence of correlation among the return rates of assets on the solution of the portfolio optimization problem. We consider the behavior of an optimal solution for the case where the return rate is described with a single-factor model and compare the findings obtained from our proposed methods with correlated return rates with those obtained with independent return rates. We then analytically assess the increase in the investment risk when correlation is included. Furthermore, we also compare our approach with analytical procedures for minimizing the investment risk from operations research.

Building-to-Grid Integration through Commercial Building Portfolios Participating in Energy and Frequency Regulation Markets

NASA Astrophysics Data System (ADS)

Pavlak, Gregory S.

Building energy use is a significant contributing factor to growing worldwide energy demands. In pursuit of a sustainable energy future, commercial building operations must be intelligently integrated with the electric system to increase efficiency and enable renewable generation. Toward this end, a model-based methodology was developed to estimate the capability of commercial buildings to participate in frequency regulation ancillary service markets. This methodology was integrated into a supervisory model predictive controller to optimize building operation in consideration of energy prices, demand charges, and ancillary service revenue. The supervisory control problem was extended to building portfolios to evaluate opportunities for synergistic effect among multiple, centrally-optimized buildings. Simulation studies performed showed that the multi-market optimization was able to determine appropriate opportunities for buildings to provide frequency regulation. Total savings were increased by up to thirteen percentage points, depending on the simulation case. Furthermore, optimizing buildings as a portfolio achieved up to seven additional percentage points of savings, depending on the case. Enhanced energy and cost savings opportunities were observed by taking the novel perspective of optimizing building portfolios in multiple grid markets, motivating future pursuits of advanced control paradigms that enable a more intelligent electric grid.

Optimizing Eco-Efficiency Across the Procurement Portfolio.

PubMed

Pelton, Rylie E O; Li, Mo; Smith, Timothy M; Lyon, Thomas P

2016-06-07

Manufacturing organizations' environmental impacts are often attributable to processes in the firm's upstream supply chain. Environmentally preferable procurement (EPP) and the establishment of environmental purchasing criteria can potentially reduce these indirect impacts. Life-cycle assessment (LCA) can help identify the purchasing criteria that are most effective in reducing environmental impacts. However, the high costs of LCA and the problems associated with the comparability of results have limited efforts to integrate procurement performance with quantitative organizational environmental performance targets. Moreover, environmental purchasing criteria, when implemented, are often established on a product-by-product basis without consideration of other products in the procurement portfolio. We develop an approach that utilizes streamlined LCA methods, together with linear programming, to determine optimal portfolios of product impact-reduction opportunities under budget constraints. The approach is illustrated through a simulated breakfast cereal manufacturing firm procuring grain, containerboard boxes, plastic packaging, electricity, and industrial cleaning solutions. Results suggest that extending EPP decisions and resources to the portfolio level, recently made feasible through the methods illustrated herein, can provide substantially greater CO2e and water-depletion reductions per dollar spend than a product-by-product approach, creating opportunities for procurement organizations to participate in firm-wide environmental impact reduction targets.

Performance Analysis of Continuous Black-Box Optimization Algorithms via Footprints in Instance Space.

PubMed

Muñoz, Mario A; Smith-Miles, Kate A

2017-01-01

This article presents a method for the objective assessment of an algorithm's strengths and weaknesses. Instead of examining the performance of only one or more algorithms on a benchmark set, or generating custom problems that maximize the performance difference between two algorithms, our method quantifies both the nature of the test instances and the algorithm performance. Our aim is to gather information about possible phase transitions in performance, that is, the points in which a small change in problem structure produces algorithm failure. The method is based on the accurate estimation and characterization of the algorithm footprints, that is, the regions of instance space in which good or exceptional performance is expected from an algorithm. A footprint can be estimated for each algorithm and for the overall portfolio. Therefore, we select a set of features to generate a common instance space, which we validate by constructing a sufficiently accurate prediction model. We characterize the footprints by their area and density. Our method identifies complementary performance between algorithms, quantifies the common features of hard problems, and locates regions where a phase transition may lie.

Student Learning and Evaluation in Analytical Chemistry Using a Problem-Oriented Approach and Portfolio Assessment

ERIC Educational Resources Information Center

Boyce, Mary C.; Singh, Kuki

2008-01-01

This paper describes a student-focused activity that promotes effective learning in analytical chemistry. Providing an environment where students were responsible for their own learning allowed them to participate at all levels from designing the problem to be addressed, planning the laboratory work to support their learning, to providing evidence…

The Rio de Janeiro Municipality's Services Portfolio and Health Actions in Primary Care in Brazil.

PubMed

Salazar, Bianca Alves; Campos, Mônica Rodrigues; Luiza, Vera Lucia

2017-03-01

This study aimed to identify the provision of actions and procedures by family health teams (FHSt), based on Rio de Janeiro Municipality's (MRJ) Health Services Portfolio (HSP) and the main factors associated with this provision, in the different population strata. Data from the National Program for Improving Access and Quality of Primary Healthcare were used and implemented at the national level into 17,202 FHSts from June to September 2012. Outcome variables were "FHSt belonging to MRJ" and "FHSt providing all nine CS-MRJ procedures". Uni-, bi- and multivariate analysis were performed. A better performance of the MRJ in relation to other major urban centers (EP6#) (p<5%) was noted in 10 of the 14 health actions analyzed. The electronic medical record showed a level of deployment in MRJ's FHSts of 96%, contrasting with 34% in the EP6# and 14% in Brazil. Both the MRJ and EP6# evidenced low supply of mental health services (about 56%). While the supply of low-complexity procedures was a major problem in large cities, the supply of health actions in the different health care lines was a larger problem in small municipalities. Overall, the MRJ showed better performance when compared to the average of large municipalities. The health service portfolio appeared to be an important management tool.

Managing the vitamin A program portfolio: a case study of Zambia, 2013-2042.

PubMed

Fiedler, John L; Lividini, Keith

2014-03-01

Micronutrient deficiencies continue to constitute a major burden of disease, particularly in Africa and South Asia. Programs to address micronutrient deficiencies have been increasing in number, type, and scale in recent years, creating an ever-growing need to understand their combined coverage levels, costs, and impacts so as to more effectively combat deficiencies, avoid putting individuals at risk for excess intakes, and ensure the efficient use of public health resources. To analyze combinations of the two current programs--sugar fortification and Child Health Week (CHW)--together with four prospective programs--vegetable oil fortification, wheat flour fortification, maize meal fortification, and biofortified vitamin A maize--to identify Zambia's optimal vitamin A portfolio. Combining program cost estimates and 30-year Zambian food demand projections, together with the Zambian 2005 Living Conditions Monitoring Survey, the annual costs, coverage, impact, and cost-effectiveness of 62 Zambian portfolios were modeled for the period from 2013 to 2042. Optimal portfolios are identified for each of five alternative criteria: average cost-effectiveness, incremental cost-effectiveness, coverage maximization, health impact maximization, and affordability. The most likely scenario is identified to be one that starts with the current portfolio and takes into account all five criteria. Starting with CHW and sugar fortification, it phases in vitamin A maize, oil, wheat flour, and maize meal (in that order) to eventually include all six individual interventions. Combining cost and Household Consumption and Expenditure Survey (HCES) data provides a powerful evidence-generating tool with which to understand how individual micronutrient programs interact and to quantify the tradeoffs involved in selecting alternative program portfolios.

Optimization Of Mean-Semivariance-Skewness Portfolio Selection Model In Fuzzy Random Environment

NASA Astrophysics Data System (ADS)

Chatterjee, Amitava; Bhattacharyya, Rupak; Mukherjee, Supratim; Kar, Samarjit

2010-10-01

The purpose of the paper is to construct a mean-semivariance-skewness portfolio selection model in fuzzy random environment. The objective is to maximize the skewness with predefined maximum risk tolerance and minimum expected return. Here the security returns in the objectives and constraints are assumed to be fuzzy random variables in nature and then the vagueness of the fuzzy random variables in the objectives and constraints are transformed into fuzzy variables which are similar to trapezoidal numbers. The newly formed fuzzy model is then converted into a deterministic optimization model. The feasibility and effectiveness of the proposed method is verified by numerical example extracted from Bombay Stock Exchange (BSE). The exact parameters of fuzzy membership function and probability density function are obtained through fuzzy random simulating the past dates.

Comprehensive Education Portfolio with a Career Focus

ERIC Educational Resources Information Center

Kruger, Evonne J.; Holtzman, Diane M.; Dagavarian, Debra A.

2013-01-01

There are many types of student portfolios used within academia: the prior learning portfolio, credentialing portfolio, developmental portfolio, capstone portfolio, individual course portfolio, and the comprehensive education portfolio. The comprehensive education portfolio (CEP), as used by the authors, is a student portfolio, developed over…

Entropy-based financial asset pricing.

PubMed

Ormos, Mihály; Zibriczky, Dávid

2014-01-01

We investigate entropy as a financial risk measure. Entropy explains the equity premium of securities and portfolios in a simpler way and, at the same time, with higher explanatory power than the beta parameter of the capital asset pricing model. For asset pricing we define the continuous entropy as an alternative measure of risk. Our results show that entropy decreases in the function of the number of securities involved in a portfolio in a similar way to the standard deviation, and that efficient portfolios are situated on a hyperbola in the expected return-entropy system. For empirical investigation we use daily returns of 150 randomly selected securities for a period of 27 years. Our regression results show that entropy has a higher explanatory power for the expected return than the capital asset pricing model beta. Furthermore we show the time varying behavior of the beta along with entropy.

Entropy-Based Financial Asset Pricing

PubMed Central

Ormos, Mihály; Zibriczky, Dávid

2014-01-01

We investigate entropy as a financial risk measure. Entropy explains the equity premium of securities and portfolios in a simpler way and, at the same time, with higher explanatory power than the beta parameter of the capital asset pricing model. For asset pricing we define the continuous entropy as an alternative measure of risk. Our results show that entropy decreases in the function of the number of securities involved in a portfolio in a similar way to the standard deviation, and that efficient portfolios are situated on a hyperbola in the expected return – entropy system. For empirical investigation we use daily returns of 150 randomly selected securities for a period of 27 years. Our regression results show that entropy has a higher explanatory power for the expected return than the capital asset pricing model beta. Furthermore we show the time varying behavior of the beta along with entropy. PMID:25545668

Strategic Technology Investment Analysis: An Integrated System Approach

NASA Technical Reports Server (NTRS)

Adumitroaie, V.; Weisbin, C. R.

2010-01-01

Complex technology investment decisions within NASA are increasingly difficult to make such that the end results are satisfying the technical objectives and all the organizational constraints. Due to a restricted science budget environment and numerous required technology developments, the investment decisions need to take into account not only the functional impact on the program goals, but also development uncertainties and cost variations along with maintaining a healthy workforce. This paper describes an approach for optimizing and qualifying technology investment portfolios from the perspective of an integrated system model. The methodology encompasses multi-attribute decision theory elements and sensitivity analysis. The evaluation of the degree of robustness of the recommended portfolio provides the decision-maker with an array of viable selection alternatives, which take into account input uncertainties and possibly satisfy nontechnical constraints. The methodology is presented in the context of assessing capability development portfolios for NASA technology programs.

Collective defence portfolios of ant hosts shift with social parasite pressure

PubMed Central

Jongepier, Evelien; Kleeberg, Isabelle; Job, Sylwester; Foitzik, Susanne

2014-01-01

Host defences become increasingly costly as parasites breach successive lines of defence. Because selection favours hosts that successfully resist parasitism at the lowest possible cost, escalating coevolutionary arms races are likely to drive host defence portfolios towards ever more expensive strategies. We investigated the interplay between host defence portfolios and social parasite pressure by comparing 17 populations of two Temnothorax ant species. When successful, collective aggression not only prevents parasitation but also spares host colonies the cost of searching for and moving to a new nest site. However, once parasites breach the host's nest defence, host colonies should resort to flight as the more beneficial resistance strategy. We show that under low parasite pressure, host colonies more likely responded to an intruding Protomognathus americanus slavemaker with collective aggression, which prevented the slavemaker from escaping and potentially recruiting nest-mates. However, as parasite pressure increased, ant colonies of both host species became more likely to flee rather than to fight. We conclude that host defence portfolios shift consistently with social parasite pressure, which is in accordance with the degeneration of frontline defences and the evolution of subsequent anti-parasite strategies often invoked in hosts of brood parasites. PMID:25100690

Volatility and correlation-based systemic risk measures in the US market

NASA Astrophysics Data System (ADS)

Civitarese, Jamil

2016-10-01

This paper deals with the problem of how to use simple systemic risk measures to assess portfolio risk characteristics. Using three simple examples taken from previous literature, one based on raw and partial correlations, another based on the eigenvalue decomposition of the covariance matrix and the last one based on an eigenvalue entropy, a Granger-causation analysis revealed some of them are not always a good measure of risk in the S&P 500 and in the VIX. The measures selected do not Granger-cause the VIX index in all windows selected; therefore, in the sense of risk as volatility, the indicators are not always suitable. Nevertheless, their results towards returns are similar to previous works that accept them. A deeper analysis has shown that any symmetric measure based on eigenvalue decomposition of correlation matrices, however, is not useful as a measure of "correlation" risk. The empirical counterpart analysis of this proposition stated that negative correlations are usually small and, therefore, do not heavily distort the behavior of the indicator.

Portfolio optimization for seed selection in diverse weather scenarios.

PubMed

Marko, Oskar; Brdar, Sanja; Panić, Marko; Šašić, Isidora; Despotović, Danica; Knežević, Milivoje; Crnojević, Vladimir

2017-01-01

The aim of this work was to develop a method for selection of optimal soybean varieties for the American Midwest using data analytics. We extracted the knowledge about 174 varieties from the dataset, which contained information about weather, soil, yield and regional statistical parameters. Next, we predicted the yield of each variety in each of 6,490 observed subregions of the Midwest. Furthermore, yield was predicted for all the possible weather scenarios approximated by 15 historical weather instances contained in the dataset. Using predicted yields and covariance between varieties through different weather scenarios, we performed portfolio optimisation. In this way, for each subregion, we obtained a selection of varieties, that proved superior to others in terms of the amount and stability of yield. According to the rules of Syngenta Crop Challenge, for which this research was conducted, we aggregated the results across all subregions and selected up to five soybean varieties that should be distributed across the network of seed retailers. The work presented in this paper was the winning solution for Syngenta Crop Challenge 2017.

Portfolio optimization for seed selection in diverse weather scenarios

PubMed Central

Brdar, Sanja; Panić, Marko; Šašić, Isidora; Despotović, Danica; Knežević, Milivoje; Crnojević, Vladimir

2017-01-01

The aim of this work was to develop a method for selection of optimal soybean varieties for the American Midwest using data analytics. We extracted the knowledge about 174 varieties from the dataset, which contained information about weather, soil, yield and regional statistical parameters. Next, we predicted the yield of each variety in each of 6,490 observed subregions of the Midwest. Furthermore, yield was predicted for all the possible weather scenarios approximated by 15 historical weather instances contained in the dataset. Using predicted yields and covariance between varieties through different weather scenarios, we performed portfolio optimisation. In this way, for each subregion, we obtained a selection of varieties, that proved superior to others in terms of the amount and stability of yield. According to the rules of Syngenta Crop Challenge, for which this research was conducted, we aggregated the results across all subregions and selected up to five soybean varieties that should be distributed across the network of seed retailers. The work presented in this paper was the winning solution for Syngenta Crop Challenge 2017. PMID:28863173

Reliability of Portfolio: A Closer Look at Findings from Recent Publications

ERIC Educational Resources Information Center

Oskay, Ozge Ozyalcin; Schallies, Michael; Morgil, Inci

2008-01-01

In this review article, conventional portfolio assessment and new developments in portfolio assessment are investigated. The concept of portfolio, portfolio building steps, contents of portfolio, evaluation of portfolio, advantages, disadvantages and concerns in using portfolio as well as validity and reliability of portfolio assessment are…

Targeted selection of brownfields from portfolios for sustainable regeneration: User experiences from five cases testing the Timbre Brownfield Prioritization Tool.

PubMed

Bartke, Stephan; Martinát, Stanislav; Klusáček, Petr; Pizzol, Lisa; Alexandrescu, Filip; Frantál, Bohumil; Critto, Andrea; Zabeo, Alex

2016-12-15

Prioritizing brownfields for redevelopment in real estate portfolios can contribute to more sustainable regeneration and land management. Owners of large real estate and brownfield portfolios are challenged to allocate their limited resources to the development of the most critical or promising sites, in terms of time and cost efficiency. Authorities worried about the negative impacts of brownfields - in particular in the case of potential contamination - on the environment and society also need to prioritize their resources to those brownfields that most urgently deserve attention and intervention. Yet, numerous factors have to be considered for prioritizing actions, in particular when adhering to sustainability principles. Several multiple-criteria decision analysis (MCDA) approaches and tools have been suggested in order to support these actors in managing their brownfield portfolios. Based on lessons learned from the literature on success factors, sustainability assessment and MCDA approaches, researchers from a recent EU project have developed the web-based Timbre Brownfield Prioritization Tool (TBPT). It facilitates assessment and prioritization of a portfolio of sites on the basis of the probability of successful and sustainable regeneration or according to individually specified objectives. This paper introduces the challenges of brownfield portfolio management in general and reports about the application of the TBPT in five cases: practical test-uses by two large institutional land owners from Germany, a local and a regional administrative body from the Czech Republic, and an expert from a national environmental authority from Romania. Based on literature requirements for sustainability assessment tools and on the end-users' feedbacks from the practical tests, we discuss the TBPT's strengths and weaknesses in order to inform and give recommendations for future development of prioritization tools. Copyright © 2016 Elsevier Ltd. All rights reserved.

Portfolio: a prototype workstation for development and evaluation of tools for analysis and management of digital portal images.

PubMed

Boxwala, A A; Chaney, E L; Fritsch, D S; Friedman, C P; Rosenman, J G

1998-09-01

The purpose of this investigation was to design and implement a prototype physician workstation, called PortFolio, as a platform for developing and evaluating, by means of controlled observer studies, user interfaces and interactive tools for analyzing and managing digital portal images. The first observer study was designed to measure physician acceptance of workstation technology, as an alternative to a view box, for inspection and analysis of portal images for detection of treatment setup errors. The observer study was conducted in a controlled experimental setting to evaluate physician acceptance of the prototype workstation technology exemplified by PortFolio. PortFolio incorporates a windows user interface, a compact kit of carefully selected image analysis tools, and an object-oriented data base infrastructure. The kit evaluated in the observer study included tools for contrast enhancement, registration, and multimodal image visualization. Acceptance was measured in the context of performing portal image analysis in a structured protocol designed to simulate clinical practice. The acceptability and usage patterns were measured from semistructured questionnaires and logs of user interactions. Radiation oncologists, the subjects for this study, perceived the tools in PortFolio to be acceptable clinical aids. Concerns were expressed regarding user efficiency, particularly with respect to the image registration tools. The results of our observer study indicate that workstation technology is acceptable to radiation oncologists as an alternative to a view box for clinical detection of setup errors from digital portal images. Improvements in implementation, including more tools and a greater degree of automation in the image analysis tasks, are needed to make PortFolio more clinically practical.

Investment strategy due to the minimization of portfolio noise level by observations of coarse-grained entropy

NASA Astrophysics Data System (ADS)

Urbanowicz, Krzysztof; Hołyst, Janusz A.

2004-12-01

Using a recently developed method of noise level estimation that makes use of properties of the coarse-grained entropy, we have analyzed the noise level for the Dow Jones index and a few stocks from the New York Stock Exchange. We have found that the noise level ranges from 40% to 80% of the signal variance. The condition of a minimal noise level has been applied to construct optimal portfolios from selected shares. We show that the implementation of a corresponding threshold investment strategy leads to positive returns for historical data.

An optimization-based approach for facility energy management with uncertainties, and, Power portfolio optimization in deregulated electricity markets with risk management

NASA Astrophysics Data System (ADS)

Xu, Jun

Topic 1. An Optimization-Based Approach for Facility Energy Management with Uncertainties. Effective energy management for facilities is becoming increasingly important in view of the rising energy costs, the government mandate on the reduction of energy consumption, and the human comfort requirements. This part of dissertation presents a daily energy management formulation and the corresponding solution methodology for HVAC systems. The problem is to minimize the energy and demand costs through the control of HVAC units while satisfying human comfort, system dynamics, load limit constraints, and other requirements. The problem is difficult in view of the fact that the system is nonlinear, time-varying, building-dependent, and uncertain; and that the direct control of a large number of HVAC components is difficult. In this work, HVAC setpoints are the control variables developed on top of a Direct Digital Control (DDC) system. A method that combines Lagrangian relaxation, neural networks, stochastic dynamic programming, and heuristics is developed to predict the system dynamics and uncontrollable load, and to optimize the setpoints. Numerical testing and prototype implementation results show that our method can effectively reduce total costs, manage uncertainties, and shed the load, is computationally efficient. Furthermore, it is significantly better than existing methods. Topic 2. Power Portfolio Optimization in Deregulated Electricity Markets with Risk Management. In a deregulated electric power system, multiple markets of different time scales exist with various power supply instruments. A load serving entity (LSE) has multiple choices from these instruments to meet its load obligations. In view of the large amount of power involved, the complex market structure, risks in such volatile markets, stringent constraints to be satisfied, and the long time horizon, a power portfolio optimization problem is of critical importance but difficulty for an LSE to serve the load, maximize its profit, and manage risks. In this topic, a mid-term power portfolio optimization problem with risk management is presented. Key instruments are considered, risk terms based on semi-variances of spot market transactions are introduced, and penalties on load obligation violations are added to the objective function to improve algorithm convergence and constraint satisfaction. To overcome the inseparability of the resulting problem, a surrogate optimization framework is developed enabling a decomposition and coordination approach. Numerical testing results show that our method effectively provides decisions for various instruments to maximize profit, manage risks, and is computationally efficient.

From Metacognition to Practice Cognition: The DNP e-Portfolio to Promote Integrated Learning.

