Energy Portfolio Management with Entry Decisions over an Infinite Horizon

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.

The Construction of the Performance Management Teaching Portfolio Evaluation System

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.

The Necessity of the Performance Management Teaching Portfolio Evaluation System

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.

Competency Evaluation and Promotion for Portfolio Management Based on Organizational Project Management Maturity Model

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

Assessment of a portfolio as an effective tool to promote self-management among patients with ischemic heart diseases: A preliminary trial

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.

The Impact of Project Portfolio Management on Enterprise Strategic Objectives

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.

基于动态多步损失厌恶的在线投资组合管理策略

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。

The Impact of General Correlation Under Multi-Period Mean-Variance Asset-Liability Portfolio Management

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.

A New Approach to University IT Project Portfolio Management Based on Multi-Criteria Methods and the COBIT 5 Governance Framework

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.

客户离群、地域性知识与审计质量

事务所与其他主体地理距离或事务所内部地理分散对审计质量的影响已被大量经验证据所证实,但鲜有文献实证检验事务所跨区域的客户组合地理特征对审计质量的影响。以2013—2018年A股上市公司为样本,研究事务所客户离群对审计质量的影响可发现:客户离群度越高,审计质量越低。机制检验表明,客户离群主要通过影响地域性知识溢出来影响审计质量。截面分析发现,当客户重要性越高、审计师为行业专家审计师、审计师与客户之间的铁路交通便利度越高时,这一效应越显著。进一步分析发现,对于现有(潜在)客户而言,其与客户组合的离群度越高,事务所辞聘(拒绝承接)该客户的概率越高,且当地市场竞争能够缓解客户离群对审计师辞聘的不利影响。

Innovation Portfolio Management for Small-medium Enterprises

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.

Risk Management for International Portfolios with Basket Options:A Multi-Stage Stochastic Programming Approach

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.

Space Enterprise Strategy Guiding-Based Study on Project Portfolio Management and Flow Optimization

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.

IT APPLICATIONS PORTFOLIO MANAGEMENT UNDER BUSINESS AND IMPLEMENTATION UNCERTAINTY

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.

Portfolio Optimization under Entropic Risk Management

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.

资产管理人的分散投资义务:法理基础及裁判逻辑

资产管理人是否负有分散投资义务及相应的司法裁量标准为何,是我国资管行业风险防控和风险处置中亟待明晰的问题。现代投资组合理论在我国的适用性程度相对较低,我国并不适宜直接移植美国《统一谨慎投资人法》上的分散投资规则,而需要审慎借鉴。在监管规则上可以将集合资金信托、私募基金、证券期货经营机构私募资管产品在分散投资义务上的规则予以统一。在合同约定的投资范围宽泛而管理人实际投资类型却较为单一的情形下,裁判者需知悉资管行业的最佳实践不应等同于司法裁量标准,而更多尊重资产管理人的自主决策权。对于适用整体判断规则还是单独判断规则问题,在目前阶段我国可以根据个案情形将二者结合起来。

定向增发的量化组合管理模型与纺织外贸企业投资实务

1999年东软集团(600718.SH)发行国内第一个定增以来,A股市场定增业务的开展已有23年之久。2014年的新“国九条”大幅提高了资本市场的地位,政策鼓励资本市场发挥资源配置的作用。2020年的再融资新规使国内上市公司的融资需求不断释放,定向增发市场持续回暖。文章通过比较2014—2022年纺织外贸企业投资部门的实盘与量化组合管理模型的模拟盘的投资表现,提出稳健的纯多头定增投资不仅在于股价的折扣率,还需要通过实证的方法研究标的的基本面和市场的行为,并做好组合管理。

The Improvement of New Product R&D System in the Scompany Based on the Perspective of Multi-project Management

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.