Principles of investments

"Emphasises asset allocation while presenting the practical applications of investment theory. The authors concentrate on the intuition and insights that will be useful to students throughout their careers as new ideas and challenges emerge from the financial marketplace. It provides a good foundation to understand the basic types of securities and financial markets as well as how trading in those markets is conducted. The Portfolio Management section is discussed towards the end of the course and supported by a web-based portfolio simulation with a hypothetical $100,000 brokerage account to buy and sell stocks and mutual funds. Students get a chance to use real data found in the Wall Street Survivor simulation in conjunction with the chapters on investments. This site is powered by StockTrak, the leading provider of investment simulation services to the academic community. Principles of Investments includes increased attention to changes in market structure and trading technology. The theory is supported by a wide range of exercises, worksheets and problems."--publisher website Contents: Investments: background and issues -- Asset classes and financial markets -- Securities markets -- Managed funds and investment management -- Risk and return: past and prologue -- Efficient diversification -- Capital asset pricing and arbitrage pricing theory -- The efficient market hypothesis -- Bond prices and yields -- Managing bond portfolios -- Equity valuation -- Macroeconomic and industry analysis -- Financial statement analysis -- Investors and the investment process -- Hedge funds -- Portfolio performance evaluation.

Parametric modelling for the efficient design of daylight strategies with complex geometries

Daylight devices are important components of any climate responsive façade system. But, the evolution of parametric CAD systems and digital fabrication has had an impact on architectural form so that regular forms are shifting to complex geometries. Architectural and engineering integration of daylight devices in envelopes with complex geometries is a challenge in terms of design and performance evaluation. The purpose of this paper is to assess daylight performance of a building with a climatic responsive envelope with complex geometry that integrates shading devices in the façade. The case study is based on the Esplanade buildings in Singapore. Climate-based day-light metrics such as Daylight Availability and Useful Daylight Illuminance are used. DIVA (daylight simulation), and Grasshopper (parametric analysis) plug-ins for Rhinoceros have been employed to examine the range of performance possibilities. Parameters such as dimension, inclination of the device, projected shadows and shape have been changed in order to maximize daylight availability and Useful Daylight Illuminance while minimizing glare probability. While orientation did not have a great impact on the results, aperture of the shading devices did, showing that shading devices with a projection of 1.75 m to 2.00 m performed best, achieving target lighting levels without issues of glare.

System level tests of transformer differential protection using an IEC 61850 process bus

The IEC 61850 family of standards for substation communication systems were released in the early 2000s, and include IEC 61850-8-1 and IEC 61850-9-2 that enable Ethernet to be used for process-level connections between transmission substation switchyards and control rooms. This paper presents an investigation of process bus protection performance, as the in-service behavior of multi-function process buses is largely unknown. An experimental approach was adopted that used a Real Time Digital Simulator and 'live' substation automation devices. The effect of sampling synchronization error and network traffic on transformer differential protection performance was assessed and compared to conventional hard-wired connections. Ethernet was used for all sampled value measurements, circuit breaker tripping, transformer tap-changer position reports and Precision Time Protocol synchronization of sampled value merging unit sampling. Test results showed that the protection relay under investigation operated correctly with process bus network traffic approaching 100% capacity. The protection system was not adversely affected by synchronizing errors significantly larger than the standards permit, suggesting these requirements may be overly conservative. This 'closed loop' approach, using substation automation hardware, validated the operation of protection relays under extreme conditions. Digital connections using a single shared Ethernet network outperformed conventional hard-wired solutions.

Integrated Lean Six Sigma approach for patient flow improvement in hospital emergency department

Because of increased competition between healthcare providers, higher customer expectations, stringent checks on insurance payments and new government regulations, it has become vital for healthcare organisations to enhance the quality of the care they provide, to increase efficiency, and to improve the cost effectiveness of their services. Consequently, a number of quality management concepts and tools are employed in the healthcare domain to achieve the most efficient ways of using time, manpower, space and other resources. Emergency departments are designed to provide a high-quality medical service with immediate availability of resources to those in need of emergency care. The challenge of maintaining a smooth flow of patients in emergency departments is a global problem. This study attempts to improve the patient flow in emergency departments by considering Lean techniques and Six Sigma methodology in a comprehensive conceptual framework. The proposed research will develop a systematic approach through integration of Lean techniques with Six Sigma methodology to improve patient flow in emergency departments. The results reported in this paper are based on a standard questionnaire survey of 350 patients in the Emergency Department of Aseer Central Hospital in Saudi Arabia. The results of the study led us to determine the most significant variables affecting patient satisfaction with patient flow, including waiting time during patient treatment in the emergency department; effectiveness of the system when dealing with the patient’s complaints; and the layout of the emergency department. The proposed model will be developed within a performance evaluation metric based on these critical variables, to be evaluated in future work within fuzzy logic for continuous quality improvement.