PubMed

Anderson, Kelley M; DesLauriers, Patricia; Horvath, Catherine H; Slota, Margaret; Farley, Jean Nelson

2017-08-01

Educating Doctor of Nursing Practice (DNP) students for an increasingly complex health care environment requires novel applications of learning concepts and technology. A deliberate and thoughtful process is required to integrate concepts of the DNP program into practice paradigm changes to subsequently improve students' abilities to innovate solutions to complex practice problems. The authors constructed or participated in electronic portfolio development inspired by theories of metacognition and integrated learning. The objective was to develop DNP student's reflection, integration of concepts, and technological capabilities to foster the deliberative competencies related to the DNP Essentials and the foundations of the DNP program. The pedagogical process demonstrates how e-portfolios adapted into the doctoral-level curriculum for DNP students can address the Essentials and foster the development of metacognitive capabilities, which translates into practice changes. The authors suggest that this pedagogical approach has the potential to optimize reflective and deliberative competencies among DNP students. [J Nurs Educ. 2017;56(8):497-500.]. Copyright 2017, SLACK Incorporated.

A Bayesian approach for incorporating economic factors in sample size design for clinical trials of individual drugs and portfolios of drugs.

PubMed

Patel, Nitin R; Ankolekar, Suresh

2007-11-30

Classical approaches to clinical trial design ignore economic factors that determine economic viability of a new drug. We address the choice of sample size in Phase III trials as a decision theory problem using a hybrid approach that takes a Bayesian view from the perspective of a drug company and a classical Neyman-Pearson view from the perspective of regulatory authorities. We incorporate relevant economic factors in the analysis to determine the optimal sample size to maximize the expected profit for the company. We extend the analysis to account for risk by using a 'satisficing' objective function that maximizes the chance of meeting a management-specified target level of profit. We extend the models for single drugs to a portfolio of clinical trials and optimize the sample sizes to maximize the expected profit subject to budget constraints. Further, we address the portfolio risk and optimize the sample sizes to maximize the probability of achieving a given target of expected profit.

Patent portfolio management: literature review and a proposed model.

PubMed

Conegundes De Jesus, Camila Kiyomi; Salerno, Mario Sergio

2018-05-09

Patents and patent portfolios are gaining attention in the last decades, from the called 'pro-patent era' to the recent billionaire transactions involving patent portfolios. The field is growing in importance, both theoretically and practically and despite having substantial literature on new product development portfolio management, we have not found an article relating this theory to patent portfolios. Areas covered: The paper develops a systematic literature review on patent portfolio management to organize the evolution and tendencies of patent portfolio management, highlighting distinctive features of patent portfolio management. Interview with IP manager of three life sciences companies, including a leading multinational group provided relevant information about patent portfolio management. Expert opinion: Based on the systematic literature review on portfolio management, more specifically, on new product development portfolio theory, and interview the paper proposes the paper proposes a reference model to manage patent portfolios. The model comprises four stages aligned with the three goals of the NPD portfolio management: 1 - Linking strategy of the Company's NPD Portfolio to Patent Portfolio; 2 - Balancing the portfolio in buckets; 3 - Patent Valuation (maximizing valuation); 4 - Regularly reviewing the patent portfolio.

Teachers' Views on Performance-Based Assessments.

ERIC Educational Resources Information Center

King, Bruce

1991-01-01

Provides personal perspectives from teachers about the prospects and problems illuminated by Stanford University's Teacher Assessment Project. Teacher remarks address the portfolio development process, assessment centers, implications for national board certification for teachers, personal thoughts and perspectives on teaching, and the future of…

A stochastic model for optimizing composite predictors based on gene expression profiles.

PubMed

Ramanathan, Murali

2003-07-01

This project was done to develop a mathematical model for optimizing composite predictors based on gene expression profiles from DNA arrays and proteomics. The problem was amenable to a formulation and solution analogous to the portfolio optimization problem in mathematical finance: it requires the optimization of a quadratic function subject to linear constraints. The performance of the approach was compared to that of neighborhood analysis using a data set containing cDNA array-derived gene expression profiles from 14 multiple sclerosis patients receiving intramuscular inteferon-beta1a. The Markowitz portfolio model predicts that the covariance between genes can be exploited to construct an efficient composite. The model predicts that a composite is not needed for maximizing the mean value of a treatment effect: only a single gene is needed, but the usefulness of the effect measure may be compromised by high variability. The model optimized the composite to yield the highest mean for a given level of variability or the least variability for a given mean level. The choices that meet this optimization criteria lie on a curve of composite mean vs. composite variability plot referred to as the "efficient frontier." When a composite is constructed using the model, it outperforms the composite constructed using the neighborhood analysis method. The Markowitz portfolio model may find potential applications in constructing composite biomarkers and in the pharmacogenomic modeling of treatment effects derived from gene expression endpoints.

A Portfolio of the Identities of Young People of the South of Russia under the Conditions of Civilizational Choice

ERIC Educational Resources Information Center

Avksent'ev, V. A.; Aksiumov, B. V.

2012-01-01

The problem of civilizational choice is one of the most timely and relevant problems of the entire postcommunist world. Most of the states of the former Soviet Union, including Russia, still find themselves in an uncertain zone of transition. The crisis of civilizational identity, far from being overcome, has even deepened as the Soviet past…

Risk modelling in portfolio optimization

NASA Astrophysics Data System (ADS)

Lam, W. H.; Jaaman, Saiful Hafizah Hj.; Isa, Zaidi

2013-09-01

Risk management is very important in portfolio optimization. The mean-variance model has been used in portfolio optimization to minimize the investment risk. The objective of the mean-variance model is to minimize the portfolio risk and achieve the target rate of return. Variance is used as risk measure in the mean-variance model. The purpose of this study is to compare the portfolio composition as well as performance between the optimal portfolio of mean-variance model and equally weighted portfolio. Equally weighted portfolio means the proportions that are invested in each asset are equal. The results show that the portfolio composition of the mean-variance optimal portfolio and equally weighted portfolio are different. Besides that, the mean-variance optimal portfolio gives better performance because it gives higher performance ratio than the equally weighted portfolio.

Selection of Additive Manufacturing (AM) Equipment

DTIC Science & Technology

2017-04-01

in the design , test, and fabrication of the systems within the AMRDEC portfolio. 14. SUBJECT TERMS Additive Manufacturing (AM), Fused Deposition...tools in the design and development of AMRDEC products .   Figure 1. Stratasys Objet Connex3 [1] While these machines and technologies have...TECHNICAL REPORT RDMR-WD-16-87 SELECTION OF ADDITIVE MANUFACTURING (AM) EQUIPMENT Lance E. Hall Weapons Development

Rational decisions, random matrices and spin glasses

NASA Astrophysics Data System (ADS)

Galluccio, Stefano; Bouchaud, Jean-Philippe; Potters, Marc

We consider the problem of rational decision making in the presence of nonlinear constraints. By using tools borrowed from spin glass and random matrix theory, we focus on the portfolio optimisation problem. We show that the number of optimal solutions is generally exponentially large, and each of them is fragile: rationality is in this case of limited use. In addition, this problem is related to spin glasses with Lévy-like (long-ranged) couplings, for which we show that the ground state is not exponentially degenerate.

Status of portfolios in undergraduate medical education in the LCME accredited US medical school.

PubMed

Chertoff, Jason; Wright, Ashleigh; Novak, Maureen; Fantone, Joseph; Fleming, Amy; Ahmed, Toufeeq; Green, Marianne M; Kalet, Adina; Linsenmeyer, Machelle; Jacobs, Joshua; Dokter, Christina; Zaidi, Zareen

2016-09-01

We sought to investigate the number of US medical schools utilizing portfolios, the format of portfolios, information technology (IT) innovations, purpose of portfolios and their ability to engage faculty and students. A 21-question survey regarding portfolios was sent to the 141 LCME-accredited, US medical schools. The response rate was 50% (71/141); 47% of respondents (33/71) reported that their medical school used portfolios in some form. Of those, 7% reported the use of paper-based portfolios and 76% use electronic portfolios. Forty-five percent reported portfolio use for formative evaluation only; 48% for both formative and summative evaluation, and 3% for summative evaluation alone. Seventy-two percent developed a longitudinal, competency-based portfolio. The most common feature of portfolios was reflective writing (79%). Seventy-three percent allow access to the portfolio off-campus, 58% allow usage of tablets and mobile devices, and 9% involve social media within the portfolio. Eighty percent and 69% agreed that the portfolio engaged students and faculty, respectively. Ninety-seven percent reported that the portfolios used at their institution have room for improvement. While there is significant variation in the purpose and structure of portfolios in the medical schools surveyed, most schools using portfolios reported a high level of engagement with students and faculty.

Secure and Efficient k-NN Queries⋆

PubMed Central

Asif, Hafiz; Vaidya, Jaideep; Shafiq, Basit; Adam, Nabil

2017-01-01

Given the morass of available data, ranking and best match queries are often used to find records of interest. As such, k-NN queries, which give the k closest matches to a query point, are of particular interest, and have many applications. We study this problem in the context of the financial sector, wherein an investment portfolio database is queried for matching portfolios. Given the sensitivity of the information involved, our key contribution is to develop a secure k-NN computation protocol that can enable the computation k-NN queries in a distributed multi-party environment while taking domain semantics into account. The experimental results show that the proposed protocols are extremely efficient. PMID:29218333

Collective defence portfolios of ant hosts shift with social parasite pressure.

PubMed

Jongepier, Evelien; Kleeberg, Isabelle; Job, Sylwester; Foitzik, Susanne

2014-09-22

Host defences become increasingly costly as parasites breach successive lines of defence. Because selection favours hosts that successfully resist parasitism at the lowest possible cost, escalating coevolutionary arms races are likely to drive host defence portfolios towards ever more expensive strategies. We investigated the interplay between host defence portfolios and social parasite pressure by comparing 17 populations of two Temnothorax ant species. When successful, collective aggression not only prevents parasitation but also spares host colonies the cost of searching for and moving to a new nest site. However, once parasites breach the host's nest defence, host colonies should resort to flight as the more beneficial resistance strategy. We show that under low parasite pressure, host colonies more likely responded to an intruding Protomognathus americanus slavemaker with collective aggression, which prevented the slavemaker from escaping and potentially recruiting nest-mates. However, as parasite pressure increased, ant colonies of both host species became more likely to flee rather than to fight. We conclude that host defence portfolios shift consistently with social parasite pressure, which is in accordance with the degeneration of frontline defences and the evolution of subsequent anti-parasite strategies often invoked in hosts of brood parasites. © 2014 The Author(s) Published by the Royal Society. All rights reserved.

Outcomes-Based Authentic Learning, Portfolio Assessment, and a Systems Approach to "Complex Problem-Solving": Related Pillars for Enhancing the Innovative Role of PBL in Future Higher Education

ERIC Educational Resources Information Center

Richards, Cameron

2015-01-01

The challenge of better reconciling individual and collective aspects of innovative problem-solving can be productively addressed to enhance the role of PBL as a key focus of the creative process in future higher education. This should involve "active learning" approaches supported by related processes of teaching, assessment and…

Object-Oriented Bayesian Networks (OOBN) for Aviation Accident Modeling and Technology Portfolio Impact Assessment

NASA Technical Reports Server (NTRS)

Shih, Ann T.; Ancel, Ersin; Jones, Sharon M.

2012-01-01

The concern for reducing aviation safety risk is rising as the National Airspace System in the United States transforms to the Next Generation Air Transportation System (NextGen). The NASA Aviation Safety Program is committed to developing an effective aviation safety technology portfolio to meet the challenges of this transformation and to mitigate relevant safety risks. The paper focuses on the reasoning of selecting Object-Oriented Bayesian Networks (OOBN) as the technique and commercial software for the accident modeling and portfolio assessment. To illustrate the benefits of OOBN in a large and complex aviation accident model, the in-flight Loss-of-Control Accident Framework (LOCAF) constructed as an influence diagram is presented. An OOBN approach not only simplifies construction and maintenance of complex causal networks for the modelers, but also offers a well-organized hierarchical network that is easier for decision makers to exploit the model examining the effectiveness of risk mitigation strategies through technology insertions.

High Tech High.

ERIC Educational Resources Information Center

Hardy, Lawrence

2001-01-01

In an era of high-stakes testing and prescriptive teaching styles, a San Diego charter high school embraces project learning, multilevel classrooms, and video portfolios of student work. The school lacks dining, music, and athletic facilities, but features hefty teacher salaries, student freedom, and real-world problem solving. (MLH)

Interdicting an Adversary’s Economy Viewed As a Trade Sanction Inoperability Input Output Model

DTIC Science & Technology

2017-03-01

set of sectors. The design of an economic sanction, in the context of this thesis, is the selection of the sector or set of sectors to sanction...We propose two optimization models. The first, the Trade Sanction Inoperability Input-output Model (TS-IIM), selects the sector or set of sectors that...Interdependency analysis: Extensions to demand reduction inoperability input-output modeling and portfolio selection . Unpublished doctoral dissertation

Has the Art College Entry Portfolio Outlived Its Usefulness as a Method of Selecting Students in an Age of Relational, Collective and Collaborative Art Practice?

ERIC Educational Resources Information Center

O'Donoghue, Donal

2011-01-01

The purpose of this article is to invite focused discussion and critical debate about the instruments currently used to select students for art colleges in Europe and North America. At this time of significant expansion and diversification in practices of art making, we must ask if current selection instruments still work. What evidence is there…

Postgraduate Orthodontics Students' and Mentors' Perceptions of Portfolios and Discussion as Tools for Development of Reflection.

PubMed

Tonni, Ingrid; Mora, Luca; Oliver, Richard G

2016-09-01

The aim of this study was to analyze the effects of a portfolio learning strategy designed to develop students' reflection abilities in a postgraduate orthodontic program in the UK. Nine first-year postgraduate orthodontic students and seven mentors participated in the one-year program, which included a reflective portfolio, mentorship, and discussion. After the program, the students' and mentors' perceptions were collected using focus groups and individual interviews, respectively. The data were analyzed using thematic analysis. Four categories emerged. The first, reflection, was considered a skill to learn, and time was needed for students to fully understand its meaning and achieve its outcomes. The second theme, characteristics of reflection, was descriptive at the beginning and more critical at the end of the experience. The third theme, outcomes of reflection, involved students' improved problem-solving and action-planning abilities and increased self-awareness, motivation, confidence, and communication skills. In the fourth theme, stimulation of reflection, students did not agree with mentors regarding the importance of reflective writing, but they recognized the value of the portfolio's reflective log in facilitating the reflective process. There was greater agreement between students and mentors regarding discussions with mentors and among peers as tools to achieve higher levels of reflection. Overall, these students and mentors considered the strategy an effective tool for improving students' reflection.

Case studies of conservation plans that incorporate geodiversity.

PubMed

Anderson, M G; Comer, P J; Beier, P; Lawler, J J; Schloss, C A; Buttrick, S; Albano, C M; Faith, D P

2015-06-01

Geodiversity has been used as a surrogate for biodiversity when species locations are unknown, and this utility can be extended to situations where species locations are in flux. Recently, scientists have designed conservation networks that aim to explicitly represent the range of geophysical environments, identifying a network of physical stages that could sustain biodiversity while allowing for change in species composition in response to climate change. Because there is no standard approach to designing such networks, we compiled 8 case studies illustrating a variety of ways scientists have approached the challenge. These studies show how geodiversity has been partitioned and used to develop site portfolios and connectivity designs; how geodiversity-based portfolios compare with those derived from species and communities; and how the selection and combination of variables influences the results. Collectively, they suggest 4 key steps when using geodiversity to augment traditional biodiversity-based conservation planning: create land units from species-relevant variables combined in an ecologically meaningful way; represent land units in a logical spatial configuration and integrate with species locations when possible; apply selection criteria to individual sites to ensure they are appropriate for conservation; and develop connectivity among sites to maintain movements and processes. With these considerations, conservationists can design more effective site portfolios to ensure the lasting conservation of biodiversity under a changing climate. © 2015 Society for Conservation Biology.

Evaluating nursing administration instruments.

PubMed

Huber, D L; Maas, M; McCloskey, J; Scherb, C A; Goode, C J; Watson, C

2000-05-01

To identify and evaluate available measures that can be used to examine the effects of management innovations in five important areas: autonomy, conflict, job satisfaction, leadership, and organizational climate. Management interventions target the context in which care is delivered and through which evidence for practice diffuses. These innovations need to be evaluated for their effects on desired outcomes. However, busy nurses may not have the time to locate, evaluate, and select instruments to measure expected nursing administration outcomes without research-based guidance. Multiple and complex important contextual variables need psychometrically sound and easy-to-use measurement instruments identified for use in both practice and research. An expert focus group consensus methodology was used in this evaluation research to review available instruments in the five areas and evaluate which of these instruments are psychometrically sound and easy to use in the practice setting. The result is a portfolio of measures, clustered by concept and displayed on a spreadsheet. Retrieval information is provided. The portfolio includes the expert consensus judgment as well as useful descriptive information. The research reported here identifies psychometrically sound and easy-to-use instruments for measuring five key variables to be included in a portfolio. The results of this study can be used as a beginning for saving time in instrument selection and as an aid for determining the best instrument for measuring outcomes from a clinical or management intervention.

Preparation for Lifelong Learning Using ePortfolios

ERIC Educational Resources Information Center

Heinrich, E.; Bhattacharya, M.; Rayudu, R.

2007-01-01

Rapid technological change, increasing globalization and a changing world of employment with multiple roles during one's professional life are necessitating a change from knowledge to learning societies. Full participation requires lifelong learning skills, meaning the ability to solve problems, work both independently and in a team, communicate…

Estimation of value at risk in currency exchange rate portfolio using asymmetric GJR-GARCH Copula

NASA Astrophysics Data System (ADS)

Nurrahmat, Mohamad Husein; Noviyanti, Lienda; Bachrudin, Achmad

2017-03-01

In this study, we discuss the problem in measuring the risk in a portfolio based on value at risk (VaR) using asymmetric GJR-GARCH Copula. The approach based on the consideration that the assumption of normality over time for the return can not be fulfilled, and there is non-linear correlation for dependent model structure among the variables that lead to the estimated VaR be inaccurate. Moreover, the leverage effect also causes the asymmetric effect of dynamic variance and shows the weakness of the GARCH models due to its symmetrical effect on conditional variance. Asymmetric GJR-GARCH models are used to filter the margins while the Copulas are used to link them together into a multivariate distribution. Then, we use copulas to construct flexible multivariate distributions with different marginal and dependence structure, which is led to portfolio joint distribution does not depend on the assumptions of normality and linear correlation. VaR obtained by the analysis with confidence level 95% is 0.005586. This VaR derived from the best Copula model, t-student Copula with marginal distribution of t distribution.

The type k universal portfolio generated by the f-divergence

NASA Astrophysics Data System (ADS)

Tan, Choon Peng; Seng, Kuang Kee

2017-11-01

The logarithm of the estimated next-day wealth return is approximated by k terms of its Taylor series. The resulting Type k universal portfolio generated by the f -divergence is obtained. An implicit form of the portfolio is also obtained by exploiting the mean-value theorem. An empirical study of the performance of the portfolio is focused on the Type 2 Helmbold universal portfolio. A few generalizations of the Helmbold universal portfolio have recently been studied, namely the reverse Helmbold and the parametric Helmbold portfolios. This new type of portfolio can be regarded a contribution to the inventory of Helmbold related universal portfolios. It is verified experimentally that an investor's wealth can be significantly increased by using the Type 2 Helmbold portfolio in investment.

The Effect of Mobile Portfolio (M-Portfolio) Supported Mastery Learning Model on Students' Achievement and Their Attitudes towards Using Internet

ERIC Educational Resources Information Center

Ozdemir, Oguzhan; Erdemci, Husamettin

2017-01-01

The term mobile portfolio refers to creating, evaluating and sharing portfolios in mobile environments. Many of the states that pose an obstacle for portfolio usage are now extinguished through mobile portfolios. The aim in this research is to determine the effect of mobile portfolio supported mastery learning model on students' success and…

Curriculum-Referenced Test Development Workshop Series, Addendum to Workshops Two and Three: Using Portfolios in Instruction and Assessment.

ERIC Educational Resources Information Center

Arter, Judith A.

An overview of the state of the art of using portfolios for assessment and instruction (AAI) and an annotated bibliography of articles focusing on portfolios are provided. Using portfolios for AAI has become a popular practice; however, portfolios are not always clearly defined. A working definition of portfolio is provided: a portfolio is a…

The Role of Hellinger Processes in Mathematical Finance

NASA Astrophysics Data System (ADS)

Choulli, T.; Hurd, T. R.

2001-09-01

This paper illustrates the natural role that Hellinger processes can play in solving problems from ¯nance. We propose an extension of the concept of Hellinger process applicable to entropy distance and f-divergence distances, where f is a convex logarithmic function or a convex power function with general order q, 0 6= q < 1. These concepts lead to a new approach to Merton's optimal portfolio problem and its dual in general L¶evy markets.

Performance of salmon fishery portfolios across western North America.

PubMed

Griffiths, Jennifer R; Schindler, Daniel E; Armstrong, Jonathan B; Scheuerell, Mark D; Whited, Diane C; Clark, Robert A; Hilborn, Ray; Holt, Carrie A; Lindley, Steven T; Stanford, Jack A; Volk, Eric C

2014-12-01

Quantifying the variability in the delivery of ecosystem services across the landscape can be used to set appropriate management targets, evaluate resilience and target conservation efforts. Ecosystem functions and services may exhibit portfolio-type dynamics, whereby diversity within lower levels promotes stability at more aggregated levels. Portfolio theory provides a framework to characterize the relative performance among ecosystems and the processes that drive differences in performance. We assessed Pacific salmon Oncorhynchus spp. portfolio performance across their native latitudinal range focusing on the reliability of salmon returns as a metric with which to assess the function of salmon ecosystems and their services to humans. We used the Sharpe ratio (e.g. the size of the total salmon return to the portfolio relative to its variability (risk)) to evaluate the performance of Chinook and sockeye salmon portfolios across the west coast of North America. We evaluated the effects on portfolio performance from the variance of and covariance among salmon returns within each portfolio, and the association between portfolio performance and watershed attributes. We found a positive latitudinal trend in the risk-adjusted performance of Chinook and sockeye salmon portfolios that also correlated negatively with anthropogenic impact on watersheds (e.g. dams and land-use change). High-latitude Chinook salmon portfolios were on average 2·5 times more reliable, and their portfolio risk was mainly due to low variance in the individual assets. Sockeye salmon portfolios were also more reliable at higher latitudes, but sources of risk varied among the highest performing portfolios. Synthesis and applications . Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally, assessing the sources of portfolio risk can guide actions to maintain existing resilience (protect habitat and disturbance regimes that maintain response diversity; employ harvest strategies sensitive to different portfolio components) or improve restoration activities. Improving our understanding of portfolio reliability may allow for management of natural resources that is robust to ongoing environmental change. Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally, assessing the sources of portfolio risk can guide actions to maintain existing resilience (protect habitat and disturbance regimes that maintain response diversity; employ harvest strategies sensitive to different portfolio components) or improve restoration activities. Improving our understanding of portfolio reliability may allow for management of natural resources that is robust to ongoing environmental change.

