We study a firm that has a conventional plant and considers introducing a new plant as an alternative to generate electricity. The firm’s decision includes the optimal entry time for the new plant, and the optimal di...We study a firm that has a conventional plant and considers introducing a new plant as an alternative to generate electricity. The firm’s decision includes the optimal entry time for the new plant, and the optimal dispatch between the existing plant and the new plant after it has been constructed to maximize the expected profit over an infinite time horizon. Under geometric Brownian motion, we formulate the problems as non-regular mixed optimal stopping/control problem. Due to the intractability of the mixed problem, we decompose it into two auxiliary problems, and characterize the optimal strategies in closed-form by standard value-matching and smooth-pasting conditions. Our numerical example confirms our theoretical results.展开更多
Two of the evaluation, Teaching Portfolio and Performance Management, have being introduced in this article, in order to lead to the construction of the Performance Management Teaching Portfolio Evaluation System.The ...Two of the evaluation, Teaching Portfolio and Performance Management, have being introduced in this article, in order to lead to the construction of the Performance Management Teaching Portfolio Evaluation System.The Performance Management Teaching Portfolio Evaluation System has advantages of both Teaching Portfolio and Performance Management. The article also also has listed the elements and some examples of the Performance Management Teaching Portfolio Evaluation System.展开更多
This article analyzes the necessity of the Performance Management Teaching Portfolio Evaluation System through the investigation and questionnaires of the Vocational Colleges ESL. The detailed information and data hav...This article analyzes the necessity of the Performance Management Teaching Portfolio Evaluation System through the investigation and questionnaires of the Vocational Colleges ESL. The detailed information and data have been listed in tables to present the difference between teachers who attend promotions and who do not in the promotion of professional titles.展开更多
The objective of this paper is to present an and promote the capabilities of organizational portfolio ment Maturity Model ( OPM3 ), the process areas of approach to comprehensively and quantitatively evaluate manage...The objective of this paper is to present an and promote the capabilities of organizational portfolio ment Maturity Model ( OPM3 ), the process areas of approach to comprehensively and quantitatively evaluate management. Based on the Organizational Project Manage- organizational project portfolio management are identified through the questionnaire survey and further analysis, and five capability levels are put forward and described. Then the methods of Delphi, AHP and multi-layer fuzzy comprehensive evaluation are applied to construct a mod- el of assessment and promotion. Finally, an illustrative example is presented to verify the proposed approach The result objectively and accurately describes the project portfolio management capabilities of the organization, and shows that it is able to provide a theoretical basis for an organization to improve and enhance the project port- folio management展开更多
Portfolio has been used as an approach to promoting self-learning in the field of education and its effectiveness was reported in school education. The purpose of this study was to assess effectiveness of portfolio as...Portfolio has been used as an approach to promoting self-learning in the field of education and its effectiveness was reported in school education. The purpose of this study was to assess effectiveness of portfolio as a tool for educating patients with ischemic heart diseases as self-management behavior in terms of applicability and efficacy. Subjects of this study were seventeen patients who had myocardial infarction or angina. They were assigned to collect information about their themes chosen from diet, exercise, alcohol intake, smoking cessation, and stress management and gathered in files. Thirty minutes face-to-face educational interviews were conducted by a nurse for once per month over three months. Self-management, self-efficacy, and physiological data were evaluated for baseline and 3 months. Two participants dropped within two months (completion rate is 88.2%). The results showed that portfolio was effective as a self-management education tool on patients who were willing to participate, but did not improve physiological data if they did not continuously implement lifestyle change. Moreover it was dangerous when the patients acquired incorrect information on diseases. For these patients, health education by health professionals is required prior to conducting portfolio. Attributes fit for portfolio were assessed. Effectiveness of portfolio related to high self-efficacy and high self-management, but did not relate to living status, having job, educational background, and health locus of control.展开更多
In today’s era,with the increase in the number of enterprise innovations,enterprises must adopt project portfolio management for various innovations,select alternative projects from the perspective of enterprise stra...In today’s era,with the increase in the number of enterprise innovations,enterprises must adopt project portfolio management for various innovations,select alternative projects from the perspective of enterprise strategy.This paper primarily explores the use of project portfolio management in enterprise project management,hoping to improve the quality of enterprise project management and the utilization efficiency of project portfolio management in enterprise project management.展开更多
