The Effects of Credit Risk on Dynamic Portfolio Management: A New Computational Approach

The study investigates the role of credit risk in a continuous time stochastic asset allocation model, since the traditional dynamic framework does not provide credit risk flexibility. The general model of the study extends the traditional dynamic efficiency framework by explicitly deriving the optimal value function for the infinite horizon stochastic control problem via a weighted volatility measure of market and credit risk. The model's optimal strategy was then compared to that obtained from a benchmark Markowitz-type dynamic optimization framework to determine which specification adequately reflects the optimal terminal investment returns and strategy under credit and market risks. The paper shows that an investor's optimal terminal return is lower than typically indicated under the traditional mean-variance framework during periods of elevated credit risk. Hence I conclude that, while the traditional dynamic mean-variance approach may indicate the ideal, in the presence of credit-risk it does not accurately reflect the observed optimal returns, terminal wealth and portfolio selection strategies.

Competence Monitoring in Project Teams by using Web based portfolio management systems

This paper reports a learning experience related to the acquisition of project management competences. Students from three different universities and backgrounds, cooperate in a common project that drives the learning-teaching process. Previous related works on this initiative have already evaluated the goodness of this multidisciplinary, project-based learning approach in the context of a new educative paradigm. Yet the innovative experience has allowed the authors to define a rubric in order to measure specific competences in project management. The study shows the rubric’s main aspects as well as competence acquisition evaluation alternatives, based in the metrics defined. Key indicators and specific reports obtained from data base fields in the web tool will support this work. As a result, new competences can be assessed, such ones like teamwork, problem solving, communication and leadership. Final goal is to provide an overall competence map to the students at the same time they improve their skills.

Integrating skills profiling and purchasing portfolio management:an opportunity for building purchasing capability

Kralijc’s (1983) purchasing portfolio approach holds that different types of purchases need different sourcing strategies, underpinned by distinct sets of resources and practices. The approach is widely deployed in business and extensively researched, and yet little research has been conducted on how knowledge and skills vary across a portfolio of purchases. This study extends the body of knowledge on purchasing portfolio management, and its application in the strategic development of purchasing in an organization, and on human resource management in the purchasing function. A novel approach to profiling purchasing skills is proposed, which is well suited to dynamic environments which require flexibility. In a survey, experienced purchasing personnel described a specific purchase and profiled the skills required for effective performance in purchasing that item. Purchases were categorized according to their importance to the organization (internally-oriented evaluation of cost and production factors) and to the supply market (externally-oriented evaluation of commercial risk and uncertainty). Through cluster analysis three key types of purchase situations were identified. The skills required for effective purchasing vary significantly across the three clusters (for 22 skills, p<0.01). Prior research shows that global organizations use the purchasing portfolio approach to develop sourcing strategies, but also aggregate analyses to inform the design of purchasing arrangements (local vs global) and to develop their improvement plans. Such organizations would also benefit from profiling skills by purchase type. We demonstrate how the survey can be adapted to provide a management tool for global firms seeking to improve procurement capability, flexibility and performance.

Combination of product quality management and exports: The case of Colombian fruits companies

Quality management provides to companies a framework to improve quality in overall systems, reduction of costs, reallocation of resources efficiently, correct planning of strategies, prevent or correct errors in the right time and increase the performance of companies. In this text, we discuss the different theories in this field, their obligatory or non-obligatory compliance, the importance of quality management for exporting companies and a case study of a Colombian firm that its main objective is to manage quality. In conclusion, we find out that there is different types of quality management systems such as Juran’s trilogy, Deming 14 points, Six sigma, HACCP, and so on; also that companies have to manage suppliers and that quality has a positive influence on exports volume; in the case of Colombian small and medium enterprises, it can be mentioned that the majority has implemented tools regarding quality management but is not enough.

Tuoteportfolion hallinnointiprosessin erityispiirteet lääketeollisuusyrityksessä – tapaustutkimus

Tämän pro gradu -tutkielman tarkoituksena oli selvittää, miten lääketeollisuusyritys toteuttaa tuoteportfolioidensa hallinnointia ja miten tämän caseyrityksen portfolioprosessi vastaa kirjallisuuden näkemystä tuoteportfolion hallinnoinnista. Tutkimusongelmaa lähestyttiin tapaustutkimuksella caseyrityksen portfolioprosessista, ja tätä prosessia verrattiin kirjallisuuden näkemykseen aiheesta. Empiiristä aineistoa kerättiin pääosin teema- ja lomakehaastatteluilla caseyrityksen projektin avainhenkilöiltä. Tutkimuksessa havaittiin portfolioprosessin olevan vaiheittainen toimintamalli, jonka tavoitteena on hankkia mahdollisimman kannattava tuotevalikoima. Caseyrityksen portfolioprosessi vastasi pääosin aiheen teorian kuvaamaa mallia, mutta prosessia ja etenkin karsintakriteereitä monipuolistamalla voidaan tulevaisuudessa saavuttaa parempia tuloksia. Lääketeollisuudella toimialana on tiettyjä ominaispiirteitä, mutta nämä eivät suoraan näy varsinaisessa portfolioprosessissa. Kuitenkin esimerkiksi erityyppisten liiketoimintayksiköiden tarpeet olisi syytä huomioida tuoteportfolion hallinnointiprosessissa.