Performance of salmon fishery portfolios across western North America

PubMed Central

Griffiths, Jennifer R; Schindler, Daniel E; Armstrong, Jonathan B; Scheuerell, Mark D; Whited, Diane C; Clark, Robert A; Hilborn, Ray; Holt, Carrie A; Lindley, Steven T; Stanford, Jack A; Volk, Eric C

2014-01-01

Quantifying the variability in the delivery of ecosystem services across the landscape can be used to set appropriate management targets, evaluate resilience and target conservation efforts. Ecosystem functions and services may exhibit portfolio-type dynamics, whereby diversity within lower levels promotes stability at more aggregated levels. Portfolio theory provides a framework to characterize the relative performance among ecosystems and the processes that drive differences in performance. We assessed Pacific salmon Oncorhynchus spp. portfolio performance across their native latitudinal range focusing on the reliability of salmon returns as a metric with which to assess the function of salmon ecosystems and their services to humans. We used the Sharpe ratio (e.g. the size of the total salmon return to the portfolio relative to its variability (risk)) to evaluate the performance of Chinook and sockeye salmon portfolios across the west coast of North America. We evaluated the effects on portfolio performance from the variance of and covariance among salmon returns within each portfolio, and the association between portfolio performance and watershed attributes. We found a positive latitudinal trend in the risk-adjusted performance of Chinook and sockeye salmon portfolios that also correlated negatively with anthropogenic impact on watersheds (e.g. dams and land-use change). High-latitude Chinook salmon portfolios were on average 2·5 times more reliable, and their portfolio risk was mainly due to low variance in the individual assets. Sockeye salmon portfolios were also more reliable at higher latitudes, but sources of risk varied among the highest performing portfolios. Synthesis and applications. Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally, assessing the sources of portfolio risk can guide actions to maintain existing resilience (protect habitat and disturbance regimes that maintain response diversity; employ harvest strategies sensitive to different portfolio components) or improve restoration activities. Improving our understanding of portfolio reliability may allow for management of natural resources that is robust to ongoing environmental change. Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally, assessing the sources of portfolio risk can guide actions to maintain existing resilience (protect habitat and disturbance regimes that maintain response diversity; employ harvest strategies sensitive to different portfolio components) or improve restoration activities. Improving our understanding of portfolio reliability may allow for management of natural resources that is robust to ongoing environmental change. PMID:25552746

Using Portfolio Assignments to Assess Students' Mathematical Thinking

ERIC Educational Resources Information Center

Fukawa-Connelly, Timothy; Buck, Stephen

2010-01-01

Writing in mathematics can improve procedural knowledge and communication skills and may also help students better understand and then remember problems. The majority of mathematics teachers know that they ought to include some writing assignments in their instructional plans, but the challenge of covering the curriculum and the time required to…

Engineering Sustainable Solutions Program: Critical Literacies for Engineers Portfolio

ERIC Educational Resources Information Center

Paten, Cheryl J. K.; Palousis, Nicholas; Hargroves, Karlson; Smith, Michael

2005-01-01

Purpose: While a number of universities in Australia have embraced concepts such as project/problem-based learning and design of innovative learning environments for engineering education, there has been a lack of national guidance on including sustainability as a "critical literacy" into all engineering streams. This paper was presented…

E-Portfolios: Making Things E-asy

ERIC Educational Resources Information Center

Waters, John K.

2007-01-01

With test scores dipping, dropout rates spiking, and disciplinary problems multiplying, student motivation was in short supply at Hope High School in East Providence, Rhode Island, when, in 2002, the state commissioner of education stepped in to stop the slide. After months of planning, the state reorganized the school into three smaller,…

Integrity-Based Budgeting

ERIC Educational Resources Information Center

Kaleba, Frank

2008-01-01

The central problem for the facility manager of large portfolios is not the accuracy of data, but rather data integrity. Data integrity means that it's (1) acceptable to the users; (2) based upon an objective source; (3) reproducible; and (4) internally consistent. Manns and Katsinas, in their January/February 2006 Facilities Manager article…

Teacher Perceptions of Electronic Portfolios as a Technology Integration Tool

ERIC Educational Resources Information Center

Blackwell, John P., III.

2013-01-01

This qualitative case study explored the problem that teachers' attitudes and perceptions about technology often serve as barriers to successful technology integration in elementary school classrooms. Trends have showed that technology teachers directly responsible for teaching students technology skills are being laid off due to budget cuts…

Peer Review of Submissions to the Annual American Evaluation Association Conference by the Graduate Student & New Evaluators Topical Interest Group

ERIC Educational Resources Information Center

Schroter, Daniela C.; Coryn, Chris L. S.; Montrosse, Bianca E.

2008-01-01

Peer review is an umbrella term that refers to a class of selection and oversight practices, including the familiar mechanisms of the review of proposals submitted for funding, of manuscripts for scholarly publications, and of personnel qualifications and portfolios for selection and promotion. Peer review has long been a cornerstone of modern…

Preparedness Portfolios and Portfolio Studios

ERIC Educational Resources Information Center

Turns, Jennifer; Sattler, Brook; Eliot, Matt; Kilgore, Deborah; Mobrand, Kathryn

2012-01-01

We live in a time of great enthusiasm for the role that e-Portfolios can play in education and a time of exploration in which educators and researchers are investigating different approaches to using ePortfolios to differentially support educational goals. In this paper, we focus on preparedness portfolios and portfolio studios as two key…

HSTLBO: A hybrid algorithm based on Harmony Search and Teaching-Learning-Based Optimization for complex high-dimensional optimization problems

PubMed Central

Tuo, Shouheng; Yong, Longquan; Deng, Fang’an; Li, Yanhai; Lin, Yong; Lu, Qiuju

2017-01-01

Harmony Search (HS) and Teaching-Learning-Based Optimization (TLBO) as new swarm intelligent optimization algorithms have received much attention in recent years. Both of them have shown outstanding performance for solving NP-Hard optimization problems. However, they also suffer dramatic performance degradation for some complex high-dimensional optimization problems. Through a lot of experiments, we find that the HS and TLBO have strong complementarity each other. The HS has strong global exploration power but low convergence speed. Reversely, the TLBO has much fast convergence speed but it is easily trapped into local search. In this work, we propose a hybrid search algorithm named HSTLBO that merges the two algorithms together for synergistically solving complex optimization problems using a self-adaptive selection strategy. In the HSTLBO, both HS and TLBO are modified with the aim of balancing the global exploration and exploitation abilities, where the HS aims mainly to explore the unknown regions and the TLBO aims to rapidly exploit high-precision solutions in the known regions. Our experimental results demonstrate better performance and faster speed than five state-of-the-art HS variants and show better exploration power than five good TLBO variants with similar run time, which illustrates that our method is promising in solving complex high-dimensional optimization problems. The experiment on portfolio optimization problems also demonstrate that the HSTLBO is effective in solving complex read-world application. PMID:28403224

HSTLBO: A hybrid algorithm based on Harmony Search and Teaching-Learning-Based Optimization for complex high-dimensional optimization problems.

PubMed

Tuo, Shouheng; Yong, Longquan; Deng, Fang'an; Li, Yanhai; Lin, Yong; Lu, Qiuju

2017-01-01

Harmony Search (HS) and Teaching-Learning-Based Optimization (TLBO) as new swarm intelligent optimization algorithms have received much attention in recent years. Both of them have shown outstanding performance for solving NP-Hard optimization problems. However, they also suffer dramatic performance degradation for some complex high-dimensional optimization problems. Through a lot of experiments, we find that the HS and TLBO have strong complementarity each other. The HS has strong global exploration power but low convergence speed. Reversely, the TLBO has much fast convergence speed but it is easily trapped into local search. In this work, we propose a hybrid search algorithm named HSTLBO that merges the two algorithms together for synergistically solving complex optimization problems using a self-adaptive selection strategy. In the HSTLBO, both HS and TLBO are modified with the aim of balancing the global exploration and exploitation abilities, where the HS aims mainly to explore the unknown regions and the TLBO aims to rapidly exploit high-precision solutions in the known regions. Our experimental results demonstrate better performance and faster speed than five state-of-the-art HS variants and show better exploration power than five good TLBO variants with similar run time, which illustrates that our method is promising in solving complex high-dimensional optimization problems. The experiment on portfolio optimization problems also demonstrate that the HSTLBO is effective in solving complex read-world application.

A ubiquitous reflective e-portfolio architecture.

PubMed

Forte, Marcos; de Souza, Wanderley L; da Silva, Roseli F; do Prado, Antonio F; Rodrigues, Jose F

2013-11-01

In nurse and in medicine courses, the use of reflective portfolios as a pedagogical tool is becoming a common practice; in the last years, this practice has gradually migrated from paper-based to electronic-based portfolios. Current approaches for reflective e-portfolios, however, do not widely operate at outdoor sites, where data networks are limited or nonexistent. Considering that many of the activities related to nurse and medicine courses relate to professional practices conducted in such conditions, these network shortcomings restrict the adoption of e-portfolios. The present study describes the requirements specification, design, implementation, and evaluation of the Ubiquitous Reflective E-Portfolio Architecture, a solution proposed to support the development of systems based on mobile and wired access for both online and offline operation. We have implemented a prototype named Professional Practice Module to evaluate the Ubiquitous Reflective E-Portfolio Architecture; the module was based on requirements observed during the professional practice, the paper-based portfolio in use, and related learning meetings in the Medicine Course of a Brazilian University. The evaluation of the system was carried out with a learning group of 2nd year students of the medicine course, who answered to extensive evaluation questionnaires. The prototype proved to be operational in the activities of the professional practice of the Medicine Course object of the study, including homework tasks, patient care, data sharing, and learning meetings. It also demonstrated to be versatile with respect to the availability of the computer network that, many times, was not accessible. Moreover, the students considered the module useful and easy to use, but pointed out difficulties about the keyboard and the display sizes of the netbook devices, and about their operational system. Lastly, most of the students declared preference for the electronic Professional Practice Module in internal and in group activities, and for the paper-based version while in patient attendance. There is evidence that the environment where the professional practice takes place influences the usage of the e-portfolio. Mobile devices were able to support students in their professional practice; however, these devices present characteristics that must be judiciously selected, otherwise, they may limit the execution of important tasks. The main shortcoming identified during the evaluation tests was about the use of the module, and of the access device, during patient attendance. For this reason, we have envisioned a new version of the Professional Practice Module that shall follow a twofold requisite: by one side, it will include all the features of the module, to be used at the university or in the students' homes; from the other side, it will include only the features that are essential for the practice of patient attendance. Copyright © 2013 Elsevier Ireland Ltd. All rights reserved.

An application of almost marginal conditional stochastic dominance (AMCSD) on forming efficient portfolios

NASA Astrophysics Data System (ADS)

Slamet, Isnandar; Mardiana Putri Carissa, Siska; Pratiwi, Hasih

2017-10-01

Investors always seek an efficient portfolio which is a portfolio that has a maximum return on specific risk or minimal risk on specific return. Almost marginal conditional stochastic dominance (AMCSD) criteria can be used to form the efficient portfolio. The aim of this research is to apply the AMCSD criteria to form an efficient portfolio of bank shares listed in the LQ-45. This criteria is used when there are areas that do not meet the criteria of marginal conditional stochastic dominance (MCSD). On the other words, this criteria can be derived from quotient of areas that violate the MCSD criteria with the area that violate and not violate the MCSD criteria. Based on the data bank stocks listed on LQ-45, it can be stated that there are 38 efficient portfolios of 420 portfolios where each portfolio comprises of 4 stocks and 315 efficient portfolios of 1710 portfolios with each of portfolio has 3 stocks.

Portfolio use and practices in US colleges and schools of pharmacy.

PubMed

Skrabal, Maryann Z; Turner, Paul D; Jones, Rhonda M; Tilleman, Jennifer A; Coover, Kelli L

2012-04-10

To identify the prevalence of portfolio use in US pharmacy programs, common components of portfolios, and advantages of and limitations to using portfolios. A cross-sectional electronic survey instrument was sent to experiential coordinators at US colleges and schools of pharmacy to collect data on portfolio content, methods, training and resource requirements, and benefits and challenges of portfolio use. Most colleges and schools of pharmacy (61.8%) use portfolios in experiential courses and the majority (67.1%) formally assess them, but there is wide variation regarding content and assessment. The majority of respondents used student portfolios as a formative evaluation primarily in the experiential curriculum. Although most colleges and schools of pharmacy have a portfolio system in place, few are using them to fulfill accreditation requirements. Colleges and schools need to carefully examine the intended purpose of their portfolio system and follow-through with implementation and maintenance of a system that meets their goals.

Discovering Tradeoffs, Vulnerabilities, and Dependencies within Water Resources Systems

NASA Astrophysics Data System (ADS)

Reed, P. M.

2015-12-01

There is a growing recognition and interest in using emerging computational tools for discovering the tradeoffs that emerge across complex combinations infrastructure options, adaptive operations, and sign posts. As a field concerned with "deep uncertainties", it is logically consistent to include a more direct acknowledgement that our choices for dealing with computationally demanding simulations, advanced search algorithms, and sensitivity analysis tools are themselves subject to failures that could adversely bias our understanding of how systems' vulnerabilities change with proposed actions. Balancing simplicity versus complexity in our computational frameworks is nontrivial given that we are often exploring high impact irreversible decisions. It is not always clear that accepted models even encompass important failure modes. Moreover as they become more complex and computationally demanding the benefits and consequences of simplifications are often untested. This presentation discusses our efforts to address these challenges through our "many-objective robust decision making" (MORDM) framework for the design and management water resources systems. The MORDM framework has four core components: (1) elicited problem conception and formulation, (2) parallel many-objective search, (3) interactive visual analytics, and (4) negotiated selection of robust alternatives. Problem conception and formulation is the process of abstracting a practical design problem into a mathematical representation. We build on the emerging work in visual analytics to exploit interactive visualization of both the design space and the objective space in multiple heterogeneous linked views that permit exploration and discovery. Many-objective search produces tradeoff solutions from potentially competing problem formulations that can each consider up to ten conflicting objectives based on current computational search capabilities. Negotiated design selection uses interactive visualization, reformulation, and optimization to discover desirable designs for implementation. Multi-city urban water supply portfolio planning will be used to illustrate the MORDM framework.

Software ``Best'' Practices: Agile Deconstructed

NASA Astrophysics Data System (ADS)

Fraser, Steven

Software “best” practices depend entirely on context - in terms of the problem domain, the system constructed, the software designers, and the “customers” ultimately deriving value from the system. Agile practices no longer have the luxury of “choosing” small non-mission critical projects with co-located teams. Project stakeholders are selecting and adapting practices based on a combina tion of interest, need and staffing. For example, growing product portfolios through a merger or the acquisition of a company exposes legacy systems to new staff, new software integration challenges, and new ideas. Innovation in communications (tools and processes) to span the growth and contraction of both information and organizations, while managing the adoption of changing software practices, is imperative for success. Traditional web-based tools such as web pages, document libraries, and forums are not suf ficient. A blend of tweeting, blogs, wikis, instant messaging, web-based confer encing, and telepresence creates a new dimension of communication “best” practices.

The Application of Portfolios to Assess Progress in Writing of EFL Students at Secondary Schools in Banda Aceh

ERIC Educational Resources Information Center

Eridafithri

2015-01-01

Portfolios are one of the alternatives that can be used for writing assessment. Portfolios are not common in the curriculum. The lack of dissemination to language teachers have made portfolios disregarded. In order to encourage teachers to use portfolios for assessment of writing, they need to have adequate information about portfolios, how they…

Strategic Planning and the Marketing Process: Library Applications.

ERIC Educational Resources Information Center

Wood, Elizabeth J.

1983-01-01

Illustrates how basic principles of marketing and strategic market planning can be applied to libraries and discusses some concepts of strategic planning (organization mission, objectives and goals, growth strategy, program portfolio plan) and marketing (opportunity analysis, target market selection, marketing mix strategy, marketing systems…

Noisy covariance matrices and portfolio optimization II

NASA Astrophysics Data System (ADS)

Pafka, Szilárd; Kondor, Imre

2003-03-01

Recent studies inspired by results from random matrix theory (Galluccio et al.: Physica A 259 (1998) 449; Laloux et al.: Phys. Rev. Lett. 83 (1999) 1467; Risk 12 (3) (1999) 69; Plerou et al.: Phys. Rev. Lett. 83 (1999) 1471) found that covariance matrices determined from empirical financial time series appear to contain such a high amount of noise that their structure can essentially be regarded as random. This seems, however, to be in contradiction with the fundamental role played by covariance matrices in finance, which constitute the pillars of modern investment theory and have also gained industry-wide applications in risk management. Our paper is an attempt to resolve this embarrassing paradox. The key observation is that the effect of noise strongly depends on the ratio r= n/ T, where n is the size of the portfolio and T the length of the available time series. On the basis of numerical experiments and analytic results for some toy portfolio models we show that for relatively large values of r (e.g. 0.6) noise does, indeed, have the pronounced effect suggested by Galluccio et al. (1998), Laloux et al. (1999) and Plerou et al. (1999) and illustrated later by Laloux et al. (Int. J. Theor. Appl. Finance 3 (2000) 391), Plerou et al. (Phys. Rev. E, e-print cond-mat/0108023) and Rosenow et al. (Europhys. Lett., e-print cond-mat/0111537) in a portfolio optimization context, while for smaller r (around 0.2 or below), the error due to noise drops to acceptable levels. Since the length of available time series is for obvious reasons limited in any practical application, any bound imposed on the noise-induced error translates into a bound on the size of the portfolio. In a related set of experiments we find that the effect of noise depends also on whether the problem arises in asset allocation or in a risk measurement context: if covariance matrices are used simply for measuring the risk of portfolios with a fixed composition rather than as inputs to optimization, the effect of noise on the measured risk may become very small.

Defense Advanced Research Projects Agency: Key Factors Drive Transition of Technologies, but Better Training and Data Dissemination Can Increase Success

DTIC Science & Technology

2015-11-01

more detail. Table 1: Overview of DARPA Programs Selected for GAO Case Study Analyses Program name Program description Advanced Wireless Networks ...Selected DARPA Programs Program name According to DARPA portfolio-level database According to GAO analysis Advanced Wireless Networks for the Soldier...with potential transition partners Achievement of clearly defined technical goals Successful transition Advanced Wireless Networks for Soldier

Students' attitudes towards the introduction of a Personal and Professional Development portfolio: potential barriers and facilitators.

PubMed

Ross, Sarah; Maclachlan, Alison; Cleland, Jennifer

2009-12-01

Portfolios, widely used in undergraduate and postgraduate medicine, have variable purposes, formats and success. A recent systematic review summarised factors necessary for successful portfolio introduction but there are no studies investigating the views of students inexperienced in portfolio use towards portfolio learning. This study's aim was to survey student views about a prospective Professional and Personal Development (PPD) portfolio. This was a qualitative, focus group study. All focus groups were taped and transcribed verbatim, and anonymised. The transcripts were analysed inductively, using framework analysis. Four focus groups were carried out with 32 undergraduate medical students naïve in portfolio use. Three themes relevant to portfolio introduction emerged. The first theme was the need for clear information and support for portfolio introduction, and anxieties about how this could be supported effectively. The second was that students had negative views about reflective learning and whether this could be taught and assessed, believing formal assessment could foster socially acceptable content. The third was that participants revealed little understanding of reflective learning and its potential benefits. Rather portfolios were seen as useful for concrete purposes (e.g., job applications) not intrinsic benefits. Undergraduate medical students without experience of portfolios are anxious about portfolio introduction. They require support in developing reflective learning skills. Care must be taken to ensure students do not see portfolios as merely yet another assessment hurdle.

78 FR 21045 - Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-09

... COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC96 Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers..., portfolio compression, and swap trading relationship documentation for Swap Dealers and Major Swap...

Evaluating Practice-Based Learning and Improvement: Efforts to Improve Acceptance of Portfolios

PubMed Central

Fragneto, Regina Y.; DiLorenzo, Amy Noel; Schell, Randall M.; Bowe, Edwin A.

2010-01-01

Introduction The Accreditation Council for Graduate Medical Education (ACGME) recommends resident portfolios as 1 method for assessing competence in practice-based learning and improvement. In July 2005, when anesthesiology residents in our department were required to start a portfolio, the residents and their faculty advisors did not readily accept this new requirement. Intensive education efforts addressing the goals and importance of portfolios were undertaken. We hypothesized that these educational efforts improved acceptance of the portfolio and retrospectively audited the portfolio evaluation forms completed by faculty advisors. Methods Intensive education about the goals and importance of portfolios began in January 2006, including presentations at departmental conferences and one-on-one education sessions. Faculty advisors were instructed to evaluate each resident's portfolio and complete a review form. We retrospectively collected data to determine the percentage of review forms completed by faculty. The portfolio reviews also assessed the percentage of 10 required portfolio components residents had completed. Results Portfolio review forms were completed by faculty advisors for 13% (5/38) of residents during the first advisor-advisee meeting in December 2005. Initiation of intensive education efforts significantly improved compliance, with review forms completed for 68% (26/38) of residents in May 2006 (P < .0001) and 95% (36/38) in December 2006 (P < .0001). Residents also significantly improved the completeness of portfolios between May and December of 2006. Discussion Portfolios are considered a best methods technique by the ACGME for evaluation of practice-based learning and improvment. We have found that intensive education about the goals and importance of portfolios can enhance acceptance of this evaluation tool, resulting in improved compliance in completion and evaluation of portfolios. PMID:22132291

Evaluating practice-based learning and improvement: efforts to improve acceptance of portfolios.