奖励函数设计的合理性对于提升深度强化学习算法的性能至关重要。针对投资组合管理任务,识别并解决了现有奖励函数的两大缺陷:一是过度关注短期市场波动而忽略长期趋势;二是对带来奖励和造成损失行为的奖惩相当,这并不符合投资者的损失...奖励函数设计的合理性对于提升深度强化学习算法的性能至关重要。针对投资组合管理任务,识别并解决了现有奖励函数的两大缺陷:一是过度关注短期市场波动而忽略长期趋势;二是对带来奖励和造成损失行为的奖惩相当,这并不符合投资者的损失厌恶心理。为此,借鉴行为金融学中的投资者损失厌恶理论,创新性地提出了一种多步损失厌恶(Multi-step Loss Aversion,MSLA)奖励函数,以更准确地刻画投资者在交易中的行为模式,并据此构建了在线投资组合管理策略。选取A股市场上三个具有代表性的指数,构建了相应的投资组合,在2019年至2023年的历史数据上进行了回测实验。实验结果表明,MSLA奖励函数显著提升了策略的整体性能,从累计收益率、夏普比率和最大回撤等指标来看,普遍优于现有的其他算法。此外,该策略不仅适用于不同市值大小股票组成的投资组合,而且在上涨、下跌和震荡的市场状态下均能保持稳健的性能,这充分说明了该算法在投资组合管理中的有效性和实用性。展开更多
This paper studies the multi-period mean-variance(MV)asset-liability portfolio management problem(MVAL),in which the portfolio is constructed by risky assets and liability.It is worth mentioning that the impact of gen...This paper studies the multi-period mean-variance(MV)asset-liability portfolio management problem(MVAL),in which the portfolio is constructed by risky assets and liability.It is worth mentioning that the impact of general correlation is considered,i.e.,the random returns of risky assets and the liability are not only statistically correlated to each other but also correlated to themselves in different time periods.Such a model with a general correlation structure extends the classical multiperiod MVAL models with assumption of independent returns.The authors derive the explicit portfolio policy and the MV efficient frontier for this problem.Moreover,a numerical example is presented to illustrate the efficiency of the proposed solution scheme.展开更多
Project portfolio management is a major challenge for some organizations.In most organizations,there are a large number of projects active at the same time,some not necessarily delivering value or not aligned with the...Project portfolio management is a major challenge for some organizations.In most organizations,there are a large number of projects active at the same time,some not necessarily delivering value or not aligned with their strategic goals.Also universities face a lot of uncertainties when selecting and prioritizing the projects that make up their portfolio.In addition,the achievement of those who are aligned with the strategy of the university becomes a great challenge.So to ensure good project portfolio management,the implementation of selection and prioritization methods and processes becomes important.For the project portfolio management to be effective,it is necessary to establish a structured method adapted to the needs and strategy of the university.In this context,this paper proposes a method for selecting and prioritizing projects within the framework of the portfolio management dedicated to universities,which can promote harmony between the university’s strategy,the needs and the priority objectives for enable better decision-making.This method is based on the processes of the COBIT 5 good practice framework,and on the multi-criteria decision-making methods AHP,TOPSIS and the WSM technique,thus,it proposes seven project selection criteria based on the five axes IT governance strategies and two catalysts derived from COBIT 5 enablers.The evaluation and validation of this method was applied in the portfolio management of the Abdelmalek Essaadi Moroccan University(AUE).The result shows that this proposed method has made it possible to make a better selection and prioritization of the portfolio of projects of Abdelmleek Essaadi University having the most value.展开更多
For small and medium sized enterprises,portfolio management can be a difficult exercise;especially when the available paths forwards are shrouded in mystery.To overcome this,they are required to research and decide up...For small and medium sized enterprises,portfolio management can be a difficult exercise;especially when the available paths forwards are shrouded in mystery.To overcome this,they are required to research and decide upon the path to follow,but this can be difficult when the information to gather is unclear,leading to ad-hoc processes and inconsistency.The motivation for this project originated from a small and medium sized enterprise experiencing this problem of unknown critical information and a technological portfolio with significant potential.With no procedure or method in place,they conducted the research in an ad-hoc way resulting in uncertainty and low repeatability of decisions.To tackle this problem,innovation structuring frameworks were synthesised with appropriate risks and context to pose a new structure for information capture.The resulting structure was tested within the small and medium sized enterprise to investigate the repeatability of the information capture and the subsequent ranking.The proposed structure was also analysed by-process experts for its wider applicability.For the small and medium sized enterprise,this led to a consistent and repeatable method that delivered increased confidence about selecting a path forwards for its portfolio.In addition,it was found to be applicable to external organisations increasing the moders worth and applicability.The implications of this work have led to a change in the operational procedure of the small and medium sized enterprise to utilise the defined process for researching new ideas for their portfolio which can lead to repeatable and trustworthy decisions.This also has applicability to other similar companies and could lead them through a repeatable process as presented here.展开更多
The authors consider the problem of active international portfolio management with basket options to achieve optimal asset allocation and combined market risk and currency risk management via multi-stage stochastic pr...The authors consider the problem of active international portfolio management with basket options to achieve optimal asset allocation and combined market risk and currency risk management via multi-stage stochastic programming(MSSP). The authors note particularly the novel consideration and signi?cant bene?t of basket options in the context of portfolio optimization and risk management.Extensive empirical tests strongly demonstrate that basket options consistently have more clearly improvement on portfolio performances than a portfolio of vanilla options written on the same underlying assets. The authors further show that the MSSP model provides as a supportive tool for asset allocation,and a suitable test bed to empirically investigate the performance of alternative strategies.展开更多