Facial expression recognition experiments with data from television broadcasts and the world wide web

Facial expression recognition (FER) systems must ultimately work on real data in uncontrolled environments although most research studies have been conducted on lab-based data with posed or evoked facial expressions obtained in pre-set laboratory environments. It is very difficult to obtain data in real-world situations because privacy laws prevent unauthorized capture and use of video from events such as funerals, birthday parties, marriages etc. It is a challenge to acquire such data on a scale large enough for benchmarking algorithms. Although video obtained from TV or movies or postings on the World Wide Web may also contain ‘acted’ emotions and facial expressions, they may be more ‘realistic’ than lab-based data currently used by most researchers. Or is it? One way of testing this is to compare feature distributions and FER performance. This paper describes a database that has been collected from television broadcasts and the World Wide Web containing a range of environmental and facial variations expected in real conditions and uses it to answer this question. A fully automatic system that uses a fusion based approach for FER on such data is introduced for performance evaluation. Performance improvements arising from the fusion of point-based texture and geometry features, and the robustness to image scale variations are experimentally evaluated on this image and video dataset. Differences in FER performance between lab-based and realistic data, between different feature sets, and between different train-test data splits are investigated.

Mathematical modelling and experimental validation of solar assisted heat pump system

Singapore is located at the equator, with abundant supply of solar radiation, relatively high ambient temperature and relative humidity throughout the year. The meteorological conditions of Singapore are favourable for efficient operation of solar energy based systems. Solar assisted heat pump systems are built on the roof-top of National University of Singapore’s Faculty of Engineering. The objectives of this study include the design and performance evaluation of a solar assisted heat-pump system for water desalination, water heating and drying of clothes. Using MATLAB programming language, a 2-dimensional simulation model has been developed to conduct parametric studies on the system. The system shows good prospect to be implemented in both industrial and residential applications and would give new opportunities in replacing conventional energy sources with green renewable energy.

Development of a Solar Assisted Heat Pump Desalination System

In view of the growing global demand for energy and concern expressed for environmental degradation, a clean and "free" energy source, such as solar energy, has been receiving greater attention in recent years for various applications using different techniques. The Direct Expansion Solar Assisted Heat Pump (DX-SAHP) principle is one of the most promising techniques as it makes use of both solar and ambient energy. As the system has capability to function at low temperatures, it has the potential to operate at night in the tropics. The system utilizes multi-effect distillation (MED) principle for the conversion of seawater to fresh water. An experimental setup of the DX-SAHP desalination system has been built at the Department of Mechanical Engineering, National University of Singapore (NUS). This system uses two types of flat-plate solar collectors. One is called evaporator-collector, where no glazing is used, and the efficiency varies between 80 and 90%. The other type of collector is single-glazed, where the maximum efficiency is about 60%, and it is used for feed water heating. For the heat pump cycle, refrigerant R134a is used. The present study provides a comprehensive analyses and performance evaluation of this system under different operating and meteorological conditions of Singapore. The Coefficient of Performance (COP) of the heat pump system reached a maximum value of 10. For a single effect of desalination, the system shows a Performance Ratio (PR) of around 1.3.

Mining resource profiles from event logs

Human resources are often responsible for the execution of business processes. In order to evaluate resource performance and identify best practices as well as opportunities for improvement, managers need objective information about resource behaviours. Companies often use information systems to support their processes and these systems record information about process execution in event logs. We present a framework for analysing and evaluating resource behaviour through mining such event logs. The framework provides a method for extracting descriptive information about resource skills, utilisation, preferences, productivity and collaboration patterns; a method for analysing relationships between different resource behaviours and outcomes; and a method for evaluating the overall resource productivity, tracking its changes over time and comparing it with the productivity of other resources. To demonstrate the applicability of our framework we apply it to analyse behaviours of employees in an Australian company and evaluate its usefulness by a survey among managers in industry.

Visual control for automated aircraft collision avoidance systems

This thesis presents a new vision-based decision and control strategy for automated aircraft collision avoidance that can be realistically applied to the See and Avoid problem. The effectiveness of the control strategy positions the research as a major contribution toward realising the simultaneous operation of manned and unmanned aircraft within civilian airspace. Key developments include novel classical and visual predictive control frameworks, and a performance evaluation technique aligned with existing aviation practise and applicable to autonomous systems. The overall approach is demonstrated through experimental results on a small multirotor unmanned aircraft, and through high fidelity probabilistic simulation studies.

Rubbing shoulders with mobile service robots

This paper is not about the details of yet another robot control system, but rather the issues surrounding realworld robotic implementation. It is a fact that in order to realise a future where robots co-exist with people in everyday places, we have to pass through a developmental phase that involves some risk. Putting a “Keep Out, Experiment in Progress” sign on the door is no longer possible since we are now at a level of capability that requires testing over long periods of time in complex realistic environments that contain people. We all know that controlling the risk is important – a serious accident could set the field back globally – but just as important is convincing others that the risks are known and controlled. In this article, we describe our experience going down this path and we show that mobile robotics research health and safety assessment is still unexplored territory in universities and is often ignored. We hope that the article will make robotics research labs in universities around the world take note of these issues rather than operating under the radar to prevent any catastrophic accidents.