PubMed

Fragneto, Regina Y; Dilorenzo, Amy Noel; Schell, Randall M; Bowe, Edwin A

2010-12-01

The Accreditation Council for Graduate Medical Education (ACGME) recommends resident portfolios as 1 method for assessing competence in practice-based learning and improvement. In July 2005, when anesthesiology residents in our department were required to start a portfolio, the residents and their faculty advisors did not readily accept this new requirement. Intensive education efforts addressing the goals and importance of portfolios were undertaken. We hypothesized that these educational efforts improved acceptance of the portfolio and retrospectively audited the portfolio evaluation forms completed by faculty advisors. Intensive education about the goals and importance of portfolios began in January 2006, including presentations at departmental conferences and one-on-one education sessions. Faculty advisors were instructed to evaluate each resident's portfolio and complete a review form. We retrospectively collected data to determine the percentage of review forms completed by faculty. The portfolio reviews also assessed the percentage of 10 required portfolio components residents had completed. Portfolio review forms were completed by faculty advisors for 13% (5/38) of residents during the first advisor-advisee meeting in December 2005. Initiation of intensive education efforts significantly improved compliance, with review forms completed for 68% (26/38) of residents in May 2006 (P < .0001) and 95% (36/38) in December 2006 (P < .0001). Residents also significantly improved the completeness of portfolios between May and December of 2006. Portfolios are considered a best methods technique by the ACGME for evaluation of practice-based learning and improvment. We have found that intensive education about the goals and importance of portfolios can enhance acceptance of this evaluation tool, resulting in improved compliance in completion and evaluation of portfolios.

Risk management in the competitive electric power industry

NASA Astrophysics Data System (ADS)

Dahlgren, Robert William

From 1990 until present day, the electric power industry has experienced dramatic changes worldwide. This recent evolution of the power industry has included creation and multiple iterations of competitive wholesale markets in many different forms. The creation of these competitive markets has resulted in increased short-term volatility of power prices. Vertically integrated utilities emerged from years of regulatory controls to now experience the need to perform risk assessment. The goal of this dissertation is to provide background and details of the evolution of market structures combined with examples of how to apply price risk assessment techniques such as Value-at-Risk (VaR). In Chapter 1, the history and evolution of three selected regional markets, PJM, California, and England and Wales is presented. A summary of the commonalities and differences is presented to provide an overview of the rate of transformation of the industry in recent years. The broad area of risk management in the power industry is also explored through a State-of-the-Art Literature Survey. In Chapter 2, an illustration of risk assessment to power trading is presented. The techniques of Value-at-Risk and Conditional Value-at-Risk are introduced and applied to a common scenario. The advantages and limitations of the techniques are compared through observation of their results against the common example. Volatility in the California Power Markets is presented in Chapter 3. This analysis explores the California markets in the summer of 2000 including the application of VaR analysis to the extreme volatility observed during this period. In Chapter 4, CVaR is applied to the same California historical data used in Chapter 3. In addition, the unique application of minimizing the risk of a power portfolio by minimizing CVaR is presented. The application relies on recent research into CVaR whereby the portfolio optimization problem can be reduced to a Linear Programming problem.

Counselor-Mediated Contracts in Self-Management for Students in the New Start Program.

ERIC Educational Resources Information Center

Santa Rita, Emilio D., Jr.

In an effort to help students on academic suspension achieve full academic status and succeed in college, New York's Bronx Community College developed the New Start program, a portfolio-based intervention strategy utilizing personal success contracts. Students participating in the program complete guided self-assessments, identify problem areas,…

The Mindful Worker. Learning and Working into the 21st Century. The Mindful Workforce Portfolio.

ERIC Educational Resources Information Center

Miles, Curtis

This textbook contains information and activities designed to help college students develop the following generalized competencies that are critical to job success and satisfaction in the 21st century: learns; thinks reflectively; manages time; manages stress; sets goals; solves problems; demonstrates interdependence; thinks systematically; solves…

Students' Reflections Using Visualized Learning Outcomes and E-Portfolios

ERIC Educational Resources Information Center

Narumi, Takatsune; Gotoh, Yasushi

2014-01-01

How to guarantee graduate attributes has become an urgent challenge amid the increasing progress in scientific and technological development and the globalization of economic activity. In order to solve these problems, a system is required which can visualize learning outcomes in relation to attainment targets, and store and sample records of the…

Building a Learning Experience: The Implementation of a Clerkship in Geriatric Medicine.

ERIC Educational Resources Information Center

Duque, Gustavo; Bonnycastle, Michael; Nazerali, Najmi; Bailey, Robert; Ferrier, Catherine; Heilpern, Paul; Gold, Susan

2003-01-01

In a mandatory 4-week program, medical students assessed and managed the care of frail elderly with acute medical problems and disabilities. Web-based lectures with pre/posttests and electronic portfolio assessment were included. The experience was intended to promote reflection, interactive learning, and feedback. (Contains 24 references.) (SK)

Portfolio optimization with mean-variance model

NASA Astrophysics Data System (ADS)

Hoe, Lam Weng; Siew, Lam Weng

2016-06-01

Investors wish to achieve the target rate of return at the minimum level of risk in their investment. Portfolio optimization is an investment strategy that can be used to minimize the portfolio risk and can achieve the target rate of return. The mean-variance model has been proposed in portfolio optimization. The mean-variance model is an optimization model that aims to minimize the portfolio risk which is the portfolio variance. The objective of this study is to construct the optimal portfolio using the mean-variance model. The data of this study consists of weekly returns of 20 component stocks of FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBMKLCI). The results of this study show that the portfolio composition of the stocks is different. Moreover, investors can get the return at minimum level of risk with the constructed optimal mean-variance portfolio.

Academic portfolio in the digital era: organizing and maintaining a portfolio using reference managers.

PubMed

Bhargava, Puneet; Patel, Vatsal B; Iyer, Ramesh S; Moshiri, Mariam; Robinson, Tracy J; Lall, Chandana; Heller, Matthew T

2015-02-01

The academic portfolio has become an integral part of the promotions process. Creating and maintaining an academic portfolio in paper-based or web-based formats can be a cumbersome and time-consuming task. In this article, we describe an alternative way to efficiently organize an academic portfolio using a reference manager software, and discuss some of the afforded advantages. The reference manager software Papers (Mekentosj, Amsterdam, The Netherlands) was used to create an academic portfolio. The article outlines the key steps in creating and maintaining a digital academic portfolio. Using reference manager software (Papers), we created an academic portfolio that allows the user to digitally organize clinical, teaching, and research accomplishments in an indexed library enabling efficient updating, rapid retrieval, and easy sharing. To our knowledge, this is the first digital portfolio of its kind.

Portfolio Use and Practices in US Colleges and Schools of Pharmacy

PubMed Central

Turner, Paul D.; Jones, Rhonda M.; Tilleman, Jennifer A.; Coover, Kelli L.

2012-01-01

Objectives. To identify the prevalence of portfolio use in US pharmacy programs, common components of portfolios, and advantages of and limitations to using portfolios. Methods. A cross-sectional electronic survey instrument was sent to experiential coordinators at US colleges and schools of pharmacy to collect data on portfolio content, methods, training and resource requirements, and benefits and challenges of portfolio use. Results. Most colleges and schools of pharmacy (61.8%) use portfolios in experiential courses and the majority (67.1%) formally assess them, but there is wide variation regarding content and assessment. The majority of respondents used student portfolios as a formative evaluation primarily in the experiential curriculum. Conclusions. Although most colleges and schools of pharmacy have a portfolio system in place, few are using them to fulfill accreditation requirements. Colleges and schools need to carefully examine the intended purpose of their portfolio system and follow-through with implementation and maintenance of a system that meets their goals. PMID:22544963

[Development of a portfolio for competency-based assessment in a clinical clerkship curriculum].

PubMed

Roh, HyeRin; Lee, Jong-Tae; Yoon, Yoo Sang; Rhee, Byoung Doo

2015-12-01

The purpose of this report was to describe our experience in planning and developing a portfolio for a clinical clerkship curriculum. We have developed a portfolio for assessing student competency since 2007. During an annual workshop on clinical clerkship curricula, clerkship directors from five Paik hospitals of Inje University met to improve the assessment of the portfolio. We generated templates for students to record their activities and reflection and receive feedback. We uploaded these templates to our school's website for students to download freely. Annually, we have held a faculty development seminar and a workshop for portfolio assessment and feedback. Also, we established an orientation program on how to construct a learning portfolio for students. Future actions include creating a ubiquitous portfolio system, extending the portfolio to the entire curriculum, setting up an advisor system, and managing the quality of the portfolio. This study could be helpful for medical schools that plan to improve their portfolio assessment with an outcome-based approach.

7 CFR 4290.760 - How a change in size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false How a change in size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern. 4290.760 Section 4290.760 Agriculture Regulations of... size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern. (a) Effect on RBIC...

Qualitative study of the impact of an authentic electronic portfolio in undergraduate medical education.

PubMed

Belcher, Rosie; Jones, Anna; Smith, Laura-Jane; Vincent, Tim; Naidu, Sindhu Bhaarrati; Montgomery, Julia; Haq, Inam; Gill, Deborah

2014-12-17

Portfolios are increasingly used in undergraduate and postgraduate medical education. Four medical schools have collaborated with an established NHS electronic portfolio provider to develop and implement an authentic professional electronic portfolio for undergraduate students. We hypothesized that using an authentic portfolio would have significant advantages for students, particularly in familiarizing them with the tool many will continue to use for years after graduation. This paper describes the early evaluation of this undergraduate portfolio at two participating medical schools. To gather data, a questionnaire survey with extensive free text comments was used at School 1, and three focus groups were held at School 2. This paper reports thematic analysis of students' opinions expressed in the free text comments and focus groups. Five main themes, common across both schools were identified. These concerned the purpose, use and acceptability of the portfolio, advantages of and barriers to the use of the portfolio, and the impacts on both learning and professional identity. An authentic portfolio mitigated some of the negative aspects of using a portfolio, and had a positive effect on students' perception of themselves as becoming past of the profession. However, significant barriers to portfolio use remained, including a lack of understanding of the purpose of a portfolio and a perceived damaging effect on feedback.

Measuring Treasury Bond Portfolio Risk and Portfolio Optimization with a Non-Gaussian Multivariate Model

NASA Astrophysics Data System (ADS)

Dong, Yijun

The research about measuring the risk of a bond portfolio and the portfolio optimization was relatively rare previously, because the risk factors of bond portfolios are not very volatile. However, this condition has changed recently. The 2008 financial crisis brought high volatility to the risk factors and the related bond securities, even if the highly rated U.S. treasury bonds. Moreover, the risk factors of bond portfolios show properties of fat-tailness and asymmetry like risk factors of equity portfolios. Therefore, we need to use advanced techniques to measure and manage risk of bond portfolios. In our paper, we first apply autoregressive moving average generalized autoregressive conditional heteroscedasticity (ARMA-GARCH) model with multivariate normal tempered stable (MNTS) distribution innovations to predict risk factors of U.S. treasury bonds and statistically demonstrate that MNTS distribution has the ability to capture the properties of risk factors based on the goodness-of-fit tests. Then based on empirical evidence, we find that the VaR and AVaR estimated by assuming normal tempered stable distribution are more realistic and reliable than those estimated by assuming normal distribution, especially for the financial crisis period. Finally, we use the mean-risk portfolio optimization to minimize portfolios' potential risks. The empirical study indicates that the optimized bond portfolios have better risk-adjusted performances than the benchmark portfolios for some periods. Moreover, the optimized bond portfolios obtained by assuming normal tempered stable distribution have improved performances in comparison to the optimized bond portfolios obtained by assuming normal distribution.

75 FR 4062 - Peer Review Best Practices Workshop

Federal Register 2010, 2011, 2012, 2013, 2014

2010-01-26

...:15 a.m. Panel 2: Applied Research, Technology Development--NIST, ARPA-E, ONR, MIT 12:30 p.m. Lunch 1... Energy Efficiency and Renewable Energy (EERE) funds a diverse portfolio of research, development...-federal organizations have chosen to select research and development projects, and on ``best practices...

Eportfolios and Cognitive Storytelling: Making the Journey Personal

ERIC Educational Resources Information Center

Brammer, Charlotte

2011-01-01

Authentic reflections are critical components of strong portfolios, and students often struggle with this important task. Students in our program have found success through carefully constructed steps of collecting, selecting, and reflecting on artifacts from their coursework, internships, and extracurricular activities. Working in peer groups as…

Decision analysis and drug development portfolio management: uncovering the real options value of your projects.

PubMed

Rosati, Nicoletta

2002-04-01

Project selection and portfolio management are particularly challenging in the pharmaceutical industry due to the high risk - high stake nature of the drug development process. In the recent years, scholars and industry experts have agreed that traditional Net-Present-Value evaluation of the projects fails to capture the value of managerial flexibility, and encouraged adopting a real options approach to recover the missed value. In this paper, we take a closer look at the drug development process and at the indices currently used to rank projects. We discuss the economic value of information and of real options arising in drug development and present decision analysis as an ideal framework for the implementation of real options valuation.

The Use of Portfolios for Teacher Evaluation.

ERIC Educational Resources Information Center

Lengeling, M. Martha

A discussion of the use of portfolios for teacher evaluation reviews common uses of portfolios in higher education and offers suggestions for portfolio construction. It is noted that portfolios are frequently used for evaluation of both learner and teacher performance, as a means of documenting an individual's capabilities and skills. Some…

Challenges in Producing a Portfolio for Assessment: In Search of Underpinning Educational Theories

ERIC Educational Resources Information Center

Tisani, Nomathamsanqa

2008-01-01

The use of portfolios for assessment is gaining popularity in higher education. Despite acknowledged difficulties and flaws associated with this assessment method, portfolios have advantages over traditional methods. Handbooks on methods of constructing portfolios often emphasise the mechanics of the "process" of building portfolios.…

12 CFR 347.108 - Portfolio investments.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Portfolio investments. 347.108 Section 347.108... INTERNATIONAL BANKING § 347.108 Portfolio investments. (a) Portfolio investments. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization as a portfolio investment and the...

12 CFR 347.108 - Portfolio investments.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 12 Banks and Banking 4 2011-01-01 2011-01-01 false Portfolio investments. 347.108 Section 347.108... INTERNATIONAL BANKING § 347.108 Portfolio investments. (a) Portfolio investments. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization as a portfolio investment and the...

Implementation of Portfolio Assessment in a Competency-based Dental Hygiene Program.

ERIC Educational Resources Information Center

Gadbury-Amyot, Cynthia C.; Holt, Lorie P.; Overman, Pamela R.; Schmidt, Colleen R.

2000-01-01

Describes the implementation of a portfolio assessment program in the dental hygiene program at the University of Missouri School of Dentistry. Tables provide examples of program competencies and related portfolio entries, the complete scoring rubric for portfolios, and the student portfolio evaluation survey. Concludes that although portfolio…

Assessment and Assurance of Learning Using E-Portfolios

ERIC Educational Resources Information Center

Papp, Raymond

2014-01-01

Traditional paper portfolios have been used to assess student work for performance and employment purposes for decades. The advent of electronic portfolios incorporating audio, video, hyperlinked documents and scanned images takes the use of portfolios to a new level. Evaluators can use these easily accessible portfolios to gauge student…

12 CFR 1252.1 - Enterprise portfolio holding criteria.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Enterprise portfolio holding criteria. 1252.1 Section 1252.1 Banks and Banking FEDERAL HOUSING FINANCE AGENCY ENTERPRISES PORTFOLIO HOLDINGS § 1252.1 Enterprise portfolio holding criteria. The Enterprises are required to comply with the portfolio holdings...

A Mean variance analysis of arbitrage portfolios

NASA Astrophysics Data System (ADS)

Fang, Shuhong

2007-03-01

Based on the careful analysis of the definition of arbitrage portfolio and its return, the author presents a mean-variance analysis of the return of arbitrage portfolios, which implies that Korkie and Turtle's results ( B. Korkie, H.J. Turtle, A mean-variance analysis of self-financing portfolios, Manage. Sci. 48 (2002) 427-443) are misleading. A practical example is given to show the difference between the arbitrage portfolio frontier and the usual portfolio frontier.

Ant colony algorithm for clustering in portfolio optimization

NASA Astrophysics Data System (ADS)

Subekti, R.; Sari, E. R.; Kusumawati, R.

2018-03-01

This research aims to describe portfolio optimization using clustering methods with ant colony approach. Two stock portfolios of LQ45 Indonesia is proposed based on the cluster results obtained from ant colony optimization (ACO). The first portfolio consists of assets with ant colony displacement opportunities beyond the defined probability limits of the researcher, where the weight of each asset is determined by mean-variance method. The second portfolio consists of two assets with the assumption that each asset is a cluster formed from ACO. The first portfolio has a better performance compared to the second portfolio seen from the Sharpe index.

Implementing portfolio in postgraduate general practice training. Benefits and recommendations.

PubMed

Alotaibi, Fawaz S

2012-10-01

This paper presents a review to explore the literature focusing on portfolio in postgraduate general practice (GP) training, and to examine the impact of implementation of portfolio on learning process, as well as proposing recommendations for its implementation in postgraduate GP training. An electronic search was carried out on several databases for studies addressing portfolio in postgraduate GP training. Six articles were included to address specifically the effectiveness of portfolio in postgraduate GP training. Five of them described successful experiences of portfolio-based learning implementation. Only one article addressed portfolio-based assessment in postgraduate GP training. The existing evidence provides various benefits of professional portfolio-based learning. It does appear to have advantages of stimulating reflective learning, promoting proactive learning, and bridging the hospital experiences of the learners to GP. Moreover, the challenges to implementation of portfolio-based learning are often based on orientation and training of stakeholders.

Potential barriers to the application of multi-factor portfolio analysis in public hospitals: evidence from a pilot study in the Netherlands.

PubMed

Pavlova, Milena; Tsiachristas, Apostolos; Vermaeten, Gerhard; Groot, Wim

2009-01-01

Portfolio analysis is a business management tool that can assist health care managers to develop new organizational strategies. The application of portfolio analysis to US hospital settings has been frequently reported. In Europe however, the application of this technique has received little attention, especially concerning public hospitals. Therefore, this paper examines the peculiarities of portfolio analysis and its applicability to the strategic management of European public hospitals. The analysis is based on a pilot application of a multi-factor portfolio analysis in a Dutch university hospital. The nature of portfolio analysis and the steps in a multi-factor portfolio analysis are reviewed along with the characteristics of the research setting. Based on these data, a multi-factor portfolio model is developed and operationalized. The portfolio model is applied in a pilot investigation to analyze the market attractiveness and hospital strengths with regard to the provision of three orthopedic services: knee surgery, hip surgery, and arthroscopy. The pilot portfolio analysis is discussed to draw conclusions about potential barriers to the overall adoption of portfolio analysis in the management of a public hospital. Copyright (c) 2008 John Wiley & Sons, Ltd.

Evaluation of an established learning portfolio.

PubMed

Vance, Gillian; Williamson, Alyson; Frearson, Richard; O'Connor, Nicole; Davison, John; Steele, Craig; Burford, Bryan

2013-02-01

The trainee-held learning portfolio is integral to the foundation programme in the UK. In the Northern Deanery, portfolio assessment is standardised through the Annual Review of Competence Progression (ARCP) process. In this study we aimed to establish how current trainees evaluate portfolio-based learning and ARCP, and how these attitudes may have changed since the foundation programme was first introduced. Deanery-wide trainee attitudes were surveyed by an electronic questionnaire in 2009 and compared with perceptions recorded during the pilot phase (2004-2005).  Many trainees continue to view the e-portfolio negatively. Indeed, significantly fewer trainees in 2009 thought that the e-portfolio was a 'good idea' or a 'worthwhile investment of time' than in 2005. Trainees remain unconvinced about the educational value of the e-portfolio: fewer trainees in 2009 regarded it as a tool that might help focus on training or recognise individual strengths and weaknesses. Issues around unnecessary bureaucracy persist. Current trainees tend to understand how to use the e-portfolio, but many did not know how much, or what evidence to collect. Few supervisors were reported to provide useful guidance on the portfolio. ARCP encouraged portfolio completion but did not give meaningful feedback to drive future learning.   Continued support is needed for both trainees and supervisors in portfolio-building skills and in using the e-portfolio as an educational tool. Trainee-tailored feedback is needed to ensure that portfolio-based assessment promotes lifelong, self-directed and reflective learners. © Blackwell Publishing Ltd 2013.

Application of portfolio theory to risk-based allocation of surveillance resources in animal populations.

PubMed

Prattley, D J; Morris, R S; Stevenson, M A; Thornton, R

2007-09-14

Distribution of finite levels of resources between multiple competing tasks can be a challenging problem. Resources need to be distributed across time periods and geographic locations to increase the probability of detection of a disease incursion or significant change in disease pattern. Efforts should focus primarily on areas and populations where risk factors for a given disease reach relatively high levels. In order to target resources into these areas, the overall risk level can be evaluated periodically across locations to create a dynamic national risk landscape. Methods are described to integrate the levels of various risk factors into an overall risk score for each area, to account for the certainty or variability around those measures and then to allocate surveillance resources across this risk landscape. In addition to targeting resources into high risk areas, surveillance continues in lower risk areas where there is a small yet positive chance of disease occurrence. In this paper we describe the application of portfolio theory concepts, routinely used in finance, to design surveillance portfolios for a series of examples. The appropriate level of resource investment is chosen for each disease or geographical area and time period given the degree of disease risk and uncertainty present.

How Do Severe Constraints Affect the Search Ability of Multiobjective Evolutionary Algorithms in Water Resources?

NASA Astrophysics Data System (ADS)

Clarkin, T. J.; Kasprzyk, J. R.; Raseman, W. J.; Herman, J. D.

2015-12-01

This study contributes a diagnostic assessment of multiobjective evolutionary algorithm (MOEA) search on a set of water resources problem formulations with different configurations of constraints. Unlike constraints in classical optimization modeling, constraints within MOEA simulation-optimization represent limits on acceptable performance that delineate whether solutions within the search problem are feasible. Constraints are relevant because of the emergent pressures on water resources systems: increasing public awareness of their sustainability, coupled with regulatory pressures on water management agencies. In this study, we test several state-of-the-art MOEAs that utilize restricted tournament selection for constraint handling on varying configurations of water resources planning problems. For example, a problem that has no constraints on performance levels will be compared with a problem with several severe constraints, and a problem with constraints that have less severe values on the constraint thresholds. One such problem, Lower Rio Grande Valley (LRGV) portfolio planning, has been solved with a suite of constraints that ensure high reliability, low cost variability, and acceptable performance in a single year severe drought. But to date, it is unclear whether or not the constraints are negatively affecting MOEAs' ability to solve the problem effectively. Two categories of results are explored. The first category uses control maps of algorithm performance to determine if the algorithm's performance is sensitive to user-defined parameters. The second category uses run-time performance metrics to determine the time required for the algorithm to reach sufficient levels of convergence and diversity on the solution sets. Our work exploring the effect of constraints will better enable practitioners to define MOEA problem formulations for real-world systems, especially when stakeholders are concerned with achieving fixed levels of performance according to one or more metrics.

Evaluating Portfolio Use as a Learning Tool for Professionals.