Gestão de portfólio de produtos: práticas adotadas por uma empresa de base tecnológica de médio porte localizada na cidade de São Carlos, SP

In the context of the product development process (PDP), portfolio management plays an important role by determing the set of products that a company uses to compete. Due to its characteristics, performing continuous technological forecasting activities for developing and transferring technologies to their products through the PDP, this tends to make portfolio management a complex activity for products at these companies. This paper’s objective was to identify practices for product portfolio management in a medium-sized technology-based firm located in São Carlos, SP. Qualitative research was used and it was operationalized through a case study. Among the main results, it was noted that decisions on product portfolio depend mainly on the perception of senior management and the financial analyzes constitute the main method used for supporting the decision.

Gestão de portfólio de produtos em pequenas empresas de base tecnológica

The product portfólio management is considered relevant activity to the proper performance of the product development process. This paper aims to present the main methods of management that technology-based small businesses adopt for decision-making in product portfolio. This survey, which collected data on 31 companies was conducted. It was observed that although firms adopt market research and mapping methods and financial methods and for this decision-making, most of them based on the informal deliberations of senior management. Unable to understand the business relationships between the presence of ISO 9001 certification with greater formalization for decision making in product portfolio.

Métodos para a tomada de decisão em portfólio de produtos: um levantamento em empresas dos setores eletrônico, óptico e de informática

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Lifecycle Information Management of a Mass Customized Product

Diplomityön tavoitteena on tutkia mitä uusia tiedonhallinnallisia ongelmia ilmenee, kun massaräätälöidyn tuotteen tuotetieto hallitaan läpi tuotteen elinkaaren, sekä miten nämä ongelmat voitaisiin ratkaista. Ongelmat ja haasteet kerätään kirjallisuuslähteistä ja massaräätälöintiprosessi yhdistetään PLM-vaiheisiin. Ratkaisua tutkitaan testaamalla kuinka standardit STEP ja PLCS sekä standardeja tukeva PLM järjestelmä voisivat tukea massaräätälöidyn tuotteen elinkaaren tiedonhallintaa. MC tuotteiden ongelmia ovat tuoterakenteen monimutkaisuus, jäljitettävyys ja muutosten hallinta läpi elinkaaren. STEP ja PLCS pystyvät kummatkin tahollaan tukemaan tiedonhallintaa. MC-tuotteen geneerinen tuoterakenne on kuitenkin manuaalisesti liittettävä elinkaaritiedon tukemiseen. PLM-järjestelmä pystyy tukemaan MC-tuotteiden elinkaarta, mutta koska toiminto ei ole järjestelmään sisäänrakennettuna, MC-tuotteiden tukemisen parantamisessa on edelleen haasteita.

Managing an intellectual property right portfolio in the software industry

Tutkimuksen tavoitteena oli määrittää etuja, joita huolellinen immateriaali-oikeussalkun hallinnointi ohjelmistoalalla luo yritykselle. Tutkimusaineisto on kerätty haastattelemalla eri asemissa olevia ihmisiä kolmesta suomalaisesta ohjelmistoalan tuote- ja palveluyrityksestä. Tutkimuksesta käy ilmi, että ohjelmistoyritysten immateriaalioikeussalkut koostuvat liikesalaisuuksista, tekijänoikeudesta, tavaramerkeistä, verkkotunnuksista ja muutamista patenteista. Kiinnostus patentteihin ohjelmistoalalla on kasvanut erityisesti niiden tuoman tekijänoikeutta vahvemman suojan takia. Tällä hetkellä Euroopassa suhtautuminen ohjelmistopatentteihin on kuitenkin vielä käymistilassa. Jos ohjelmistopatentit hyväksytään, immateriaalioikeussalkun strateginen merkitys kasvaa. Tällöin salkunn hallinnointi tukee yrityksen tavoitteita - esimerkiksi oman toimintavapauden turvaamista - avustaen hakemus-prosessissa, tarkkaillen markkinoita sekä arvioiden yrityksen oman immateriaalioikeussalkun erilaisia hyväksikäyttömahdollisuuksia.