Project portfolio management(PPM) is the centralized management method, process and technology in multiple projects. When multiple projects in the space industry are implemented, it provides an effective methodology t...Project portfolio management(PPM) is the centralized management method, process and technology in multiple projects. When multiple projects in the space industry are implemented, it provides an effective methodology to resolve the problems at the same time such as conflicts among models, decrease in design efficiency,and increase in target deviation. Hence, a PPM dedicated to multiple projects management in space enterprise is presented in this paper. Firstly, an analysis of features and contents in space enterprise portfolio management mode is performed by using PPM based on its specific strategic characteristics. Then, the principle and selection methods of PPM are provided as a reference for the future development of an enterprise. Finally, a multiple-level organization architecture including decision making layers, function management layers and project execution layers is proposed so as to adapt to possible changes in the multiple projects and correspond to the strategic development. As a consequence, a perfect matching mechanism to fit the changes in PPM modes is reached. In addition, the flow chart of PPM is designed and optimized by analyzing the implementation procedure of strategic target and project portfolio life-cycle, which is expected to realize the purpose of improving space enterprise management efficiency, project management capacity, innovation development and economic benefits.展开更多
Corporations need to improve business processes in order to enhance velocity and service levels while reducing their processing costs and differentiating themselves in the face of competition. The levitation of import...Corporations need to improve business processes in order to enhance velocity and service levels while reducing their processing costs and differentiating themselves in the face of competition. The levitation of importance beyond support roles has raised IT investment decisions to high priority in chief executive officers' agendas. Corporate planning groups as well as lines of business are increasingly applying techniques of IT applications portfolio management in a more systematic fashion to improve decision-making and resource-allocation processes. Recent advances in software engineering and IT service delivery methodologies have achieved the logical separation of business functions from implementation. This separation has made a new breed of innovative IT project possible with a new project risk structure; the adjustment of portfolio management techniques is appropriate. We present an integrated portfolio management model so that the corporation can focus on organic growth through sources at both the department and top management levels. The research gives clear advice as to how top management can seek economic growth by selecting an entrepreneurial strategic posture, implying a strong risk-taking propensity. By integrating a risk-return model and risk-tolerance paradigm to cope with today's risk structure, overall capabilities can improve the decision process and the corporation's performance as well. The application of the integrated technique to a Japanese manufacturing firm is described.展开更多
framework in the risk uniqueness In this paper, properties of the entropic risk measure are examined rigorously in a general This risk measure is then applied in a dynamic portfolio optimization problem, appearing ma...framework in the risk uniqueness In this paper, properties of the entropic risk measure are examined rigorously in a general This risk measure is then applied in a dynamic portfolio optimization problem, appearing management constraint. By considering the dual problem, we prove the existence and of the solution and obtain an analytic expression for the solution.展开更多
Taking S Company new product research and development project management as the background,this paper analyzed the problems existing in the process of project management and discussed the approach to improve the way o...Taking S Company new product research and development project management as the background,this paper analyzed the problems existing in the process of project management and discussed the approach to improve the way of a new product development project management system.It built the strategic planning to a new product research and development project and its corresponding organization structure model.Finally,it studied resource management and knowledge management in a new product research and development multi-project.展开更多
文摘We study a firm that has a conventional plant and considers introducing a new plant as an alternative to generate electricity. The firm’s decision includes the optimal entry time for the new plant, and the optimal dispatch between the existing plant and the new plant after it has been constructed to maximize the expected profit over an infinite time horizon. Under geometric Brownian motion, we formulate the problems as non-regular mixed optimal stopping/control problem. Due to the intractability of the mixed problem, we decompose it into two auxiliary problems, and characterize the optimal strategies in closed-form by standard value-matching and smooth-pasting conditions. Our numerical example confirms our theoretical results.