ERIC Educational Resources Information Center

Smith, Kari; Tillema, Harm

1998-01-01

Studies of portfolio construction and compilation involving 35 Israeli principals and 14 Dutch managers show that high-quality portfolios can only be expected after sustained use, but that the use of portfolios has an immediate impact on views toward assessment. Portfolios are time-consuming, but can provide effective feedback to the learner. (SLD)

Exploring the Role of Assessment Criteria during Teachers' Collaborative Judgement Processes of Students' Portfolios

ERIC Educational Resources Information Center

Van der Schaaf, Marieke; Baartman, Liesbeth; Prins, Frans

2012-01-01

Student portfolios are increasingly used for assessing student competences in higher education, but results about the construct validity of portfolio assessment are mixed. A prerequisite for construct validity is that the portfolio assessment is based on relevant portfolio content. Assessment criteria, are often used to enhance this condition.…

Portfolio Assessment: A Handbook for Educators. Assessment Bookshelf Series.

ERIC Educational Resources Information Center

Barton, James, Ed.; Collins, Angelo, Ed.

This guide contains practical steps for integrating portfolios into any K-12 classroom and tips for effective classroom management of portfolios. It also contains actual examples of portfolios in action in a variety of subject areas. The chapters are: (1) "Starting Out: Designing Your Portfolio" (James Barton and Angelo Collins); (2) "Preparing…

12 CFR 702.104 - Risk portfolios defined.

Code of Federal Regulations, 2011 CFR

2011-01-01

... CORRECTIVE ACTION Net Worth Classification § 702.104 Risk portfolios defined. A risk portfolio is a portfolio... 12 Banks and Banking 6 2011-01-01 2011-01-01 false Risk portfolios defined. 702.104 Section 702... or mature within the next five (5) years, and exclusive of all member business loans (as defined in...

Fellows' Perceptions of a Mandatory Reflective Electronic Portfolio in a Geriatric Medicine Fellowship Program

ERIC Educational Resources Information Center

Ruiz, Jorge G.; Qadri, Syeda S.; Karides, Marina; Castillo, Carmen; Milanez, Marcos; Roos, Bernard A.

2009-01-01

Electronic portfolios (ePortfolios) can be useful for evaluating and documenting mastery of competencies. We investigated geriatric medicine fellows' perceptions of an ePortfolio. We conducted surveys and focus groups followed by quantitative and qualitative data analysis. Our study revealed that fellows considered the ePortfolio acceptable and…

The Bottomless File Box: Electronic Portfolios for Learning and Evaluation Purposes

ERIC Educational Resources Information Center

Jarrott, Shannon; Gambrel, Laura Eubanks

2011-01-01

Portfolios have been used for the past three decades in higher education for assessment of student competency and also as a reflection tool to assist student learning. Electronic portfolios, or ePortfolios, have additional benefits compared to paper portfolios in that they are easily accessible, portable, and sharable, and they are more…

Creating a Living Portfolio: Documenting Student Growth with Electronic Portfolios.

ERIC Educational Resources Information Center

Siegle, Del

2002-01-01

This article explains how teachers can use electronic portfolios of students' work to document learner progress. It considers different file formats for storing student work, describes steps to creating an electronic portfolio, and discusses an art and literature electronic magazine created by one school featuring work from student portfolios. (CR)

17 CFR 270.17a-6 - Exemption for transactions with portfolio affiliates.

Code of Federal Regulations, 2010 CFR

2010-04-01

... with portfolio affiliates. 270.17a-6 Section 270.17a-6 Commodity and Securities Exchanges SECURITIES... Exemption for transactions with portfolio affiliates. (a) Exemption for transactions with portfolio affiliates. A transaction to which a fund, or a company controlled by a fund, and a portfolio affiliate of...

Preparedness Portfolios and Portfolio Studios: Supporting Self-Authoring Engineers

ERIC Educational Resources Information Center

Sattler, Brook; Turns, Jennifer

2015-01-01

In this work, we engaged engineering undergraduate students in constructing an ePortfolio. The purpose of the research presented here was to explore the question, "If and in what ways do students report experiencing the construction of a preparedness portfolio in a portfolio studio as an opportunity to develop into self-authoring…

Portfolio assessment during medical internships: How to obtain a reliable and feasible assessment procedure?

PubMed

Michels, Nele R M; Driessen, Erik W; Muijtjens, Arno M M; Van Gaal, Luc F; Bossaert, Leo L; De Winter, Benedicte Y

2009-12-01

A portfolio is used to mentor and assess students' clinical performance at the workplace. However, students and raters often perceive the portfolio as a time-consuming instrument. In this study, we investigated whether assessment during medical internship by a portfolio can combine reliability and feasibility. The domain-oriented reliability of 61 double-rated portfolios was measured, using a generalisability analysis with portfolio tasks and raters as sources of variation in measuring the performance of a student. We obtained reliability (Phi coefficient) of 0.87 with this internship portfolio containing 15 double-rated tasks. The generalisability analysis showed that an acceptable level of reliability (Phi = 0.80) was maintained when the amount of portfolio tasks was decreased to 13 or 9 using one and two raters, respectively. Our study shows that a portfolio can be a reliable method for the assessment of workplace learning. The possibility of reducing the amount of tasks or raters while maintaining a sufficient level of reliability suggests an increase in feasibility of portfolio use for both students and raters.

Using portfolios for clinical practice learning and assessment: the pre-registration nursing student's perspective.

PubMed

McMullan, Miriam

2008-10-01

Portfolios have been introduced to help to integrate theory and practice and thereby address the issue of the theory-practice divide. Although there has been much theoretical discussion about portfolio use in clinical placements, few studies have focused on the students' perceptions regarding their use. To obtain adult branch pre-registration nursing students' perspectives on using portfolios for their clinical practice learning and assessment, postal questionnaires were sent to 253 diploma of nursing students with a reminder to all students three weeks later. The response rate was 69% (174/253). This paper reports on the qualitative findings of the study, which employed both quantitative and qualitative methods. Although students stated that portfolios helped them in their development of self-awareness and independent learning, they indicated that portfolios do not sufficiently address the assessment of their clinical skills and the integration of theory and practice. They considered that portfolios could be greatly improved in three areas, namely in the conflict between using portfolios for both assessment and learning, the amount of support and guidance students feel they receive with their portfolio use and the portfolio design.

77 FR 48583 - Sunshine Act Meeting Notice; Meeting No. 12-03; August 16, 2012

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-14

... news media following the Board meeting. Status: Open. Agenda Chairman's Welcome. Old Business Approval... of the Finance, Rates, and Portfolio Committee A. FY 13 Financial Plan B. Financial Shelf C... Selection 6. Report of the External Relations Committee For more information: Please call TVA Media...

From SRI to ESG: The Changing World of Responsible Investing

ERIC Educational Resources Information Center

Caplan, Lauren; Griswold, John S.; Jarvis, William F.

2013-01-01

Thoughtful investment professionals continue to debate whether a portfolio's long-term performance can be enhanced by including environmental, social, and governance (ESG) considerations in the security selection process, but responsible investing is more than a passing trend. The terms socially-responsible investing, mission-related investing,…

Learning Portfolio Analysis and Mining for SCORM Compliant Environment

ERIC Educational Resources Information Center

Su, Jun-Ming; Tseng, Shian-Shyong; Wang, Wei; Weng, Jui-Feng; Yang, Jin Tan David; Tsai, Wen-Nung

2006-01-01

With vigorous development of the Internet, e-learning system has become more and more popular. Sharable Content Object Reference Model (SCORM) 2004 provides the Sequencing and Navigation (SN) Specification to define the course sequencing behavior, control the sequencing, selecting and delivering of course, and organize the content into a…

Patterns of Strategies in Swiss Higher Education Institutions

ERIC Educational Resources Information Center

Fumasoli, Tatiana; Lepori, Benedetto

2011-01-01

This paper contributes to the debate on strategic capability of academic organizations by presenting three case studies of Swiss Higher Education Institutions. Strategies are conceived as instruments by which universities manage their organizational processes and deal with their environments in order to select a portfolio of activities and find an…

A Steady Hand in Uncertain Times

ERIC Educational Resources Information Center

Matthews, Frank

2009-01-01

TIAA-CREF, the financial services company that manages retirement portfolios for professionals in academia and other select fields, avoided the heavy losses other financial firms incurred during last fall's financial meltdown. Thus far, the indicators reflect TIAA-CREF's prudent, disciplined investment strategies. From Sept. 30 to Dec. 31, 2008,…

Jointness: A Selected Bibliography

DTIC Science & Technology

2007-08-01

AD-A431-767) http://handle.dtic.mil/100.2/ADA431767 Lamb , William L. Moving beyond Goldwater-Nichols: The Case for Continued Reform of the DoD...in Support of the Joint Force’." Army Aviation 55 (May 2006): 22-24. Magnuson, Stew . "Turf Battles: Strategic Command’s Expanded Portfolio

Application of the ultrametric distance to portfolio taxonomy. Critical approach and comparison with other methods

NASA Astrophysics Data System (ADS)

Skórnik-Pokarowska, Urszula; Orłowski, Arkadiusz

2004-12-01

We calculate the ultrametric distance between the pairs of stocks that belong to the same portfolio. The ultrametric distance allows us to distinguish groups of shares that are related. In this way, we can construct a portfolio taxonomy that can be used for constructing an efficient portfolio. We also construct a portfolio taxonomy based not only on stock prices but also on economic indices such as liquidity ratio, debt ratio and sales profitability ratio. We show that a good investment strategy can be obtained by applying to the portfolio chosen by the taxonomy method the so-called Constant Rebalanced Portfolio.

Estimated correlation matrices and portfolio optimization

NASA Astrophysics Data System (ADS)

Pafka, Szilárd; Kondor, Imre

2004-11-01

Correlations of returns on various assets play a central role in financial theory and also in many practical applications. From a theoretical point of view, the main interest lies in the proper description of the structure and dynamics of correlations, whereas for the practitioner the emphasis is on the ability of the models to provide adequate inputs for the numerous portfolio and risk management procedures used in the financial industry. The theory of portfolios, initiated by Markowitz, has suffered from the “curse of dimensions” from the very outset. Over the past decades a large number of different techniques have been developed to tackle this problem and reduce the effective dimension of large bank portfolios, but the efficiency and reliability of these procedures are extremely hard to assess or compare. In this paper, we propose a model (simulation)-based approach which can be used for the systematical testing of all these dimensional reduction techniques. To illustrate the usefulness of our framework, we develop several toy models that display some of the main characteristic features of empirical correlations and generate artificial time series from them. Then, we regard these time series as empirical data and reconstruct the corresponding correlation matrices which will inevitably contain a certain amount of noise, due to the finiteness of the time series. Next, we apply several correlation matrix estimators and dimension reduction techniques introduced in the literature and/or applied in practice. As in our artificial world the only source of error is the finite length of the time series and, in addition, the “true” model, hence also the “true” correlation matrix, are precisely known, therefore in sharp contrast with empirical studies, we can precisely compare the performance of the various noise reduction techniques. One of our recurrent observations is that the recently introduced filtering technique based on random matrix theory performs consistently well in all the investigated cases. Based on this experience, we believe that our simulation-based approach can also be useful for the systematic investigation of several related problems of current interest in finance.

A Many-Objective Approach to Developing Adaptive Water Supply Portfolios in the 'Research Triangle' Region of North Carolina

NASA Astrophysics Data System (ADS)

Zeff, H. B.; Kasprzyk, J. R.; Reed, P. M.; Characklis, G. W.

2012-12-01

This study uses many-objective evolutionary optimization to quantify the tradeoffs water utilities face when developing flexible water shortage response plans. Alternatives to infrastructure development, such as temporary demand management programs and inter-utility water transfer agreements, allow local water providers to develop portfolios of water supply options capable of adapting to changing hydrologic conditions and growing water demand. The extent to which these options are implemented will be determined by a number of conflicting operational and financial considerations. An integrated reservoir simulation model including four large water utilities in the 'Research Triangle' region of North Carolina is used to evaluate the potential tradeoffs resulting from regional demands on shared infrastructure, customer concerns, and the financial uncertainty caused by the intermittent and irregular nature of drought. Instead of providing one optimal solution, multi-objective evolutionary algorithms (MOEAs) use the concept of non-dominations to discover a set of portfolio options in which no solution is inferior to any other solution in all objectives. Interactive visual analytics enable water providers to explore these tradeoffs and develop water shortage response plans tailored to their individual circumstances. The simulation model is evaluated under a number of different formulations to help identify and visualize the impacts of water efficiency, revenue/cost variability, consumer effects, and inter-utility cooperation. The different problems are formulated by adding portfolio options and objectives in such a way that the lower dimensional problem formulations are sub-sets of the full formulation. The full formulation considers reservoir reliability, water use restriction frequency, total water transfer allotment, total costs, revenue/cost variability, and additional consumer losses during restrictions. The simulation results highlight the inadequacy of lower order, cost-benefit type analyses to evaluate water management techniques as they move beyond the construction of large storage infrastructure. This work can help water providers develop the analytical tools to evaluate complex, adaptive techniques that are becoming more attractive in an era of growing municipal demand, risking infrastructure costs, and uncertain hydrology.

Examiner perceptions of a portfolio assessment process.

PubMed

Davis, Margery H; Ponnamperuma, Gominda G

2010-01-01

The portfolio assessment process is important for assessing learner achievement. To study examiner perceptions of Dundee Medical School's portfolio assessment process, in years 4 and 5 of the 5-year curriculum, in relation to: outcomes as a framework for the portfolio assessment process; portfolio content; portfolio assessment process; end points of the portfolio assessment process; appropriateness of the two part final exam format and examiner training. A questionnaire containing statements and open questions was used to obtain examiner feedback. Responses to each statement were compared over 3 years: 1999, 2000 and 2003. Response rates were 100%, 88% and 61% in 1999, 2002 and 2003, respectively. Examiners were positive about the ability of institutionally set learning outcomes (Dundee 12 exit learning outcomes) to provide a framework for the portfolio assessment process. They found difficulties, however, with the volume of portfolio content and the time allocated to assess it. Agreeing a grade for each learning outcome for the candidate with their co-examiner did not present difficulties. The comprehensive, holistic picture of the candidate provided by the portfolio assessment process was perceived to be one of its strengths. Examiners were supportive of the final examination format, and were satisfied with their briefing about the process. The 12 exit learning outcomes of Dundee curriculum provide an appropriate framework for the portfolio assessment process, but the content of the portfolio requires fine-tuning particularly with regard to quantity. Time allocated to examiners for the portfolio assessment process needs to be balanced against practicability. The holistic picture of the candidate provided by the process was one of its strengths.

On the use of genetic algorithm to optimize industrial assets lifecycle management under safety and budget constraints

DOE Office of Scientific and Technical Information (OSTI.GOV)

Lonchampt, J.; Fessart, K.

2013-07-01

The purpose of this paper is to describe the method and tool dedicated to optimize investments planning for industrial assets. These investments may either be preventive maintenance tasks, asset enhancements or logistic investments such as spare parts purchases. The two methodological points to investigate in such an issue are: 1. The measure of the profitability of a portfolio of investments 2. The selection and planning of an optimal set of investments 3. The measure of the risk of a portfolio of investments The measure of the profitability of a set of investments in the IPOP tool is synthesised in themore » Net Present Value indicator. The NPV is the sum of the differences of discounted cash flows (direct costs, forced outages...) between the situations with and without a given investment. These cash flows are calculated through a pseudo-Markov reliability model representing independently the components of the industrial asset and the spare parts inventories. The component model has been widely discussed over the years but the spare part model is a new one based on some approximations that will be discussed. This model, referred as the NPV function, takes for input an investments portfolio and gives its NPV. The second issue is to optimize the NPV. If all investments were independent, this optimization would be an easy calculation, unfortunately there are two sources of dependency. The first one is introduced by the spare part model, as if components are indeed independent in their reliability model, the fact that several components use the same inventory induces a dependency. The second dependency comes from economic, technical or logistic constraints, such as a global maintenance budget limit or a safety requirement limiting the residual risk of failure of a component or group of component, making the aggregation of individual optimum not necessary feasible. The algorithm used to solve such a difficult optimization problem is a genetic algorithm. After a description of the features of the software a test case is presented showing the influence of the optimization algorithm parameters on its efficiency to find an optimal investments planning. (authors)« less

Electronic Portfolios as Living Portals: A Narrative Inquiry into College Student Learning, Identity, and Assessment

ERIC Educational Resources Information Center

Nguyen, Celeste Fowles

2013-01-01

As universities increasingly utilize electronic portfolios, college students are asked more than ever to create ePortfolios for academics, assessment, or advising. This study shifts an analysis of ePortfolios from prior epistemological approaches, where ePortfolios have been explored as a tool to measure student progress, onto an ontological…

Development of an Electronic Portfolio System Success Model: An Information Systems Approach

ERIC Educational Resources Information Center

Balaban, Igor; Mu, Enrique; Divjak, Blazenka

2013-01-01

This research has two main goals: to develop an instrument for assessing Electronic Portfolio (ePortfolio) success and to build a corresponding ePortfolio success model using DeLone and McLean's information systems success model as the theoretical framework. For this purpose, we developed an ePortfolio success measurement instrument and structural…

12 CFR 225.171 - What are the limitations on managing or operating a portfolio company held as a merchant banking...

Code of Federal Regulations, 2013 CFR

2013-01-01

... banking investment? (a) May a financial holding company routinely manage or operate a portfolio company... manage or operate any portfolio company. (b) When does a financial holding company routinely manage or... portfolio company. A financial holding company routinely manages or operates a portfolio company if any...

12 CFR 225.171 - What are the limitations on managing or operating a portfolio company held as a merchant banking...

Code of Federal Regulations, 2014 CFR

2014-01-01

... banking investment? (a) May a financial holding company routinely manage or operate a portfolio company... manage or operate any portfolio company. (b) When does a financial holding company routinely manage or... portfolio company. A financial holding company routinely manages or operates a portfolio company if any...

ePortfolios and Interdisciplinary Adult Degree Programs

ERIC Educational Resources Information Center

Bryant, Layne Ray; Rust, Dianna Zeh; Fox-Horton, Julie; Johnson, Amy Denise

2017-01-01

This article discusses the use of ePortfolios in interdisciplinary online adult degree programs at two universities. Whereas one university uses the ePortfolio only in a capstone course, the other institution introduces the ePortfolio in an introductory course that focuses on goal setting and then has students add content to the ePortfolio in the…

E-Portfolio, a Valuable Job Search Tool for College Students

ERIC Educational Resources Information Center

Yu, Ti

2012-01-01

Purpose: The purpose of this paper is to find answers to the following questions: How do employers think about e-portfolios? Do employers really see e-portfolios as a suitable hiring tool? Which factors in students' e-portfolios attract potential employers? Can e-portfolios be successfully used by students in their search for a job?…

Using Facebook-Based e-Portfolio in ESL Writing Classrooms: Impact and Challenges

ERIC Educational Resources Information Center

Barrot, Jessie S.

2016-01-01

In English as a second language (ESL) writing pedagogy, much attention has been given to electronic portfolio (e-portfolio) assessment via social networking sites. However, little is known about how Facebook can be used as an e-portfolio platform. Hence, this paper describes the impact of Facebook-based e-portfolio on ESL students' writing…

φq-field theory for portfolio optimization: “fat tails” and nonlinear correlations

NASA Astrophysics Data System (ADS)

Sornette, D.; Simonetti, P.; Andersen, J. V.

2000-08-01

Physics and finance are both fundamentally based on the theory of random walks (and their generalizations to higher dimensions) and on the collective behavior of large numbers of correlated variables. The archetype examplifying this situation in finance is the portfolio optimization problem in which one desires to diversify on a set of possibly dependent assets to optimize the return and minimize the risks. The standard mean-variance solution introduced by Markovitz and its subsequent developments is basically a mean-field Gaussian solution. It has severe limitations for practical applications due to the strongly non-Gaussian structure of distributions and the nonlinear dependence between assets. Here, we present in details a general analytical characterization of the distribution of returns for a portfolio constituted of assets whose returns are described by an arbitrary joint multivariate distribution. In this goal, we introduce a non-linear transformation that maps the returns onto Gaussian variables whose covariance matrix provides a new measure of dependence between the non-normal returns, generalizing the covariance matrix into a nonlinear covariance matrix. This nonlinear covariance matrix is chiseled to the specific fat tail structure of the underlying marginal distributions, thus ensuring stability and good conditioning. The portfolio distribution is then obtained as the solution of a mapping to a so-called φq field theory in particle physics, of which we offer an extensive treatment using Feynman diagrammatic techniques and large deviation theory, that we illustrate in details for multivariate Weibull distributions. The interaction (non-mean field) structure in this field theory is a direct consequence of the non-Gaussian nature of the distribution of asset price returns. We find that minimizing the portfolio variance (i.e. the relatively “small” risks) may often increase the large risks, as measured by higher normalized cumulants. Extensive empirical tests are presented on the foreign exchange market that validate satisfactorily the theory. For “fat tail” distributions, we show that an adequate prediction of the risks of a portfolio relies much more on the correct description of the tail structure rather than on their correlations. For the case of asymmetric return distributions, our theory allows us to generalize the return-risk efficient frontier concept to incorporate the dimensions of large risks embedded in the tail of the asset distributions. We demonstrate that it is often possible to increase the portfolio return while decreasing the large risks as quantified by the fourth and higher-order cumulants. Exact theoretical formulas are validated by empirical tests.

Adapting to a Changing Colorado River: Making Future Water Deliveries More Reliable Through Robust Management Strategies

NASA Astrophysics Data System (ADS)

Groves, D.; Bloom, E.; Fischbach, J. R.; Knopman, D.