A virtual radiation therapy workflow training simulation

Aim Simulation forms an increasingly vital component of clinical skills development in a wide range of professional disciplines. Simulation of clinical techniques and equipment is designed to better prepare students for placement by providing an opportunity to learn technical skills in a “safe” academic environment. In radiotherapy training over the last decade or so this has predominantly comprised treatment planning software and small ancillary equipment such as mould room apparatus. Recent virtual reality developments have dramatically changed this approach. Innovative new simulation applications and file processing and interrogation software have helped to fill in the gaps to provide a streamlined virtual workflow solution. This paper outlines the innovations that have enabled this, along with an evaluation of the impact on students and educators. Method Virtual reality software and workflow applications have been developed to enable the following steps of radiation therapy to be simulated in an academic environment: CT scanning using a 3D virtual CT scanner simulation; batch CT duplication; treatment planning; 3D plan evaluation using a virtual linear accelerator; quantitative plan assessment, patient setup with lasers; and image guided radiotherapy software. Results Evaluation of the impact of the virtual reality workflow system highlighted substantial time saving for academic staff as well as positive feedback from students relating to preparation for clinical placements. Students valued practice in the “safe” environment and the opportunity to understand the clinical workflow ahead of clinical department experience. Conclusion Simulation of most of the radiation therapy workflow and tasks is feasible using a raft of virtual reality simulation applications and supporting software. Benefits of this approach include time-saving, embedding of a case-study based approach, increased student confidence, and optimal use of the clinical environment. Ongoing work seeks to determine the impact of simulation on clinical skills.

A probabilistic constrained nonlinear optimization framework to optimize RED parameters

The random early detection (RED) technique has seen a lot of research over the years. However, the functional relationship between RED performance and its parameters viz,, queue weight (omega(q)), marking probability (max(p)), minimum threshold (min(th)) and maximum threshold (max(th)) is not analytically availa ble. In this paper, we formulate a probabilistic constrained optimization problem by assuming a nonlinear relationship between the RED average queue length and its parameters. This problem involves all the RED parameters as the variables of the optimization problem. We use the barrier and the penalty function approaches for its Solution. However (as above), the exact functional relationship between the barrier and penalty objective functions and the optimization variable is not known, but noisy samples of these are available for different parameter values. Thus, for obtaining the gradient and Hessian of the objective, we use certain recently developed simultaneous perturbation stochastic approximation (SPSA) based estimates of these. We propose two four-timescale stochastic approximation algorithms based oil certain modified second-order SPSA updates for finding the optimum RED parameters. We present the results of detailed simulation experiments conducted over different network topologies and network/traffic conditions/settings, comparing the performance of Our algorithms with variants of RED and a few other well known adaptive queue management (AQM) techniques discussed in the literature.

Simulation and modelling tools for quantitative safety assessments of unmanned aircraft systems and operations

This paper presents two simple simulation and modelling tools designed to aid in the safety assessment required for unmanned aircraft operations within unsegregated airspace. First, a fast pair-wise encounter generator is derived to simulate the See and Avoid environment. The utility of the encounter generator is demonstrated through the development of a hybrid database and a statistical performance evaluation of an autonomous See and Avoid decision and control strategy. Second, an unmanned aircraft mission generator is derived to help visualise the impact of multiple persistent unmanned operations on existing air traffic. The utility of the mission generator is demonstrated through an example analysis of a mixed airspace environment using real traffic data in Australia. These simulation and modelling approaches constitute a useful and extensible set of analysis tools, that can be leveraged to help explore some of the more fundamental and challenging problems facing civilian unmanned aircraft system integration.

Automatic Road Extraction using High Resolution Satellite Image Based on Texture Progressive Analysis and Normalized Cut Method

In this paper the approach for automatic road extraction for an urban region using structural, spectral and geometric characteristics of roads has been presented. Roads have been extracted based on two levels: Pre-processing and road extraction methods. Initially, the image is pre-processed to improve the tolerance by reducing the clutter (that mostly represents the buildings, parking lots, vegetation regions and other open spaces). The road segments are then extracted using Texture Progressive Analysis (TPA) and Normalized cut algorithm. The TPA technique uses binary segmentation based on three levels of texture statistical evaluation to extract road segments where as, Normalizedcut method for road extraction is a graph based method that generates optimal partition of road segments. The performance evaluation (quality measures) for road extraction using TPA and normalized cut method is compared. Thus the experimental result show that normalized cut method is efficient in extracting road segments in urban region from high resolution satellite image.