The efficacy of the Sortino ratio and other benchmarked performance measures under skewed return distributions

This paper will investigate the suitability of existing performance measures under the assumption of a clearly defined benchmark. A range of measures are examined including the Sortino Ratio, the Sharpe Selection ratio (SSR), the Student’s t-test and a decay rate measure. A simulation study is used to assess the power and bias of these measures based on variations in sample size and mean performance of two simulated funds. The Sortino Ratio is found to be the superior performance measure exhibiting more power and less bias than the SSR when the distribution of excess returns are skewed.

High impact training : achieving synergies between program management education and workplace practice

This paper addresses the challenges of transfer of training back to the workplace for programme and project managers who are being groomed for the leadership of large and complex projects. The paper draws on the experience of the development and delivery of Queensland University of Technology (QUT) education programs: an Executive Masters of Complex Project Management and a series of Continuing Professional Development (CPD) events for an Australian government agency, Defence Materiel Organisation (DMO). Drawing on notions of ‘far transfer’ (Laker 1990; Noe, 1986) and ‘transfer climate’ (Kozlowski & Salas, 1993; Yamnill & McLean, 2001), the paper describes the steps undertaken to achieve a design that ensures that programme and project leadership skills developed through these corporate education programs become successfully embedded back in the organisation. Further, the paper reports on a small qualitative study where the programme success was evaluated by the organisational sponsor, senior leaders and program participants. Nine interviews were conducted and analysed to identify the success of far transfer and transfer climate four months after the return of program participants from cohort 1 2008 to the workplace.

Role of 3D visual conceptualisation of groundwater system models as a management support tool

After the recent prolonged drought conditions in many parts of Australia it is increasingly recognised that many groundwater systems are under stress. Although this is obvious for systems that are utilised for intensive irrigation many other groundwater systems are also impacted.Management strategies are highly variable to non-existent. Policy and regulation are also often inadequate, and are reactive or politically driven. In addition, there is a wide range of opinion by water users and other stakeholders as to what is “reasonable”management practice. These differences are often related to the “value”that is put on the groundwater resource. Opinions vary from “our right to free water”to an awareness that without effective management the resource will be degraded. There is also often misunderstanding of surface water-groundwater linkages, recharge processes, and baseflow to drainage systems.

Australian media ethics regime and ethical risk management

Media organizations are simultaneously key elements of an effective democracy and, for the most part, commercial entities seeking success in the market. They play an essential role in the formation of public opinion and the influence on personal choices. Yet most of them are commercial enterprises seeking readers or viewers, advertising, favorable regulatory decisions for their media, and other assets. This creates some intrinsic difficulties and produces some sharp tensions within media ethics. In this article, we examine such tensions—in theory and practice. We then consider the feasibility of introducing an ethics regime to the media industry—a regime that would be effective in a deregulated environment in protecting public interest and social responsibility. In the article, we also outline a rationale and a methodology for the institutionalization of an acceptable and workable media ethics regime that aims to protect the integrity of the industry in a future of undoubtedly increasing commercial pressure.

The graduate attributes we've overlooked : enhancing graduate employability through career management skills

Recent shifts in education and labour market policy have resulted in universities being placed under increasing pressure to produce employable graduates. However, contention exists regarding exactly what constitutes employability and which graduate attributes are required to foster employability in tertiary students. This paper argues that in the context of a rapidly changing information- and knowledge-intensive economy, employability involves far more than possession of the generic skills listed by graduate employers as attractive. Rather, for optimal economic and social outcomes, graduates must be able to proactively navigate the world of work and self-manage the career building process. A model of desirable graduate attributes that acknowledges the importance of self-management and career building skills to lifelong career management and enhanced employability is presented. Some important considerations for the implementation of effective university career management programs are then outlined.

A high voltage power converter with a frequency and voltage controller

A high voltage power converter is presented in this paper and is based on a Capacitor-Diode Voltage Multiplier (CDVM) supplied through an inverter. This power converter has the capabilities of generating variable high DC voltage with improved transient response. The simulation results which are presented in this paper verify that due to its fast transient response, this converter can be used as a high DC voltage source in many applications.

A bidirectional two-leg resonant converter for high voltage pulsed power application

A high voltage pulsed power supply is proposed in this paper based on oscillation between an inductor and a capacitor in an LC circuit. A two-leg resonant circuit, supplied through an inverter with an alternative voltage waveform, can generate output voltage up to four times an input voltage magnitude. Bipolar and unipolar modulations are used in a single phase inverter to analyse their effects on the proposed resonant converter. Simulations have been carried out to evaluate the proposed topology and control.

A novel high voltage pulsed power supply based on low voltage switch-capacitor units

This paper presents a high voltage pulsed power system based on low voltage switch-capacitor units connected to a current source for several applications such as plasma systems. A buck-boost converter topology is used to utilize the current source and a series of low voltage switch-capacitor units is connected to the current source in order to provide high voltage with high voltage stress (dv/dt) as demanded by loads. This pulsed power converter is flexible in terms of energy control, in that the stored energy in the current source can be adjusted by changing the current magnitude to significantly improve the efficiency of various systems with different requirements. Output voltage magnitude and stress (dv/dt) can be controlled by a proper selection of components and control algorithm to turn on and off switching devices.