2013-12-01

The U.S. Bureau of Reclamation and water management agencies representing the seven Colorado River Basin States initiated the Colorado River Basin Study in January 2010 to evaluate the resiliency of the Colorado River system over the next 50 years and compare different options for ensuring successful management of the river's resources. RAND was asked to join this Basin Study Team in January 2012 to help develop an analytic approach to identify key vulnerabilities in managing the Colorado River basin over the coming decades and to evaluate different options that could reduce this vulnerability. Using a quantitative approach for planning under uncertainty called Robust Decision Making (RDM), the RAND team assisted the Basin Study by: identifying future vulnerable conditions that could lead to imbalances that could cause the basin to be unable to meet its water delivery objectives; developing a computer-based tool to define 'portfolios' of management options reflecting different strategies for reducing basin imbalances; evaluating these portfolios across thousands of future scenarios to determine how much they could improve basin outcomes; and analyzing the results from the system simulations to identify key tradeoffs among the portfolios. This talk will describe RAND's contribution to the Basin Study, focusing on the methodologies used to to identify vulnerabilities for Upper Basin and Lower Basin water supply reliability and to compare portfolios of options. Several key findings emerged from the study. Future Streamflow and Climate Conditions Are Key: - Vulnerable conditions arise in a majority of scenarios where streamflows are lower than historical averages and where drought conditions persist for eight years or more. - Depending where the shortages occur, problems will arise for delivery obligations for the upper river basin and the lower river basin. The lower river basin is vulnerable to a broader range of plausible future conditions. Additional Investments in Infrastructure and Efficiency Could Improve Performance and Reduce Risk: - Different portfolios of water-supply and demand-reduction options offer performance trade-offs. - Different types of options in the portfolios, such as conservation, desalination, or water banking, would affect future outcomes and costs of implementation. - Analysis of all the portfolios identified important near-term, high-priority options that should be implemented in the near future, including municipal, industrial, and agricultural conservation. Other Solutions May Be Required: - If future hydrologic conditions develop in a manner consistent with the more pessimistic projections, the Basin is increasingly likely to face vulnerable conditions. The region may need to consider additional management options.

Fifteen years of portfolio assessment of dental hygiene student competency: lessons learned.

PubMed

Gadbury-Amyot, Cynthia C; Bray, Kimberly Krust; Austin, Kylie J

2014-10-01

Adoption of portfolio assessment in the educational environment is gaining attention as a means to incorporate self-assessment into the curriculum and to use evidence to support learning outcomes and to demonstrate competency. Portfolios provide a medium for students to demonstrate and document their personal and professional growth across the curriculum. The purpose of this literature review is to discuss the drivers for portfolio education, the benefits to both students and program faculty/administrators, the barriers associated with portfolio use, and suggested solutions that have been determined through several years of "lessons learned." The University of Missouri Kansas City School of Dentistry, Division of Dental Hygiene department has been utilizing portfolio assessment for over 15 years and has collected data related to portfolio performance since 2001. Results from correlational statistics calculated on the 312 dental hygiene students that graduated from 2001 to 2013 demonstrate a positive and significant relationship between portfolio performance and overall GPA as well as portfolio performance and NBDHE scores. Copyright © 2014 The American Dental Hygienists’ Association.

Teaching vs. Research: An Approach to Understanding Graduate Students' Roles through ePortfolio Reflection

ERIC Educational Resources Information Center

Svyantek, Martina V.; Kajfez, Rachel L.; McNair, Lisa D.

2015-01-01

In this work, we examined the problem of preparing future faculty (graduate students) regarding their development in multiple roles, focusing on students in science and engineering disciplines. The purpose of the presented research was to address the questions, "Do graduate students believe that their current experiences align with the roles…

"Send Me in, Coach!" Ruminations on the Ethics of Mentoring in Teaching and Research

ERIC Educational Resources Information Center

Shulman, Lee S.

2008-01-01

The author begins with an extended account of the manner in which popular accounts treat the topic of mentoring or coaching. This treatment is contrasted with the problems of coaching described in other articles in this issue, especially in connection to the National Board portfolio assessment. The distinction between "mediated" and "unmediated"…

A Novel Approach for Assisting Teachers in Analyzing Student Web-Searching Behaviors

ERIC Educational Resources Information Center

Hwang, G. J.; Tsai, P. S.; Tsai, C. C.; Tseng, J. C. R.

2008-01-01

Although previous research has demonstrated the benefits of applying the Internet facilities to the learning process, problems with this strategy have also been identified. One of the major difficulties is owing to the lack of an online learning environment that can record the learning portfolio of using the Internet facilities in education, such…

Who Governs Now? Takeovers, Portfolios, and School District Governance. Working Paper #52

ERIC Educational Resources Information Center

Mason, Mary L.; Reckhow, Sarah

2016-01-01

State takeovers were an infrequently applied strategy to address the problems of financially and academically troubled schools for many decades. Although 23 states had the right to take over individual schools and No Child Left Behind (NCLB) required states to address persistently low-achieving schools, only five states had exercised their power…

Statistical Forecasting of Bankruptcy of Defense Contractors. Problems and Prospects

DTIC Science & Technology

1994-01-01

investors is along the lines of the Capital Asset Pricing Model ( CAPM ). In portfolio theory generally, investors demand an expected-return premium for...Ellen Pint, Rachel Schmidt, and especially Dennis Smallwood of RAND also contributed useful insights and comments. xv Acronyms CAPM Capital Asset ...Bond Yields ............................................. 26 Bond Model Performance ................................. 27 Extensions and Limitations

What is the Nondominated Formulation? A Demonstration of de Novo Water Supply Portfolio Planning Under Deep Uncertainty

NASA Astrophysics Data System (ADS)

Kasprzyk, J. R.; Reed, P. M.; Characklis, G. W.; Kirsch, B. R.

2010-12-01

This paper proposes and demonstrates a new interactive framework for sensitivity-informed de Novo programming, in which a learning approach to formulating decision problems can confront the deep uncertainty within water management problems. The framework couples global sensitivity analysis using Sobol’ variance decomposition with multiobjective evolutionary algorithms (MOEAs) to generate planning alternatives and test their robustness to new modeling assumptions and scenarios. We explore these issues within the context of a risk-based water supply management problem, where a city seeks the most efficient use of a water market. The case study examines a single city’s water supply in the Lower Rio Grande Valley (LRGV) in Texas, using both a 10-year planning horizon and an extreme single-year drought scenario. The city’s water supply portfolio comprises a volume of permanent rights to reservoir inflows and use of a water market through anticipatory thresholds for acquiring transfers of water through optioning and spot leases. Diagnostic information from the Sobol’ variance decomposition is used to create a sensitivity-informed problem formulation testing different decision variable configurations, with tradeoffs for the formulation solved using a MOEA. Subsequent analysis uses the drought scenario to expose tradeoffs between long-term and short-term planning and illustrate the impact of deeply uncertain assumptions on water availability in droughts. The results demonstrate water supply portfolios’ efficiency, reliability, and utilization of transfers in the water supply market and show how to adaptively improve the value and robustness of our problem formulations by evolving our definition of optimality to discover key tradeoffs.

Best evidence on the educational effects of undergraduate portfolios.

PubMed

Buckley, Sharon; Coleman, Jamie; Khan, Khalid

2010-09-01

The great variety of portfolio types and schemes used in the education of health professionals is reflected in the extensive and diverse educational literature relating to portfolio use. We have recently completed a Best Evidence Medical Education (BEME) systematic review of the literature relating to the use of portfolios in the undergraduate setting that offers clinical teachers insights into both their effects on learning and issues to consider in portfolio implementation. Using a methodology based on BEME recommendations, we searched the literature relating to a range of health professions, identifying evidence for the effects of portfolios on undergraduate student learning, and assessing the methodological quality of each study. The higher quality studies in our review report that, when implemented appropriately, portfolios can improve students' ability to integrate theory with practice, can encourage their self-awareness and reflection, and can offer support for students facing difficult emotional situations. Portfolios can also enhance student-tutor relationships and prepare students for the rigours of postgraduate training. However, the time required to complete a portfolio may detract from students' clinical learning. An analysis of methodological quality against year of publication suggests that, across a range of health professions, the quality of the literature relating to the educational effects of portfolios is improving. However, further work is still required to build the evidence base for the educational effects of portfolios, particularly comparative studies that assess effects on learning directly. Our findings have implications for the design and implementation of portfolios in the undergraduate setting. © Blackwell Publishing Ltd 2010.

The Teaching Portfolio: Capturing the Scholarship in Teaching.

ERIC Educational Resources Information Center

Edgerton, Russell; And Others

This report argues a case for the use of professional teaching portfolios by educators in higher education, advances a point of view about portfolio issues, and offers examples of portfolio entries. A work-sample-plus-reflection model is presented as a guide for what might be included in a portfolio and why it might be used at a particular campus.…

Remake/Remodel: Using ePortfolios and a System of Gates to Improve Student Assessment and Program Evaluation

ERIC Educational Resources Information Center

Lowenthal, Patrick; White, John W.; Cooley, Karen

2011-01-01

Electronic portfolios have become increasingly popular. The value of a portfolio, though, depends on how, when, and why students create, submit, and have their portfolios evaluated. In the following paper, we describe how we redesigned a program's assessment and evaluation plan around the use of electronic portfolios and a system of gates focusing…

Three essays on multi-level optimization models and applications

NASA Astrophysics Data System (ADS)

Rahdar, Mohammad

The general form of a multi-level mathematical programming problem is a set of nested optimization problems, in which each level controls a series of decision variables independently. However, the value of decision variables may also impact the objective function of other levels. A two-level model is called a bilevel model and can be considered as a Stackelberg game with a leader and a follower. The leader anticipates the response of the follower and optimizes its objective function, and then the follower reacts to the leader's action. The multi-level decision-making model has many real-world applications such as government decisions, energy policies, market economy, network design, etc. However, there is a lack of capable algorithms to solve medium and large scale these types of problems. The dissertation is devoted to both theoretical research and applications of multi-level mathematical programming models, which consists of three parts, each in a paper format. The first part studies the renewable energy portfolio under two major renewable energy policies. The potential competition for biomass for the growth of the renewable energy portfolio in the United States and other interactions between two policies over the next twenty years are investigated. This problem mainly has two levels of decision makers: the government/policy makers and biofuel producers/electricity generators/farmers. We focus on the lower-level problem to predict the amount of capacity expansions, fuel production, and power generation. In the second part, we address uncertainty over demand and lead time in a multi-stage mathematical programming problem. We propose a two-stage tri-level optimization model in the concept of rolling horizon approach to reducing the dimensionality of the multi-stage problem. In the third part of the dissertation, we introduce a new branch and bound algorithm to solve bilevel linear programming problems. The total time is reduced by solving a smaller relaxation problem in each node and decreasing the number of iterations. Computational experiments show that the proposed algorithm is faster than the existing ones.

Aspect-Oriented Model-Driven Software Product Line Engineering

NASA Astrophysics Data System (ADS)

Groher, Iris; Voelter, Markus

Software product line engineering aims to reduce development time, effort, cost, and complexity by taking advantage of the commonality within a portfolio of similar products. The effectiveness of a software product line approach directly depends on how well feature variability within the portfolio is implemented and managed throughout the development lifecycle, from early analysis through maintenance and evolution. This article presents an approach that facilitates variability implementation, management, and tracing by integrating model-driven and aspect-oriented software development. Features are separated in models and composed of aspect-oriented composition techniques on model level. Model transformations support the transition from problem to solution space models. Aspect-oriented techniques enable the explicit expression and modularization of variability on model, template, and code level. The presented concepts are illustrated with a case study of a home automation system.

Students' perceptions of the use of eportfolios in nursing and midwifery education.

PubMed

Birks, Melanie; Hartin, Peter; Woods, Cindy; Emmanuel, Elizabeth; Hitchins, Marnie

2016-05-01

ePortfolios have been introduced into many higher education degrees in the past decade in an effort to help students to link theory, practice and personal experiences. This pilot study used a survey to examine ePortfolio use from the perspective of undergraduate nursing and postgraduate midwifery students. Fifty-seven students from a regional Australian university completed an online questionnaire which contained questions about the following areas of ePortfolio use: understanding of the tool; psychological perceptions; challenges around use; assessment; outcomes of use; benefits; maintenance of the ePortfolio; and enhanced learning. The majority of respondents were female, undergraduate students, aged 21-30 years. Results indicated that many students found ePortfolio use frustrating; in particular, technological and logistical challenges in using ePortfolios were highlighted. Most students, however, noted ePortfolios could be useful repositories for documents, reflections and learning experiences. Undergraduate students were more likely than postgraduate students to see the positive potential of ePortfolio use. The findings, coupled with the literature, raise questions about the effectiveness of ePortfolio use in nursing and midwifery education and, particularly, whether ePortfolios have been implemented with misguided and misinformed good intention. Further research is required to better understand the logistical and technological aspects of successful implementation of ePortfolios and fully capitalise on their benefits for nursing and midwifery education. Copyright © 2016 Elsevier Ltd. All rights reserved.

Portfolio optimization and the random magnet problem

NASA Astrophysics Data System (ADS)

Rosenow, B.; Plerou, V.; Gopikrishnan, P.; Stanley, H. E.

2002-08-01

Diversification of an investment into independently fluctuating assets reduces its risk. In reality, movements of assets are mutually correlated and therefore knowledge of cross-correlations among asset price movements are of great importance. Our results support the possibility that the problem of finding an investment in stocks which exposes invested funds to a minimum level of risk is analogous to the problem of finding the magnetization of a random magnet. The interactions for this "random magnet problem" are given by the cross-correlation matrix C of stock returns. We find that random matrix theory allows us to make an estimate for C which outperforms the standard estimate in terms of constructing an investment which carries a minimum level of risk.

75 FR 81519 - Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-28

... systemic risk, portfolio reconciliation should be a proactive process that delivers a consolidated view of... achieved by portfolio compression, in turn, may lessen systemic risk and enhance the overall stability of...

Portfolio Assessment of Multicultural Counseling Competency.

ERIC Educational Resources Information Center

Coleman, Hardin L. K.

1996-01-01

Presents portfolio assessment as an alternate approach to the measurement of multicultural counseling competency, and evaluates the strengths and weaknesses of portfolio assessment. Identifies the effectiveness of portfolio assessment in stimulating the development of further counseling competence. (SNR)

Portfolio careers for medical graduates: implications for postgraduate training and workforce planning.

PubMed

Eyre, Harris A; Mitchell, Rob D; Milford, Will; Vaswani, Nitin; Moylan, Steven

2014-06-01

Portfolio careers in medicine can be defined as significant involvement in one or more portfolios of activity beyond a practitioner's primary clinical role, either concurrently or in sequence. Portfolio occupations may include medical education, research, administration, legal medicine, the arts, engineering, business and consulting, leadership, politics and entrepreneurship. Despite significant interest among junior doctors, portfolios are poorly integrated with prevocational and speciality training programs in Australia. The present paper seeks to explore this issue. More formal systems for portfolio careers in Australia have the potential to increase job satisfaction, flexibility and retention, as well as diversify trainee skill sets. Although there are numerous benefits from involvement in portfolio careers, there are also risks to the trainee, employing health service and workforce modelling. Formalising pathways to portfolio careers relies on assessing stakeholder interest, enhancing flexibility in training programs, developing support programs, mentorship and coaching schemes and improving support structures in health services.

Extended Information Ratio for Portfolio Optimization Using Simulated Annealing with Constrained Neighborhood

NASA Astrophysics Data System (ADS)

Orito, Yukiko; Yamamoto, Hisashi; Tsujimura, Yasuhiro; Kambayashi, Yasushi

The portfolio optimizations are to determine the proportion-weighted combination in the portfolio in order to achieve investment targets. This optimization is one of the multi-dimensional combinatorial optimizations and it is difficult for the portfolio constructed in the past period to keep its performance in the future period. In order to keep the good performances of portfolios, we propose the extended information ratio as an objective function, using the information ratio, beta, prime beta, or correlation coefficient in this paper. We apply the simulated annealing (SA) to optimize the portfolio employing the proposed ratio. For the SA, we make the neighbor by the operation that changes the structure of the weights in the portfolio. In the numerical experiments, we show that our portfolios keep the good performances when the market trend of the future period becomes different from that of the past period.

Application of Post Modern Portfolio Theory to Mitigate Risk in International Shipping

DTIC Science & Technology

2011-03-24

The concept of portfolio optimization pioneered by Dr. Harry Markowitz and still used today for investment diversification is applied to the ...is currently referred to as “Post-Modern Portfolio Theory .” It begins with the foundations of portfolio optimization as created by Harry 14... Portfolio Theory ,” and is still considered to be one of the foundations of economic theory , garnering

The Development of E-Portfolio Evaluation Criteria and Application to the Blackboard LMS E-Portfolio

ERIC Educational Resources Information Center

McKenna, Gary F.; Stansfield, Mark H.

2012-01-01

The purpose of this paper is to develop e-portfolio evaluation criteria which will be used to review the Blackboard LMS e-portfolio being used at one Higher Education (HE) institution in the UK as evaluation criteria for reviewing e-portfolio provision does not exist in the literature. The approach taken was to initiate a wide literature search…

Evaluation of portfolio credit risk based on survival analysis for progressive censored data

NASA Astrophysics Data System (ADS)

Jaber, Jamil J.; Ismail, Noriszura; Ramli, Siti Norafidah Mohd

2017-04-01

In credit risk management, the Basel committee provides a choice of three approaches to the financial institutions for calculating the required capital: the standardized approach, the Internal Ratings-Based (IRB) approach, and the Advanced IRB approach. The IRB approach is usually preferred compared to the standard approach due to its higher accuracy and lower capital charges. This paper use several parametric models (Exponential, log-normal, Gamma, Weibull, Log-logistic, Gompertz) to evaluate the credit risk of the corporate portfolio in the Jordanian banks based on the monthly sample collected from January 2010 to December 2015. The best model is selected using several goodness-of-fit criteria (MSE, AIC, BIC). The results indicate that the Gompertz distribution is the best model parametric model for the data.

Department of Defense Birth and Infant Health Registry: Select Reproductive Health Outcomes, 2003-2014 (Open Access Publisher’s Version)

DTIC Science & Technology

2017-11-01

November 2017 Vol. 24 No. 11 MSMR Page 39 Established following a 1998 directive, the Department of Defense Birth and Infant Health Registry...Registry) team conducts surveillance of select repro- ductive health outcomes among military families. Data are compiled from the Military Health System...adverse reproductive health outcomes. The Regis- try’s diverse research portfolio demonstrates its unique capabilities to answer a wide range of

The extent and characteristics of United Kingdom hospital pharmacists keeping, or not keeping, a professional development portfolio.

PubMed

Kostrzewski, Andrzej J; Dhillon, Soraya; Goodsman, Danë; Taylor, Kevin M G; Weinman, John A

2009-10-01

The aim of this study was to examine the use of continuing professional development (CPD) portfolios by hospital pharmacists. The objectives were to assess the extent to which pharmacists use portfolios in CPD and to examine the attitudes/beliefs which differentiate those who do and do not keep a portfolio. Participants completed two questionnaires: (1) personality traits were examined using the Big-Five questionnaire and (2) a new Pharmacist Portfolio-Engaging Behaviour Questionnaire (PPEBQ) examined the attitudes and beliefs. What constitutes a portfolio was left to the interpretation of the participants, but it was specified that the survey was about participants' views of producing written records of their professional practice for CPD. The setting was hospital pharmacists based in the London area in December 2004. Overall, 134 pharmacists (78%) returned both questionnaires, and 80 stated that they kept a portfolio and 52 stated that they did not (two questionnaires were returned spoilt). There was no significant difference in the age or number of years qualified between those with and without a portfolio. Three personality traits were linked to keeping a portfolio (conscientiousness, agreeableness and emotional stability). Pharmacists with a portfolio scored highly on the perceived behavioural control and behavioural intention scales of the PPEBQ. The Big-Five personality questionnaire is a useful tool to investigate pharmacists' use of a portfolio. Results of the PPEBQ suggested that hospital pharmacists who had a portfolio were concerned with having control over its production. However, the PPEBQ requires further development to improve its reliability. These findings have implications for the educational support of CPD.

Developing the Maternity Portfolio to promote maternal role attainment in women who have undergone artificial reproductive treatment.

PubMed

Iwata, Hiroko; Mori, Emi; Maekawa, Tomoko; Maehara, Kunie; Sakajo, Akiko; Ozawa, Harumi; Morita, Akiko

2012-12-01

The purpose of this study was to develop the Maternity Portfolio to promote maternal role attainment in women who underwent artificial reproductive treatment. The following procedures were undertaken to develop the Maternity Portfolio: (i) a literature review was conducted to identify studies and articles related to maternal diary or portfolio usage; (ii) the research members discussed objectives and usages of the Maternity Portfolio; (iii) a trial product was developed in collaboration with two pregnant women (one following artificial reproductive treatment and one infertility patient) and seven nurses, and after feedback was completed, the product was revised; and (iv) the final product of the Maternity Portfolio was patented. The final Maternity Portfolio product consisted of a 40-page booklet; it contained an information section and a patient comments section. Following artificial reproductive treatment, this booklet can be provided to women during the first trimester. Women would then be instructed to bring the Maternity Portfolio to their prenatal checkups, where a nursing intervention program would be conducted by certified nurses. Through this program and the Maternity Portfolio, participating women are expected to obtain necessary information and maternal role attainment. The Maternity Portfolio was developed to promote maternal role attainment for women who have undergone artificial reproductive treatment. The intervention study with the Maternity Portfolio is a work in progress; therefore, a future evaluation of the study will clarify both positive and negative aspects, which should facilitate refinement of the functions and qualities of the Maternity Portfolio. © 2011 The Authors. Japan Journal of Nursing Science © 2011 Japan Academy of Nursing Science.

Extreme Unconditional Dependence Vs. Multivariate GARCH Effect in the Analysis of Dependence Between High Losses on Polish and German Stock Indexes

NASA Astrophysics Data System (ADS)

Rokita, Pawel

Classical portfolio diversification methods do not take account of any dependence between extreme returns (losses). Many researchers provide, however, some empirical evidence for various assets that extreme-losses co-occur. If the co-occurrence is frequent enough to be statistically significant, it may seriously influence portfolio risk. Such effects may result from a few different properties of financial time series, like for instance: (1) extreme dependence in a (long-term) unconditional distribution, (2) extreme dependence in subsequent conditional distributions, (3) time-varying conditional covariance, (4) time-varying (long-term) unconditional covariance, (5) market contagion. Moreover, a mix of these properties may be present in return time series. Modeling each of them requires different approaches. It seams reasonable to investigate whether distinguishing between the properties is highly significant for portfolio risk measurement. If it is, identifying the effect responsible for high loss co-occurrence would be of a great importance. If it is not, the best solution would be selecting the easiest-to-apply model. This article concentrates on two of the aforementioned properties: extreme dependence (in a long-term unconditional distribution) and time-varying conditional covariance.

Mentoring portfolio use in undergraduate and postgraduate medical education.

