Performance evaluation measures the skill of an asset manager and its principal idea
is to compare the returns with an alternative appropriate portfolio to that which was obtained
in a particular case. The emergence of modern portfolio theory (MPT) by Markowitz (1952),
who quantifies how rational investors make decisions based on expected return and risk, has
brought much development to portfolio performance measurement.
Risk has become one of the main topics in fields as diverse as engineering, medicine, and
economics, and it is also studied by social scientists, psychologists, and legal scholars. But the
topic of risk also leads to more fundamental questions such as:What is risk?What can decision
theory contribute to the analysis of risk? What does the human perception of risk mean for
society? How should we judge whether a risk is morally acceptable or not? Over the last couple
of decades, questions like these have attracted interest from philosophers and other scholars
into risk theory.
The content of this book has become ever more relevant after the recent 2007–2009 and 2011 financial
crises, one consequence of which was greatly increased scepticism among investment professionals about
the received wisdom drawn from standard finance, modern portfolio theory and its later developments.
Given a collection of records (training set )
Each record contains a set of attributes, one of the attributes is the class.
Find a model for class attribute as a function of the values of other attributes.
Goal: previously unseen records should be assigned a class as accurately as possible.
A test set is used to determine the accuracy of the model. Usually, the given data set is divided into training and test sets, with training set used to build the model and test set used to validate it.
Major Influences on Clinical Decision-Making More than a decade of research on variations in clinician practice patterns has shed much light on forces that shape clinical decisions. The use of heuristic "shortcuts," as detailed above, provides a partial explanation, but several other key factors play an important role in shaping diagnostic hypotheses and management decisions.
Linking Behavioral Economics, Axiomatic Decision Theory and General Equilibrium Theory This chapter has used the Tiebout choice processthe choice of school
characteristics via housing decisionsas a lens through which to study the strength of
parental preferences for effective schools relative to those for other neighborhood or school
I am encouraged in arguing for such a view by a trend that seems to characterize
some recent anthropological and philosophical literature, a trend towards recognizing that
aesthetics may be usefully defined independently of art. The anthropologist Jacques
Maquet, for example, has argued repeatedly (e.g. 1979: 45; 1986: 33) that art and
aesthetics are best treated as independent. Among philosophers, Nick Zangwill (1986:
261) has argued that ‘one could do aesthetics without mentioning works of art!
Sometimes I think it would be safer to do so.’ And T. J. ...
This paper describes novel and practical Japanese parsers that uses decision trees. First, we construct a single decision tree to estimate modification probabilities; how one phrase tends to modify another. Next, we introduce a boosting algorithm in which several decision trees are constructed and then combined for probability estimation. The two constructed parsers are evaluated by using the EDR Japanese annotated corpus. The single-tree method outperforms the conventional .Japanese stochastic methods by 4%. ...
Making decisions under conditions of risk and uncertainty is one of the most important activities that managers engage in. Generally, there is a lack of information and a limited amount of time available to make the decision. Procrastinating and not making a decision sometimes has greater risk than making it.
The solid product is a wet sludge of calcium sulfate which can be disposed of easily. So
FGD does not eliminate pollution. What it does accomplish is to convert a big problem
(emission of large volumes of air contaminated by harmful levels of gaseous SOx) into a
small problem (collection and disposal of scrubber sludge).
Dealing with the problem of air pollution is not cheap. An FGD system installed in a
newly constructed power plant represents about one-third of the total cost of building the
If you obtained one of your qualifications through distance education study, you will
have noticed that at the beginning of a given study module there is the heading:
Course Team. Under it are listed course writers, content editors, language editors,
graphic designers, programme coordinator, chief editor, course coordinator, etc.
It is not only acceptable for people to disagree with you, it is to be expected. Social media lowers
the traditional barriers of authority and hierarchy. Never block or delete comments simply because
someone disagrees with you.
This does not mean you have to engage with such comments. One of the most challenging environ-
ments for a parliament using social media is that the nature of comments will often be political, par-
ticularly when featuring a controversial piece of legislation or investigation.
The key in deciding how to manage media in an organization is to first consider the
information, then the media type. The security categorization of the information, along with
internal environmental factors, should drive the decisions on how to deal with the media.
Again, the key is to first think in terms of information confidentiality, then by media type.
In organizations, information exists that is not associated with any categorized system. This
information is often hard copy internal communications such as memoranda, white papers,
Making decisions is one of the basic functions of a manager. To be successful in decision making, managers must be able to tell the difference between relevant and irrelevant data and must be able to correctly use the relevant data in analyzing alternatives. The purpose of this chapter is to develop these skills by illustrating their use in a wide range of decision-making situations.
The Office of the Assistant Secretary of the Army for Manpower and Reserve Affairs raised a concern that the Army’s use of contractors on the battlefield did not stem from any clearly articulated policy and could well be inappropriate. It asked RAND Arroyo Center to identify the policies and processes that appeared to be driving Army decisions to use contractors on the battlefield and offer ways to increase the likelihood that these policies and processes would yield outcomes consistent with the Army’s high-level goals. Arroyo’s analysis proceeded along two parallel tracks.
I could go on with thanking John Harvard’s Brewehouse in Cambridge for making the best
chicken wings in the world, the Boston Red Sox for winning the world series, the “Kleiner
Ochsenbrater” at the Viktualienmark in Munich for the best “Ochsen Zwibelrostbraten”; but
actually, there is just one person left.
Since this person is so special, I keep on feeling that no words are suited expressing my feel-
ings about her. Beyond any experience I gained during this dissertation, there is one thing that
stands high above.
For each of these topic areas, Child Health program Requirements emphasize population-based strategies that
build the capacities of and reduce the risks facing parents and families (e.g., parenting practices, decisions and skill
around breastfeeding, parental awareness of growth and development milestones and activities to support their
achievement, nutrition and physical activity, maternal depression, family functioning).
This paper presents a Bayesian decision framework that performs automatic story segmentation based on statistical modeling of one or more lexical chain features. Automatic story segmentation aims to locate the instances in time where a story ends and another begins. A lexical chain is formed by linking coherent lexical items chronologically. A story boundary is often associated with a significant number of lexical chains ending before it, starting after it, as well as a low count of chains continuing through it.
which the best lexical choices and the conceptual decisions are in conflict. To prove our theoritical points, we will take as an example the generation of situations involving a result causation, i.e., a new STATE which arises because of one (or several) prior ACTs (Schank 1975).
Let me begin this preface with a confession of a few of my own biases. First, I believe that theory, and the models that flow from it, should provide us with the tools to understand, analyze and solve problems. The test of a model or theory then should not be based upon its elegance but upon its usefulness in problem solving. Second, there is little in corporate financial theory, in my view, that is new and revolutionary. The core principles of corporate finance are common sense ones, and have changed little over time....