文摘Two of the evaluation, Teaching Portfolio and Performance Management, have being introduced in this article, in order to lead to the construction of the Performance Management Teaching Portfolio Evaluation System.The Performance Management Teaching Portfolio Evaluation System has advantages of both Teaching Portfolio and Performance Management. The article also also has listed the elements and some examples of the Performance Management Teaching Portfolio Evaluation System.
文摘This article analyzes the necessity of the Performance Management Teaching Portfolio Evaluation System through the investigation and questionnaires of the Vocational Colleges ESL. The detailed information and data have been listed in tables to present the difference between teachers who attend promotions and who do not in the promotion of professional titles.
基金sponsored by National Natural Science Foundation of China(No.71172123)Aeronautical Science Foundation(NO.2012ZG53083)+1 种基金Soft Science Foundation of Shaanxi Province(No.2012KRM85)the funds of NPU for Humanities & Social Sciences and Management Revitalization(No.RW201105)
文摘The objective of this paper is to present an and promote the capabilities of organizational portfolio ment Maturity Model ( OPM3 ), the process areas of approach to comprehensively and quantitatively evaluate management. Based on the Organizational Project Manage- organizational project portfolio management are identified through the questionnaire survey and further analysis, and five capability levels are put forward and described. Then the methods of Delphi, AHP and multi-layer fuzzy comprehensive evaluation are applied to construct a mod- el of assessment and promotion. Finally, an illustrative example is presented to verify the proposed approach The result objectively and accurately describes the project portfolio management capabilities of the organization, and shows that it is able to provide a theoretical basis for an organization to improve and enhance the project port- folio management
文摘Portfolio has been used as an approach to promoting self-learning in the field of education and its effectiveness was reported in school education. The purpose of this study was to assess effectiveness of portfolio as a tool for educating patients with ischemic heart diseases as self-management behavior in terms of applicability and efficacy. Subjects of this study were seventeen patients who had myocardial infarction or angina. They were assigned to collect information about their themes chosen from diet, exercise, alcohol intake, smoking cessation, and stress management and gathered in files. Thirty minutes face-to-face educational interviews were conducted by a nurse for once per month over three months. Self-management, self-efficacy, and physiological data were evaluated for baseline and 3 months. Two participants dropped within two months (completion rate is 88.2%). The results showed that portfolio was effective as a self-management education tool on patients who were willing to participate, but did not improve physiological data if they did not continuously implement lifestyle change. Moreover it was dangerous when the patients acquired incorrect information on diseases. For these patients, health education by health professionals is required prior to conducting portfolio. Attributes fit for portfolio were assessed. Effectiveness of portfolio related to high self-efficacy and high self-management, but did not relate to living status, having job, educational background, and health locus of control.
文摘In today’s era,with the increase in the number of enterprise innovations,enterprises must adopt project portfolio management for various innovations,select alternative projects from the perspective of enterprise strategy.This paper primarily explores the use of project portfolio management in enterprise project management,hoping to improve the quality of enterprise project management and the utilization efficiency of project portfolio management in enterprise project management.