PubMed

Dekker, Hanke; Driessen, Erik; Ter Braak, Edith; Scheele, Fedde; Slaets, Joris; Van Der Molen, Thys; Cohen-Schotanus, Janke

2009-10-01

Mentoring is widely acknowledged as being crucial for portfolio learning. The aim of this study is to examine how mentoring portfolio use has been implemented in undergraduate and postgraduate settings. The results of interviews with six key persons involved in setting up portfolio use in medical education programmes were used to develop a questionnaire, which was administered to 30 coordinators of undergraduate and postgraduate portfolio programmes in the Netherlands and Flanders. The interviews yielded four main aspects of the portfolio mentoring process--educational aims, individual meetings, small group sessions and mentor characteristics. Based on the questionnaire data, 16 undergraduate and 14 postgraduate programmes were described. Providing feedback and stimulating reflection were the main objectives of the mentoring process. Individual meetings were the favourite method for mentoring (26 programmes). Small group sessions to support the use of portfolios were held in 16 programmes, mostly in the undergraduate setting. In general, portfolio mentors were clinically qualified academic staff trained for their mentoring tasks. This study provides a variety of practical insights into implementing mentoring processes in portfolio programmes.

78 FR 15381 - Agency Information Collection Activities; Submission to OMB for Reinstatement of a Previously...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-11

.../dealer selection criteria, and record credit decisions regarding deposits in financial institutions... complex investment portfolios need to address many areas of the rule. Depending on these and other factors... written report of investments; e. Obtaining price quotes on securities prior to purchase or sale; f...

School Administrators' Perceptions of a Principal Preparation Program after Participating in Portfolio Defenses

ERIC Educational Resources Information Center

Armenta, Tony; DeVaney, Thomas

2008-01-01

A major recommendation, or mandate in some cases, handed down to principal preparation programs from accrediting agencies, state certication departments, or other bodies, is to prominently include school districts in the program. This might include Advisory Councils that include public school administrators, involving districts in the selection of…

76 FR 51442 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To List...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-18

...-Adviser has designed the following quantitative stock selection rules to make allocation decisions and to..., the Sub-Adviser's investment process is quantitative. Based on extensive historical research, the Sub... open-end fund's portfolio composition must be subject to procedures designed to prevent the use and...

Magnet Schools, Innate Talent and Social Justice

ERIC Educational Resources Information Center

Vopat, Mark C.

2011-01-01

Beginning in the 1970s, many school US school districts reallocated their already scarce resources from local schools to specially created magnet schools. Many of these magnet schools have some sort of entrance exam, portfolio, or audition requirement that students must pass in order to gain admission. These selective magnet schools are predicated…

Performance of the reverse Helmbold universal portfolio

NASA Astrophysics Data System (ADS)

Tan, Choon Peng; Kuang, Kee Seng; Lee, Yap Jia

2017-04-01

The universal portfolio is an important investment strategy in a stock market where no stochastic model is assumed for the stock prices. The zero-gradient set of the objective function estimating the next-day portfolio which contains the reverse Kullback-Leibler order-alpha divergence is considered. From the zero-gradient set, the explicit, reverse Helmbold universal portfolio is obtained. The performance of the explicit, reverse Helmbold universal portfolio is studied by running them on some stock-price data sets from the local stock exchange. It is possible to increase the wealth of the investor by using these portfolios in investment.

Control Improvement for Jump-Diffusion Processes with Applications to Finance

DOE Office of Scientific and Technical Information (OSTI.GOV)

Baeuerle, Nicole, E-mail: nicole.baeuerle@kit.edu; Rieder, Ulrich, E-mail: ulrich.rieder@uni-ulm.de

2012-02-15

We consider stochastic control problems with jump-diffusion processes and formulate an algorithm which produces, starting from a given admissible control {pi}, a new control with a better value. If no improvement is possible, then {pi} is optimal. Such an algorithm is well-known for discrete-time Markov Decision Problems under the name Howard's policy improvement algorithm. The idea can be traced back to Bellman. Here we show with the help of martingale techniques that such an algorithm can also be formulated for stochastic control problems with jump-diffusion processes. As an application we derive some interesting results in financial portfolio optimization.

Electronic Portfolios. [SITE 2001 Section].

ERIC Educational Resources Information Center

Willis, Dee Anna, Ed.

This document contains the following papers on electronic portfolios from the SITE (Society for Information Technology & Teacher Education) 2001 conference: (1) "Portfolios: The Plan, the Purpose, a Preview" (Val Christensen and others); (2) "Electronic Portfolios (EP): A How To Guide" (Jerry P. Galloway); (3)…

Professionalism, Portfolios and the Development of School Leaders.

ERIC Educational Resources Information Center

Wildy, Helen; Wallace, John

1998-01-01

Describes how two reforms--portfolio culture and teacher professionalism--converge in a systemwide program for school leaders' professional development. Investigates use of portfolios to help (Australian) principals, deputy principals, and department heads improve their performance and accountability. Participants used portfolios as evidence of…

The returns and risks of investment portfolio in a financial market

NASA Astrophysics Data System (ADS)

Li, Jiang-Cheng; Mei, Dong-Cheng

2014-07-01

The returns and risks of investment portfolio in a financial system was investigated by constructing a theoretical model based on the Heston model. After the theoretical model and analysis of portfolio were calculated and analyzed, we find the following: (i) The statistical properties (i.e., the probability distribution, the variance and loss rate of equity portfolio return) between simulation results of the theoretical model and the real financial data obtained from Dow Jones Industrial Average are in good agreement; (ii) The maximum dispersion of the investment portfolio is associated with the maximum stability of the equity portfolio return and minimal investment risks; (iii) An increase of the investment period and a worst investment period are associated with a decrease of stability of the equity portfolio return and a maximum investment risk, respectively.

Incorporating Asymmetric Dependency Patterns in the Evaluation of IS/IT projects Using Real Option Analysis

ERIC Educational Resources Information Center

Burke, John C.

2012-01-01

The objective of my dissertation is to create a general approach to evaluating IS/IT projects using Real Option Analysis (ROA). This is an important problem because an IT Project Portfolio (ITPP) can represent hundreds of projects, millions of dollars of investment and hundreds of thousands of employee hours. Therefore, any advance in the…

Enhancing the Teaching of Statistics: Portfolio Theory, an Application of Statistics in Finance

ERIC Educational Resources Information Center

Christou, Nicolas

2008-01-01

In this paper we present an application of statistics using real stock market data. Most, if not all, students have some familiarity with the stock market (or at least they have heard about it) and therefore can understand the problem easily. It is the real data analysis that students find interesting. Here we explore the building of efficient…

Student Teaching Portfolios: A Tool for Promoting Reflective Practice.

ERIC Educational Resources Information Center

Borko, Hilda; Michalec, Paul; Timmons, Maria; Siddle, Jean

1997-01-01

Examines student teaching portfolios in action within preservice teacher education, describing how the University of Colorado mandated student teaching portfolios for preservice educators. A study examined whether portfolio construction would enhance student teachers' reflection on practice. Data from interviews and students' written reflections…

Assessing Pre-Service Candidates' Web-Based Electronic Portfolios.

ERIC Educational Resources Information Center

Lamson, Sharon; Thomas, Kelli R.; Aldrich, Jennifer; King, Andy

This paper describes processes undertaken by Central Missouri State University's Department of Curriculum and Instruction to prepare teacher candidates to create Web-based professional portfolios, Central's expectations for content coverage within the electronic portfolios, and evaluation procedures. It also presents data on portfolio construction…

Portfolio Assessment and Quality Teaching

ERIC Educational Resources Information Center

Kim, Youb; Yazdian, Lisa Sensale

2014-01-01

Our article focuses on using portfolio assessment to craft quality teaching. Extant research literature on portfolio assessment suggests that the primary purpose of assessment is to serve learning, and portfolio assessments facilitate the process of making linkages among assessment, curriculum, and student learning (Asp, 2000; Bergeron, Wermuth,…

Portfolio Analysis for Vector Calculus

ERIC Educational Resources Information Center

Kaplan, Samuel R.

2015-01-01

Classic stock portfolio analysis provides an applied context for Lagrange multipliers that undergraduate students appreciate. Although modern methods of portfolio analysis are beyond the scope of vector calculus, classic methods reinforce the utility of this material. This paper discusses how to introduce classic stock portfolio analysis in a…

The Use of Portfolios in US Pharmacy Schools

PubMed Central

Cumberland, Denise M.

2018-01-01

Objective. To conduct a review of the pharmacy literature on the use of portfolios in US pharmacy schools. Findings. This study provides examples of how pharmacy schools are using portfolios in various parts and across their curricula, however, assessment/outcome data is lacking. These examples can be used as a starting point for schools as they begin to design their own use of portfolios. Overall, students indicated that the use of portfolios is important in their professional development, but significant time is needed to complete. Summary. Things to consider when implementing a portfolio system include how it will be used, who will review it, and what resources will be needed to sustain the project. It is important for schools to consider these items at the start of the process to ensure the portfolio process that is created is useful for assessing the overall programmatic or course outcomes being proposed by their use. More scholarly work needs to be published on the use of portfolios. PMID:29692438

Tensions in mentoring medical students toward self-directed and reflective learning in a longitudinal portfolio-based mentoring system - An activity theory analysis.

PubMed

Heeneman, Sylvia; de Grave, Willem

2017-04-01

In medical education, students need to acquire skills to self-direct(ed) learning (SDL), to enable their development into self-directing and reflective professionals. This study addressed the mentor perspective on how processes in the mentor-student interaction influenced development of SDL. n = 22 mentors of a graduate-entry medical school with a problem-based curriculum and longitudinal mentoring system were interviewed (n = 1 recording failed). Using activity theory (AT) as a theoretical framework, thematic analysis was applied to the interview data to identify important themes. Four themes emerged: centered around the role of the portfolio, guiding of students' SDL in the context of assessment procedures, mentor-role boundaries and longitudinal development of skills by both the mentor and mentee. Application of AT showed that in the interactions between themes tensions or supportive factors could emerge for activities in the mentoring process. The mentors' perspective on coaching and development of reflection and SDL of medical students yielded important insights into factors that can hinder or support students' SDL, during a longitudinal mentor-student interaction. Coaching skills of the mentor, the interaction with a portfolio and the context of a mentor community are important factors in a longitudinal mentor-student interaction that can translate to students' SDL skills.

An index for drought induced financial risk in the mining industry

NASA Astrophysics Data System (ADS)

Bonnafous, L.; Lall, U.; Siegel, J.

2017-02-01

Water scarcity has emerged as a potential risk for mining operations. High capital spending for desalination and water conflicts leading to asset stranding have recently occurred. Investors in mining companies are interested in the exposure to such risks across portfolios of mining assets (whether the practical at-site consequences are foregone production, higher OPEX and CAPEX and ensuing lost revenues, or asset-stranding). In this paper, an index of the potential financial exposure of a portfolio is developed and its application is illustrated. Since the likely loss at each mine is hard to estimate a priori, one needs a proxy for potential loss. The index considers drought duration, severity and frequency (defined by a return-level in years) at each mining asset, and provides a measure of financial exposure through weighing of production or Net Asset Value. Changes in human needs are not considered, but are relevant, and could be incorporated if global data on mine and other water use were available at the appropriate resolution. Potential for contemporaneous drought incidence across sites in a portfolio is considered specifically. Through an appropriate choice of drought thresholds, an analyst can customize a scenario to assess potential losses in production value or profits, or whether conflicts could emerge that would lead to stranded assets or capital expenditure to secure alternate water supplies. Global climate data sets that allow a customized development of such an index are identified, and selected mining company portfolios are scored as to the risk associated with one publicly available drought index.

A new enhanced index tracking model in portfolio optimization with sum weighted approach

NASA Astrophysics Data System (ADS)

Siew, Lam Weng; Jaaman, Saiful Hafizah; Hoe, Lam Weng

2017-04-01

Index tracking is a portfolio management which aims to construct the optimal portfolio to achieve similar return with the benchmark index return at minimum tracking error without purchasing all the stocks that make up the index. Enhanced index tracking is an improved portfolio management which aims to generate higher portfolio return than the benchmark index return besides minimizing the tracking error. The objective of this paper is to propose a new enhanced index tracking model with sum weighted approach to improve the existing index tracking model for tracking the benchmark Technology Index in Malaysia. The optimal portfolio composition and performance of both models are determined and compared in terms of portfolio mean return, tracking error and information ratio. The results of this study show that the optimal portfolio of the proposed model is able to generate higher mean return than the benchmark index at minimum tracking error. Besides that, the proposed model is able to outperform the existing model in tracking the benchmark index. The significance of this study is to propose a new enhanced index tracking model with sum weighted apporach which contributes 67% improvement on the portfolio mean return as compared to the existing model.

Making more of it! Medical students' motives for voluntarily keeping an extended portfolio.

PubMed

Deketelaere, Ann; Kelchtermans, Geert; Druine, Nathalie; Vandermeersch, Evelyn; Struyf, Elke; De Leyn, Paul

2007-10-01

Although medical students' use of portfolios has been studied from many angles, little is known about their motivations. This article explores medical students' motives for voluntarily compiling a learning portfolio that widely exceeded the assignments. Content analysis was performed on 22 (8%; n = 22/269) extensive portfolios, followed by a semi-structured interview with 11 medical students. Building on the theoretical work of Simons et al. (2004), interpretative analysis was used to reconstruct and understand the medical students' motives for the effort they put into the portfolios. Compiling an elaborate portfolio is mainly instigated by a personal instrumentality (internally regulated instrumental motivation). These medical students reflected on what they considered important and useful. The portfolio was a tool to achieve self-set goals, yet the specific goals turned out to be very different among the students, reflecting their particular needs and experiences during clerkship. Motivation theory shows that students who are internally regulated use more deep-level learning strategies and perform better. Internally regulated motivation mainly occurs when students use the portfolio to achieve their self-set goals. The formal portfolio assignments, enforced by the medical school, were more related with externally regulated motivation.

Portfolio as Practice: The Narratives of Emerging Teachers.

ERIC Educational Resources Information Center

Darling, L. Farr

2001-01-01

Portfolio construction is a complex social practice with intentions, rules, and standards. This definition is not typically found in teacher education literature and has implications for evaluating students' portfolios. The paper examines teacher education students' recollections of creating portfolios in one Canadian program and argues that…

Linking Assessment to Undergraduate Student Capabilities through Portfolio Examination

ERIC Educational Resources Information Center

O'Sullivan, Anthony J.; Harris, Peter; Hughes, Chris S.; Toohey, Susan M.; Balasooriya, Chinthaka; Velan, Gary; Kumar, Rakesh K.; McNeil, H. Patrick

2012-01-01

Portfolios are an established method of assessment, although concerns do exist around their validity for capabilities such as reflection and self-direction. This article describes an e-portfolio which closely aligns learning and reflection to graduate capabilities, incorporating features that address concerns about portfolios. Students are…

Does a summative portfolio foster the development of capabilities such as reflective practice and understanding ethics? An evaluation from two medical schools.

PubMed

O'Sullivan, Anthony J; Howe, Amanda C; Miles, Susan; Harris, Peter; Hughes, Chris S; Jones, Philip; Scicluna, Helen; Leinster, Sam J

2012-01-01

Portfolios need to be evaluated to determine whether they encourage students to develop in capabilities such as reflective practice and ethical judgment. The aims of this study were (i) to determine whether preparing a portfolio helps promote students' development in a range of capabilities including understanding ethical and legal principles, reflective practice and effective communication, and (ii) to determine to what extent the format of the portfolio affected the outcome by comparing the experiences of students at two different medical schools. A questionnaire was designed to evaluate undergraduate medical students' experiences of completing a portfolio at two medical schools. A total of 526 (45% response rate) students answered the on-line questionnaire. Students from both medical schools gave the highest ranking for the portfolio as a trigger for reflective practice. 63% of students agreed their portfolio helped them develop reflective practice skills (p < 0.001), whereas only 22% disagreed. 48% of students agreed portfolios helped them understand ethical and legal principles whereas 29% disagreed (p < 0.001). In contrast, only 34% of students thought the portfolio helped them to develop effective communication. Students perceive portfolio preparation as an effective learning tool for the development of capabilities such as understanding ethical and legal principles and reflective practice, whereas other capabilities such as effective communication require complementary techniques and other modes of assessment.

Profitability of Contrarian Strategies in the Chinese Stock Market

PubMed Central

Shi, Huai-Long; Jiang, Zhi-Qiang; Zhou, Wei-Xing

2015-01-01

This paper reexamines the profitability of loser, winner and contrarian portfolios in the Chinese stock market using monthly data of all stocks traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange covering the period from January 1997 to December 2012. We find evidence of short-term and long-term contrarian profitability in the whole sample period when the estimation and holding horizons are 1 month or longer than 12 months and the annualized return of contrarian portfolios increases with the estimation and holding horizons. We perform subperiod analysis and find that the long-term contrarian effect is significant in both bullish and bearish states, while the short-term contrarian effect disappears in bullish states. We compare the performance of contrarian portfolios based on different grouping manners in the estimation period and unveil that decile grouping outperforms quintile grouping and tertile grouping, which is more evident and robust in the long run. Generally, loser portfolios and winner portfolios have positive returns and loser portfolios perform much better than winner portfolios. Both loser and winner portfolios in bullish states perform better than those in the whole sample period. In contrast, loser and winner portfolios have smaller returns in bearish states, in which loser portfolio returns are significant only in the long term and winner portfolio returns become insignificant. These results are robust to the one-month skipping between the estimation and holding periods and for the two stock exchanges. Our findings show that the Chinese stock market is not efficient in the weak form. These findings also have obvious practical implications for financial practitioners. PMID:26368537

Profitability of Contrarian Strategies in the Chinese Stock Market.

PubMed

Shi, Huai-Long; Jiang, Zhi-Qiang; Zhou, Wei-Xing

2015-01-01

This paper reexamines the profitability of loser, winner and contrarian portfolios in the Chinese stock market using monthly data of all stocks traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange covering the period from January 1997 to December 2012. We find evidence of short-term and long-term contrarian profitability in the whole sample period when the estimation and holding horizons are 1 month or longer than 12 months and the annualized return of contrarian portfolios increases with the estimation and holding horizons. We perform subperiod analysis and find that the long-term contrarian effect is significant in both bullish and bearish states, while the short-term contrarian effect disappears in bullish states. We compare the performance of contrarian portfolios based on different grouping manners in the estimation period and unveil that decile grouping outperforms quintile grouping and tertile grouping, which is more evident and robust in the long run. Generally, loser portfolios and winner portfolios have positive returns and loser portfolios perform much better than winner portfolios. Both loser and winner portfolios in bullish states perform better than those in the whole sample period. In contrast, loser and winner portfolios have smaller returns in bearish states, in which loser portfolio returns are significant only in the long term and winner portfolio returns become insignificant. These results are robust to the one-month skipping between the estimation and holding periods and for the two stock exchanges. Our findings show that the Chinese stock market is not efficient in the weak form. These findings also have obvious practical implications for financial practitioners.

Learning from Portfolios: Differential Use of Feedback in Portfolio Construction.

ERIC Educational Resources Information Center

Tillema, Harm H.; Smith, Kari

2000-01-01

Studied how students used feedback information provided them in distinctly framed portfolios of dossier, reflective, and learning-oriented types. Results with 137 college students support a view of portfolio construction in which the individual benefits from feedback were closely linked to the intentions present during collection of the portfolio…

Portfolios as Evidence of Reflective Practice: What Remains "Untold"

ERIC Educational Resources Information Center

Orland-Barak, Lily

2005-01-01

Addressing recent calls for investigating the specific quality of reflection associated with the uses of portfolios in teacher education, this paper describes and interprets the "practice of portfolio construction" as revealed in the construction and presentation of two kinds of portfolio in two in-service courses for mentors of teachers…

Lessons Learned from the Implementation of Electronic Portfolios at Three Universities

ERIC Educational Resources Information Center

Wilhelm, Lance; Puckett, Kathleen; Beisser, Sally; Wishart, William; Merideth, Eunice; Sivakumaran, Thilla

2006-01-01

Portfolios are used in teacher education programs to provide evidence of pre-service teachers' professional growth and development. As programs are better able to integrate technology into the teacher preparation curriculum, many educational institutions are implementing electronic versions of portfolios (e-portfolios) on a widespread basis. Uses…

Assessment Portfolios as Opportunities for Teacher Learning

ERIC Educational Resources Information Center

Gearhart, Maryl; Osmundson, Ellen

2009-01-01

This article is an analysis of the role of assessment portfolios in teacher learning. Over 18 months, 23 science teachers developed, implemented, and evaluated assessments to track student learning, supported by portfolio tasks and resources, grade-level colleagues, and team facilitators. Evidence of teacher learning included (a) portfolios of a…

ePortfolios Reveal an Emerging Community of Underrepresented Minority Scholars

ERIC Educational Resources Information Center

Singer-Freeman, Karen; Bastone, Linda; Skrivanek, Joseph

2014-01-01

We used ePortfolios to promote and assess identity change in a summer research program for 81 underrepresented minority community college students. We hypothesized that ePortfolios would increase students' development of academic identity, future orientation, and scholarly community. Students completed weekly ePortfolio journal entries and…

Linking Portfolio Development to Clinical Supervision: A Case Study.

ERIC Educational Resources Information Center

Zepeda, Sally J.

2002-01-01

Describes a model for portfolio supervision based on the results of a 2-year study of one elementary school's experience in implementing portfolio supervision. Includes four propositions that guided the development of the model. Describes the skills inherent in portfolio supervision. Provides general guidelines for implementation of the portfolio…

From Process to Outcome: The Effect of Portfolio Assessment on Student Learning.

ERIC Educational Resources Information Center

Tiwari, Agnes; Tang, Catherine

2003-01-01

Three findings emerged from 12 Hong Kong student nurses' descriptions of their experiences of portfolio assessment: (1) despite initial anxiety, all favored portfolio use; (2) portfolios had positive academic and affective outcomes; and (3) unexpectedly, spontaneous collaborative learning and increased motivation resulted. (Contains 35…

Portfolios in Practice: What Is a Portfolio?

ERIC Educational Resources Information Center

Arter, Judith A.

A consortium effort sponsored by the Northwest Regional Evaluation Association has arrived at a workable definition of a portfolio that takes into account the viewpoints of teachers and those interested in large-scale assessment. The modified definition states that: "A student portfolio is a purposeful collection of student work that tells…

How Course Portfolios Can Advance the Scholarship and Practice of Management Teaching

ERIC Educational Resources Information Center

New, J. Randolph; Clawson, James G.; Coughlan, Richard S.; Hoyle, Joe Ben

2008-01-01

The authors believe the development, peer review, and sharing of course portfolios can significantly improve the scholarship and teaching of management. To make this case, they provide background information about course portfolios, including origins, defining features, purposes, and potential benefits. They then identify actual portfolio projects…

Using Electronic Portfolios for Second Language Assessment

ERIC Educational Resources Information Center

Cummins, Patricia W.; Davesne, Celine

2009-01-01

Portfolio assessment as developed in Europe presents a learner-empowering alternative to computer-based testing. The authors present the European Language Portfolio (ELP) and its American adaptations, LinguaFolio and the Global Language Portfolio, as tools to be used with the Common European Framework of Reference for languages and the American…

E-Portfolios Come of Age

ERIC Educational Resources Information Center

Waters, John K.