EMI issues in modern power electronic systems

Electromagnetic compatibility of power electronic systems becomes an engineering discipline and it should be considered at the beginning stage of a design. Thus, a power electronics design becomes more complex and challenging and it requires a good communication between EMI and Power electronics experts. Three major issues in designing a power electronic system are Losses, EMI and Harmonics. These issues affect system cost, size, efficiency and quality and it is a tradeoff between these factors when we design a power converter.

Online estimation of distorted power system signal parameters

An algorithm based on the concept of Kalman filtering is proposed in this paper for the estimation of power system signal attributes, like amplitude, frequency and phase angle. This technique can be used in protection relays, digital AVRs, DSTATCOMs, FACTS and other power electronics applications. Furthermore this algorithm is particularly suitable for the integration of distributed generation sources to power grids when fast and accurate detection of small variations of signal attributes are needed. Practical considerations such as the effect of noise, higher order harmonics, and computational issues of the algorithm are considered and tested in the paper. Several computer simulations are presented to highlight the usefulness of the proposed approach. Simulation results show that the proposed technique can simultaneously estimate the signal attributes, even if it is highly distorted due to the presence of non-linear loads and noise.

Analysis of phasor measurement method in tracking the power frequency of distorted signals

This paper presents an analysis of phasor measurement method for tracking the fundamental power frequency to show if it has the performance necessary to cope with the requirements of power system protection and control. In this regard, several computer simulations presenting the conditions of a typical power system signal especially those highly distorted by harmonics, noise and offset, are provided to evaluate the response of the Phasor Measurement (PM) technique. A new method, which can shorten the delay of estimation, has also been proposed for the PM method to work for signals free of even-order harmonics.

Open standards-based system integration for asset management decision support

Over the last decade, system integration has grown in popularity as it allows organisations to streamline business processes. Traditionally, system integration has been conducted through point-to-point solutions – as a new integration scenario requirement arises, a custom solution is built between the relevant systems. Bus-based solutions are now preferred, whereby all systems communicate via an intermediary system such as an enterprise service bus, using a common data exchange model. This research investigates the use of a common data exchange model based on open standards, specifically MIMOSA OSA-EAI, for asset management system integration. A case study is conducted that involves the integration of processes between a SCADA, maintenance decision support and work management system. A diverse number of software platforms are employed in developing the final solution, all tied together through MIMOSA OSA-EAI-based XML web services. The lessons learned from the exercise are presented throughout the paper.

Load sharing and power quality enhanced operation of a distributed microgrid

This paper describes control methods for proper load sharing between parallel converters connected in a microgrid and supplied by distributed generators (DGs). It is assumed that the microgrid spans a large area and it supplies loads in both in grid connected and islanded modes. A control strategy is proposed to improve power quality and proper load sharing in both islanded and grid connected modes. It is assumed that each of the DGs has a local load connected to it which can be unbalanced and/or nonlinear. The DGs compensate the effects of unbalance and nonlinearity of the local loads. Common loads are also connected to the microgrid, which are supplied by the utility grid under normal conditions. However during islanding, each of the DGs supplies its local load and shares the common load through droop characteristics. Both impedance and motor loads are considered to verify the system response. The efficacy of the controller has been validated through simulation for various operating conditions using PSCAD. It has been found through simulation that the total Harmonic Distortion (THD) of the of the microgrid voltage is about 10% and the negative and zero sequence component are around 20% of the positive sequence component before compensation. After compensation, the THD remain below 0.5%, whereas, negative and zero sequence components of the voltages remain below 0.02% of the positive sequence component.

Beyond airport enclaves : insights for overcoming turf wars

Airports, over time, have emerged as separate independent entities often described as ‘enclaves’. As such airports regularly planned and implemented developments within their boundaries with limited inclusion of local actors in decision making processes. Urban encroachment on airport boundaries has increasingly focused the planning interests of airports to consider what their neighbouring cities are doing. Likewise city planners are progressively more interested in the development activities of airports. Despite shared interests in what happens on the either side of the fence line, relationships between airports and their neighbouring cities have often been strained, if not, at times, hostile. A number of strategies and conceptualisations for the co-existence of urban and airport environs have been put forward. However, these models are likely to have a limited effect unless they can be implemented to maximise opportunities for both cities and airports, and at the same time not confound their long-term interests. The isolation of airport planning from local and regional planning agencies, and the resulting power struggles are not new. Under current conditions the need to ‘bridge the gap’ between airports and their urban surrounds has become an increasing, yet under explored imperative. This paper examines the decision making arena for airport-region development to define the barriers, enablers, tensions and puzzles for the governance of airport-region development, from a cross-country perspective. Findings suggest that while there are many embedded rule structures that foster airport-region tensions, there are nonetheless a number of pathways for moving airports beyond decision making enclaves, to more integrated mechanisms for city and regional planning. In providing preliminary answers for overcoming the barriers, tensions and intractable issues of mutually agreeable airport and city development, the research makes a primary contribution to the ground level governance of collaborative planning. This research also serves as a launching point for future, more detailed research into the areas of airport-region decision making and collaborative planning for airport-regions. This work was carried out through the Airport Metropolis Research Project under the Australian Research Council’s Linkage Projects funding scheme (LP0775225).