文摘奖励函数设计的合理性对于提升深度强化学习算法的性能至关重要。针对投资组合管理任务,识别并解决了现有奖励函数的两大缺陷:一是过度关注短期市场波动而忽略长期趋势;二是对带来奖励和造成损失行为的奖惩相当,这并不符合投资者的损失厌恶心理。为此,借鉴行为金融学中的投资者损失厌恶理论,创新性地提出了一种多步损失厌恶(Multi-step Loss Aversion,MSLA)奖励函数,以更准确地刻画投资者在交易中的行为模式,并据此构建了在线投资组合管理策略。选取A股市场上三个具有代表性的指数,构建了相应的投资组合,在2019年至2023年的历史数据上进行了回测实验。实验结果表明,MSLA奖励函数显著提升了策略的整体性能,从累计收益率、夏普比率和最大回撤等指标来看,普遍优于现有的其他算法。此外,该策略不仅适用于不同市值大小股票组成的投资组合,而且在上涨、下跌和震荡的市场状态下均能保持稳健的性能,这充分说明了该算法在投资组合管理中的有效性和实用性。
基金partially supported by the National Natural Science Foundation of China under Grant Nos.72201067,12201129,and 71973028the Natural Science Foundation of Guangdong Province under Grant No.2022A1515010839+1 种基金the Project of Science and Technology of Guangzhou under Grant No.202102020273the Opening Project of Guangdong Province Key Laboratory of Computational Science at Sun Yat-sen University under Grant No.2021004。
文摘This paper studies the multi-period mean-variance(MV)asset-liability portfolio management problem(MVAL),in which the portfolio is constructed by risky assets and liability.It is worth mentioning that the impact of general correlation is considered,i.e.,the random returns of risky assets and the liability are not only statistically correlated to each other but also correlated to themselves in different time periods.Such a model with a general correlation structure extends the classical multiperiod MVAL models with assumption of independent returns.The authors derive the explicit portfolio policy and the MV efficient frontier for this problem.Moreover,a numerical example is presented to illustrate the efficiency of the proposed solution scheme.
文摘Project portfolio management is a major challenge for some organizations.In most organizations,there are a large number of projects active at the same time,some not necessarily delivering value or not aligned with their strategic goals.Also universities face a lot of uncertainties when selecting and prioritizing the projects that make up their portfolio.In addition,the achievement of those who are aligned with the strategy of the university becomes a great challenge.So to ensure good project portfolio management,the implementation of selection and prioritization methods and processes becomes important.For the project portfolio management to be effective,it is necessary to establish a structured method adapted to the needs and strategy of the university.In this context,this paper proposes a method for selecting and prioritizing projects within the framework of the portfolio management dedicated to universities,which can promote harmony between the university’s strategy,the needs and the priority objectives for enable better decision-making.This method is based on the processes of the COBIT 5 good practice framework,and on the multi-criteria decision-making methods AHP,TOPSIS and the WSM technique,thus,it proposes seven project selection criteria based on the five axes IT governance strategies and two catalysts derived from COBIT 5 enablers.The evaluation and validation of this method was applied in the portfolio management of the Abdelmalek Essaadi Moroccan University(AUE).The result shows that this proposed method has made it possible to make a better selection and prioritization of the portfolio of projects of Abdelmleek Essaadi University having the most value.
基金This work was supported by EPSRC under Grant No.EP/G037353/1(IDC Systems)and iMETRUM Ltd.
文摘For small and medium sized enterprises,portfolio management can be a difficult exercise;especially when the available paths forwards are shrouded in mystery.To overcome this,they are required to research and decide upon the path to follow,but this can be difficult when the information to gather is unclear,leading to ad-hoc processes and inconsistency.The motivation for this project originated from a small and medium sized enterprise experiencing this problem of unknown critical information and a technological portfolio with significant potential.With no procedure or method in place,they conducted the research in an ad-hoc way resulting in uncertainty and low repeatability of decisions.To tackle this problem,innovation structuring frameworks were synthesised with appropriate risks and context to pose a new structure for information capture.The resulting structure was tested within the small and medium sized enterprise to investigate the repeatability of the information capture and the subsequent ranking.The proposed structure was also analysed by-process experts for its wider applicability.For the small and medium sized enterprise,this led to a consistent and repeatable method that delivered increased confidence about selecting a path forwards for its portfolio.In addition,it was found to be applicable to external organisations increasing the moders worth and applicability.The implications of this work have led to a change in the operational procedure of the small and medium sized enterprise to utilise the defined process for researching new ideas for their portfolio which can lead to repeatable and trustworthy decisions.This also has applicability to other similar companies and could lead them through a repeatable process as presented here.