2009-01-01

Industry analysts say the systems have reached a mature adolescence, having grown from mere electronic filing cabinets into multimedia platforms that can operate with a variety of e-learning tools. Their fullest potential still lies ahead. This article talks about electronic portfolios--better known as e-portfolios, and how e-portfolios are taking…

Digital Portfolios: Fact or Fashion?

ERIC Educational Resources Information Center

Woodward, Helen; Nanlohy, Phil

2004-01-01

The value of portfolios as an assessment tool is thoroughly researched and their use in education is well documented ( Woodward, 2000). Research on the introduction of digital portfolios is substantially based on general portfolio research; however, additional specific factors and features need to be considered. One of the inherent dangers with…

Portfolio Development in Teacher Education and Educational Leadership.

ERIC Educational Resources Information Center

Biddle, James

The Ohio Consortium for Portfolio Development was established in 1988 as an interinstitutional research effort to integrate portfolio development into teacher education. A subphase focused on portfolio use by entry year teachers in a metropolitan school system. Personnel at Wright State University, Central State University, and the University of…

Employers' Perceptions of the Benefits of Employment Electronic Portfolios

ERIC Educational Resources Information Center

Leahy, Ronda L.; Filiatrault, Ariana

2017-01-01

The purpose of this study was to examine employers' perceptions of the effectiveness of employment electronic portfolios (ePortfolios) when evaluating potential job candidates. For the purpose of this study, ePortfolios were defined as a collection of electronic files that demonstrates one's qualifications, abilities, and experiences that are…

Portfolios in Context: A Comparative Study in Two Preservice Teacher Education Programs

ERIC Educational Resources Information Center

Fiedler, Rebecca L.; Mullen, Laurie; Finnegan, Margaret

2009-01-01

Portfolio authoring tools within teacher preparation institutions have changed dramatically as portfolios have moved from paper to electronic formats and now to the Web. This study used Engestrom's Cultural-Historical Activity Theory (1987) to examine how portfolio tools, along with external influences and institutional contexts, mediate the…

77 FR 27827 - Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-11

... margin calculations for these portfolios and perform ``what if'' analyses. The portfolio margining... Change Relating to Adoption of Interest Rate Futures Contracts Portfolio Margining Program With Eris... adopt an interest rate futures contracts portfolio margining program with Eris Exchange, LLC (``Eris...

Technology for Online Portfolio Assessment Programs

ERIC Educational Resources Information Center

Ferrara, Victoria M.

2010-01-01

Portfolio assessment is a valid and reliable method to assess experiential learning. Developing a fully online portfolio assessment program is neither easy nor inexpensive. The institution seeking to take its portfolio assessment program online must make a commitment to its students by offering the technologies most suited to meet students' needs.…

With Portfolio in Hand. Validating the New Teacher Professionalism.

ERIC Educational Resources Information Center

Lyons, Nona, Ed.

This book suggests that portfolios can become a new kind of credential of competent and effective teachers. The book includes 5 parts with 16 chapters. Part 1, "Prologue," offers: (1) "Portfolio Possibilities: Validating a New Teacher Professionalism" (Nona Lyons) and (2) "Teacher Portfolios: A Theoretical Activity"…

Evaluating, Comparing, and Best Practice in Electronic Portfolio System Use

ERIC Educational Resources Information Center

San Jose, David L.

2017-01-01

Electronic portfolios (e-portfolios) are commonly positioned to show evidence of student learning with formative and summative assessment benefits. At the University of Auckland teacher education program, two e-portfolio systems were adopted to document preservice teacher's course work and to attest to the Graduating Teacher Standards. This…

Teaching Portfolios and the Beginning Teacher.

ERIC Educational Resources Information Center

Zubizarreta, John

1994-01-01

Teaching portfolios are becoming the most effective tool to improve new and seasoned teachers' instruction via a supportive, convincing evaluation method. In taking a concentrated three days to write a creditable portfolio, a new teacher feels more competent to think about teaching. The portfolio's process of written reflection invokes the power…

13 CFR 107.880 - Assets acquired in liquidation of Portfolio securities.

Code of Federal Regulations, 2010 CFR

2010-01-01

... Portfolio securities. 107.880 Section 107.880 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION... liquidation of Portfolio securities. You may acquire assets in full or partial liquidation of a Small Business... assets. You must dispose of assets acquired in liquidation of a Portfolio security within a reasonable...

13 CFR 107.640 - Requirement to file Portfolio Financing Reports (SBA Form 1031).

Code of Federal Regulations, 2010 CFR

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Requirement to file Portfolio... Licensees Reporting Requirements for Licensees § 107.640 Requirement to file Portfolio Financing Reports... Portfolio Financing Report on SBA Form 1031 within 30 days of the closing date. ...

Planning a Target Renewable Portfolio using Atmospheric Modeling and Stochastic Optimization

NASA Astrophysics Data System (ADS)

Hart, E.; Jacobson, M. Z.

2009-12-01

A number of organizations have suggested that an 80% reduction in carbon emissions by 2050 is a necessary step to mitigate climate change and that decarbonization of the electricity sector is a crucial component of any strategy to meet this target. Integration of large renewable and intermittent generators poses many new problems in power system planning. In this study, we attempt to determine an optimal portfolio of renewable resources to meet best the fluctuating California load while also meeting an 80% carbon emissions reduction requirement. A stochastic optimization scheme is proposed that is based on a simplified model of the California electricity grid. In this single-busbar power system model, the load is met with generation from wind, solar thermal, photovoltaic, hydroelectric, geothermal, and natural gas plants. Wind speeds and insolation are calculated using GATOR-GCMOM, a global-through-urban climate-weather-air pollution model. Fields were produced for California and Nevada at 21km SN by 14 km WE spatial resolution every 15 minutes for the year 2006. Load data for 2006 were obtained from the California ISO OASIS database. Maximum installed capacities for wind and solar thermal generation were determined using a GIS analysis of potential development sites throughout the state. The stochastic optimization scheme requires that power balance be achieved in a number of meteorological and load scenarios that deviate from the forecasted (or modeled) data. By adjusting the error distributions of the forecasts, the model describes how improvements in wind speed and insolation forecasting may affect the optimal renewable portfolio. Using a simple model, we describe the diversity, size, and sensitivities of a renewable portfolio that is best suited to the resources and needs of California and that contributes significantly to reduction of the state’s carbon emissions.

A conceptual framework for economic optimization of an animal health surveillance portfolio.

PubMed

Guo, X; Claassen, G D H; Oude Lansink, A G J M; Saatkamp, H W

2016-04-01

Decision making on hazard surveillance in livestock product chains is a multi-hazard, multi-stakeholder, and multi-criteria process that includes a variety of decision alternatives. The multi-hazard aspect means that the allocation of the scarce resource for surveillance should be optimized from the point of view of a surveillance portfolio (SP) rather than a single hazard. In this paper, we present a novel conceptual approach for economic optimization of a SP to address the resource allocation problem for a surveillance organization from a theoretical perspective. This approach uses multi-criteria techniques to evaluate the performances of different settings of a SP, taking cost-benefit aspects of surveillance and stakeholders' preferences into account. The credibility of the approach has also been checked for conceptual validity, data needs and operational validity; the application potentials of the approach are also discussed.

Overall review of feed-in tariff and renewable portfolio standard policy: A perspective of China

NASA Astrophysics Data System (ADS)

Yan, Q. Y.; Zhang, Q.; Yang, L.; Wang, X.

2016-08-01

A major share of China's total carbon dioxide (CO2) emissions is from the electric power sector. To solve this problem, Chinese government has implemented many renewable energy policies in the electric power sector. In China, the most popular renewable energy policies are Feed-in tariff (FIT) and renewable portfolio standard (RPS). This paper first introduces the current development of renewable electricity generation. Second the design plan and implement of FIT and RPS in China's thermal electricity generation sector are summarized in this paper. Third this paper establishes a complementary mode of FIT and RPS which can provide a stable environment to make the FIT and RPS work together. Finally, based on the above analysis, this paper proposes relative suggestions for the implementation of FIT and RPS in China making recommendation for the development of electricity generation from renewable energy.

The true invariant of an arbitrage free portfolio

NASA Astrophysics Data System (ADS)

Schmidt, Anatoly B.

2003-03-01

It is shown that the arbitrage free portfolio paradigm being applied to a portfolio with an arbitrary number of shares N allows for the extended solution in which the option price F depends on N. However the resulting stock hedging expense Q= MF (where M is the number of options in the portfolio) does not depend on whether N is treated as an independent variable or as a parameter. Therefore the stock hedging expense is the true invariant of the arbitrage free portfolio paradigm.

Information Technology Portfolio Management Proof of Concept: Modern Portfolio Theory With KVA and ROI Analysis

DTIC Science & Technology

2010-09-01

approach” that provides analysis for “program managers to attain the right knowledge [e.g., portfolio values] at critical junctures so they can make...portfolio, it is critical to create a credible beta (β) for the presumed “market volatility” of the IT asset class. The KVA methodology may be used...for this critical task. Establishing a beta (β) for DoD wide IT portfolio management uses the work conducted at the Naval Postgraduate School (NPS

Twelve tips for successful e-tutoring using electronic portfolios.

PubMed

Deketelaere, Ann; Degryse, Jan; De Munter, Agnes; De Leyn, Paul

2009-06-01

E-tutoring by means of a digital portfolio offers personal guidance in a context in which regular face-to-face contact between supervisor and student is difficult. However, implementing e-tutoring in practice is not always straightforward. This article investigates the conditions for successful e-tutoring of electronic portfolios. A combination of three methods is used: our own experience with e-tutoring, interviews with 14 tutors using an e-portfolio and the answers on questionnaires by 107 students. We present 12 tips to increase the chances of successful e-tutoring when using electronic portfolios. E-tutoring by means of electronic portfolios can be a feasible alternative in contexts in which face-to-face tutoring is difficult.

Using portfolios to introduce the clinical nurse leader to the job market.

PubMed

Norris, Tommie L; Webb, Sherry S; McKeon, Leslie M; Jacob, Susan R; Herrin-Griffith, Donna

2012-01-01

Development of a portfolio is an effective strategy used by clinical nurse leaders (CNLs) to inform prospective employers of their specialized skills in quality improvement, patient safety, error prevention, and teamwork. The portfolio provides evidence of competence relative to the role of clinician, outcomes manager, client advocate, educator, information manager, systems analyst/risk anticipator, team manager, healthcare professional, and lifelong learner. This article describes the CNL portfolio developed by experts from the University of Tennessee Health Science Center and Methodist LeBonheur Healthcare. Examples of portfolio documents generated throughout the master's entry CNL curriculum are provided, along with student experiences using the portfolio in the employment interview process.

With string model to time series forecasting

NASA Astrophysics Data System (ADS)

Pinčák, Richard; Bartoš, Erik

2015-10-01

Overwhelming majority of econometric models applied on a long term basis in the financial forex market do not work sufficiently well. The reason is that transaction costs and arbitrage opportunity are not included, as this does not simulate the real financial markets. Analyses are not conducted on the non equidistant date but rather on the aggregate date, which is also not a real financial case. In this paper, we would like to show a new way how to analyze and, moreover, forecast financial market. We utilize the projections of the real exchange rate dynamics onto the string-like topology in the OANDA market. The latter approach allows us to build the stable prediction models in trading in the financial forex market. The real application of the multi-string structures is provided to demonstrate our ideas for the solution of the problem of the robust portfolio selection. The comparison with the trend following strategies was performed, the stability of the algorithm on the transaction costs for long trade periods was confirmed.

Optimal Solar PV Arrays Integration for Distributed Generation

DOE Office of Scientific and Technical Information (OSTI.GOV)

Omitaomu, Olufemi A; Li, Xueping

2012-01-01

Solar photovoltaic (PV) systems hold great potential for distributed energy generation by installing PV panels on rooftops of residential and commercial buildings. Yet challenges arise along with the variability and non-dispatchability of the PV systems that affect the stability of the grid and the economics of the PV system. This paper investigates the integration of PV arrays for distributed generation applications by identifying a combination of buildings that will maximize solar energy output and minimize system variability. Particularly, we propose mean-variance optimization models to choose suitable rooftops for PV integration based on Markowitz mean-variance portfolio selection model. We further introducemore » quantity and cardinality constraints to result in a mixed integer quadratic programming problem. Case studies based on real data are presented. An efficient frontier is obtained for sample data that allows decision makers to choose a desired solar energy generation level with a comfortable variability tolerance level. Sensitivity analysis is conducted to show the tradeoffs between solar PV energy generation potential and variability.« less

Deep Rivers; A Portfolio: 20 Contemporary Black American Poets; Teachers' Guide.

ERIC Educational Resources Information Center

Madgett, Naomi L., Ed.

This publication offers 20 bulletin-board-oriented posters of varying colors and sizes (from 8" X 13" to 10" X 15"), each of which features a poem by a contemporary black American poet. Poems have been selected for their literary excellence, diversity, appropriateness, and student appeal, and are intended to familiarize students with the work of…

Doing the Media: A Portfolio of Activities and Resources.

ERIC Educational Resources Information Center

Laybourne, Kit, Ed.

Because of the prevalence of media in all people's lives and the cultural and perceptual changes brought about by the media, education must create ways to enable children to master the media's codes and control its impact so that they will be active, intelligent, appreciative, and selective consumers of the total media culture. This portfolio…

Maintaining Basic Skills through Summer Thematic Tutoring with Exceptional Students in Residential Foster Care.

ERIC Educational Resources Information Center

Colombey, Hanna

A thematic teaching program and portfolio assessment were used to maintain basic academic language arts and mathematics skills during the summer for 21 elementary students placed in residential foster care settings as victims of physical and/or sexual abuse. All activities were designed around the selected theme of a safari. Students listened to…

77 FR 66493 - Van Eck Funds, et al.; Notice of Application

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-05

... directors of any other Fund (as defined below) (each, a ``Board'') has or will have a majority of trustees... the right to nominate a director for election to a portfolio company's board of directors or the right... ratify the selection of such director or board observer, if any; (B) The Fund Adviser agrees to, and does...

Soldier Mental Fitness Psychological Construct Development

DTIC Science & Technology

2016-10-01

constructs (psychological skills , mental toughness, resilience, cohesion, job engagement, ability beliefs, self -steem) were originally selected through...portfolio of self -report instruments capable of being used to assess various psychological attributes (e.g. skills , attitudes, beliefs) of military...attention control, confidence) o Mental toughness o Resilience** o Cohesion o Job engagement o Soldier ability beliefs o Self - esteem o Coping

Defense Acquisition Transformation Report to Congress

DTIC Science & Technology

2007-02-01

current initiatives and for the purposes of this report are put into a framework of workforce, acquisition, requirements, budget, industry and organization...requirements. The Capability Portfolio Management Initiative provides a common framework to recognize federated ownership and senior-level teams have been...Performance Trade Off Constraints Risk Based Source Selection techniques are also being piloted to provide an improved framework for

Supporting Student Teachers with Laptop Computers: A Project of the School of Education at Columbus State University.

ERIC Educational Resources Information Center

Riggsby, Dutchie

This paper describes a project at Columbus State University (Columbus, Georgia) to have students in the School of Education develop an electronic resume. A grant proposal was written which requested laptops for the development of electronic portfolios, and funding was received. Student participants were selected and were provided with Macintosh…

How Do Pre-Service Teachers' Reflective Processes Differ in Relation to Different Contexts?

ERIC Educational Resources Information Center

Kaasila, Raimo; Lauriala, Anneli

2012-01-01

Reflective practice represents a central theme in teacher education. The focus of this study is to look at pre-service teachers' reflection processes and their breadth and depth in four different contexts. Our research data consist of 53 pre-service teachers' mathematics portfolios, from which three were selected for closer scrutiny. The chosen…

Introducing Teacher Mentoring in Kosovo Schools--Potential and Challenges for Sustainability

ERIC Educational Resources Information Center

Vula, Eda; Berisha, Fatlume; Saqipi, Blerim

2015-01-01

This study examined the lessons learned from the introduction of a teacher mentoring culture within a teacher professional development program in selected pilot schools in Kosovo. Four mentor teachers and four mentee focus groups were involved in the open interviews, and their portfolios were examined. The important themes in terms of developing a…

Portfolios in Saudi medical colleges

PubMed Central

Fida, Nadia M.; Shamim, Muhammad S.

2016-01-01

Over recent decades, the use of portfolios in medical education has evolved, and is being applied in undergraduate and postgraduate programs worldwide. Portfolios, as a learning process and method of documenting and assessing learning, is supported as a valuable tool by adult learning theories that stress the need for learners to be self-directed and to engage in experiential learning. Thoughtfully implemented, a portfolio provides learning experiences unequaled by any single learning tool. The credibility (validity) and dependability (reliability) of assessment through portfolios have been questioned owing to its subjective nature; however, methods to safeguard these features have been described in the literature. This paper discusses some of this literature, with particular attention to the role of portfolios in relation to self-reflective learning, provides an overview of current use of portfolios in undergraduate medical education in Saudi Arabia, and proposes research-based guidelines for its implementation and other similar contexts. PMID:26905344

Portfolio Use in Educational Leadership Preparation Programs: From Theory to Practice.

ERIC Educational Resources Information Center

Barnett, Bruce G.

1995-01-01

The use of portfolios as an authentic measure of competence is discussed, particularly in educational administrator education programs. Rationale, purposes, and appropriate content for portfolios are outlined, based on the intended use. It is noted that a period of adjustment to portfolio construction and incorporation should be anticipated. (MSE)

ePortfolios in the Workplace for Human Capital Management: A Multiple Case Study

ERIC Educational Resources Information Center

Lievens, Ronald

2015-01-01

This study researches whether the ePortfolio is a suitable instrument for human capital management in the business environment. The implementation of ePortfolio systems in five different organizations is analyzed. It considers whether ePortfolio implementations were successful, and relevant critical success factors were identified. For the latter…

The Development of an ePortfolio as a Capstone in a Holistic Health Minor

ERIC Educational Resources Information Center

Perks, Joan M.; Galantino, Mary Lou

2013-01-01

Use of electronic portfolios (ePortfolios) has been advocated to highlight student accomplishments as well as to document program and course outcomes. This use of ePortfolios incorporates information technology, thus aligning the educational process in degree programs to twenty-first-century teaching, learning, and information literacy. Here we…

76 FR 75922 - Submission for OMB Review; Comment Request

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-05

... portfolios holding equity securities will bear an external cost burden of $1,000 per portfolio to prepare and... a small business investment company registered on Form N-5 (``Funds''), to file Form N- PX not later... comprised of 6,200 portfolios holding equity securities and 3,800 portfolios holding no equity securities...

Portfolio Preparation Tips for Teachers

ERIC Educational Resources Information Center

Hunter-Lombardi, Brooke

2008-01-01

As college deadlines loom, teachers may wonder if there is a magic portfolio formula for their students to follow. After twenty years of thought on portfolio development and the opportunity to review over 10,000 individual portfolios, the author is convinced that there is no single formula for success. With hard work, careful planning, and…

Asset Attribution Stability and Portfolio Construction: An Educational Example

ERIC Educational Resources Information Center

Chong, James T.; Jennings, William P.; Phillips, G. Michael

2014-01-01

This paper illustrates how a third statistic from asset pricing models, the R-squared statistic, may have information that can help in portfolio construction. Using a traditional CAPM model in comparison to an 18-factor Arbitrage Pricing Style Model, a portfolio separation test is conducted. Portfolio returns and risk metrics are compared using…

Validation of the Electronic Portfolio Student Perspective Instrument (EPSPI): Conditions under a Different Integration Initiative

ERIC Educational Resources Information Center

Ritzhaupt, Albert D.; Ndoye, Abdou; Parker, Michele A.

2010-01-01

With the explosive growth of e-portfolios in teacher preparation programs, it is essential for administration and other relevant stakeholders to understand the student perspective of e-portfolios' organizational uses. This article describes the validation of the modified Electronic Portfolio Student Perspective Instrument (EPSPI). The analysis…

Improving Workplace-Based Assessment and Feedback by an E-Portfolio Enhanced with Learning Analytics

ERIC Educational Resources Information Center

van der Schaaf, Marieke; Donkers, Jeroen; Slof, Bert; Moonen-van Loon, Joyce; van Tartwijk, Jan; Driessen, Eric; Badii, Atta; Serban, Ovidiu; Ten Cate, Olle

2017-01-01

Electronic portfolios (E-portfolios) are crucial means for workplace-based assessment and feedback. Although E-portfolios provide a useful approach to view each learner's progress, so far options for personalized feedback and potential data about a learner's performances at the workplace often remain unexploited. This paper advocates that…

12 CFR 204.124 - Repurchase agreement involving shares of a money market mutual fund whose portfolio consists...

Code of Federal Regulations, 2010 CFR

2010-01-01

... money market mutual fund whose portfolio consists wholly of United States Treasury and Federal agency... § 204.124 Repurchase agreement involving shares of a money market mutual fund whose portfolio consists... (i.e., money market mutual funds) provided the portfolios of such companies consist solely of...

12 CFR 204.124 - Repurchase agreement involving shares of a money market mutual fund whose portfolio consists...

Code of Federal Regulations, 2011 CFR

2011-01-01

... money market mutual fund whose portfolio consists wholly of United States Treasury and Federal agency... § 204.124 Repurchase agreement involving shares of a money market mutual fund whose portfolio consists... (i.e., money market mutual funds) provided the portfolios of such companies consist solely of...

ePortfolio Assessment as Faculty Development: Gathering Reliable Data and Increasing Faculty Confidence

ERIC Educational Resources Information Center

Marshall, Margaret J.; Duffy, Ashlee Mills; Powell, Stephen; Bartlett, Lesley Erin

2017-01-01

An ePortfolio Assessment Institute (AI) structured as a faculty development opportunity was undertaken to increase faculty confidence in teaching and assessing ePortfolios and to collect reliable data about student performance on four learning outcomes associated with an institutionwide ePortfolio initiative. Faculty raters participated in the…