基金the National Natural Science Foundation of the People’s Republic of China with financially funding under Grant Nos.71401193 and 71371022
文摘The authors consider the problem of active international portfolio management with basket options to achieve optimal asset allocation and combined market risk and currency risk management via multi-stage stochastic programming(MSSP). The authors note particularly the novel consideration and signi?cant bene?t of basket options in the context of portfolio optimization and risk management.Extensive empirical tests strongly demonstrate that basket options consistently have more clearly improvement on portfolio performances than a portfolio of vanilla options written on the same underlying assets. The authors further show that the MSSP model provides as a supportive tool for asset allocation,and a suitable test bed to empirically investigate the performance of alternative strategies.
基金the National Natural Science Foundation of China(No.71172123)the Aviation Science Fund of China(No.2012ZG53083)
文摘Project portfolio management(PPM) is the centralized management method, process and technology in multiple projects. When multiple projects in the space industry are implemented, it provides an effective methodology to resolve the problems at the same time such as conflicts among models, decrease in design efficiency,and increase in target deviation. Hence, a PPM dedicated to multiple projects management in space enterprise is presented in this paper. Firstly, an analysis of features and contents in space enterprise portfolio management mode is performed by using PPM based on its specific strategic characteristics. Then, the principle and selection methods of PPM are provided as a reference for the future development of an enterprise. Finally, a multiple-level organization architecture including decision making layers, function management layers and project execution layers is proposed so as to adapt to possible changes in the multiple projects and correspond to the strategic development. As a consequence, a perfect matching mechanism to fit the changes in PPM modes is reached. In addition, the flow chart of PPM is designed and optimized by analyzing the implementation procedure of strategic target and project portfolio life-cycle, which is expected to realize the purpose of improving space enterprise management efficiency, project management capacity, innovation development and economic benefits.
文摘Corporations need to improve business processes in order to enhance velocity and service levels while reducing their processing costs and differentiating themselves in the face of competition. The levitation of importance beyond support roles has raised IT investment decisions to high priority in chief executive officers' agendas. Corporate planning groups as well as lines of business are increasingly applying techniques of IT applications portfolio management in a more systematic fashion to improve decision-making and resource-allocation processes. Recent advances in software engineering and IT service delivery methodologies have achieved the logical separation of business functions from implementation. This separation has made a new breed of innovative IT project possible with a new project risk structure; the adjustment of portfolio management techniques is appropriate. We present an integrated portfolio management model so that the corporation can focus on organic growth through sources at both the department and top management levels. The research gives clear advice as to how top management can seek economic growth by selecting an entrepreneurial strategic posture, implying a strong risk-taking propensity. By integrating a risk-return model and risk-tolerance paradigm to cope with today's risk structure, overall capabilities can improve the decision process and the corporation's performance as well. The application of the integrated technique to a Japanese manufacturing firm is described.
基金Supported in part by Graduate Innovation Fund (Grant No. EYH1411027)NSFC (Grant No. 10325101)Basic Research Program of China (973 Program, Grant No. 2007CB814904)
文摘framework in the risk uniqueness In this paper, properties of the entropic risk measure are examined rigorously in a general This risk measure is then applied in a dynamic portfolio optimization problem, appearing management constraint. By considering the dual problem, we prove the existence and of the solution and obtain an analytic expression for the solution.
文摘Taking S Company new product research and development project management as the background,this paper analyzed the problems existing in the process of project management and discussed the approach to improve the way of a new product development project management system.It built the strategic planning to a new product research and development project and its corresponding organization structure model.Finally,it studied resource management and knowledge management in a new product research and development multi-project.