Risk Parity: A Modern Tool for Diversification

The purpose of this study is to examine how well risk parity works in terms of risk, return and diversification relative to more traditional minimum variance, 1/N and 60/40 portfolios. Risk parity portfolios were constituted of five risk sources; three common asset classes and two alternative beta investment strategies. The three common asset classes were equities, bonds and commodities, and the alternative beta investment strategies were carry trade and trend following. Risk parity portfolios were constructed using five different risk measures of which four were tail risk measures. The risk measures were standard deviation, Value-at-Risk, Expected Shortfall, modified Value-at-Risk and modified Expected Shortfall. We studied also how sensitive risk parity is to the choice of risk measure. The hypothesis is that risk parity portfolios provide better return with the same amount of risk and are better diversified than the benchmark portfolios. We used two data sets, monthly and weekly data. The monthly data was from the years 1989-2011 and the weekly data was from the years 2000-2011. Empirical studies showed that risk parity portfolios provide better diversification since the diversification is made at the risk level. Risk based portfolios provided superior return compared to the asset based portfolios. Using tail risk measures in risk parity portfolios do not necessarily provide better hedge from tail events than standard deviation.

Externally excited synchronous machine: Testing the automation concept

This bachelor’s thesis is a part of the research project realized in the summer 2011 in Lappeenranta University of Technology. The goal of the project was to develop an automation concept for controlling the externally excited synchronous motor. Thesis concentrates on the testing planning and testing the system. Testing plan was made for three sectors: For the PLC program testing, for the communication testing and for the whole system testing. PLC program was tested with white box and destructive methods. Communication testing was done by switching maximum com-munication speed and checked if communication was reliable. Whole system testing included among other things speed and torque controlling. The system was tested with exploratory testing also. This enabled more reliable and broader testing than with systematical testing only.

Virtuaalimallin hyödyntäminen harvesteripään tuotekehityksessä

Virtuaalimallinnuksella tarkoitetaan koneen simulointia, jossa huomioidaan koneen mekaniikka, toimilaitteet ja ohjausjärjestelmä. Työn tavoitteena oli luoda virtuaalimalli harvesteripäästä. Kyseinen virtuaalimalli sisälsi harvesteripään tärkeimmät mekaaniset osat, pituusmittalaitteen hydrauliikkapiirin ja tämän ohjauksen. Luodussa virtuaalimallissa huomioitiin myös harvesteripään ja puun väliset kontaktit. Lisäksi työssä tutkittiin mahdollista virtuaalimallinnuksen implementoimista osaksi yrityksen tuotekehitysprosessia. Työssä suoritettiin verifiointimittaukset pituusmittalaitteen hydrauliikkapiirille sekä virtuaalimallin hydrauliikkakomponentit parametrisoitiin. Mittauksista saatuja tuloksia verrattiin virtuaalimallista saatuihin tuloksiin. Työssä esitellään myös ehdotus kuinka virtuaalimallinnusta kannattaisi hyödyntää osana yrityksen tuotekehitysprosessia. Virtuaalimallin eri osa-alueilla saavutetut tulokset osoittavat, että virtuaalimallinuksen hyödyntäminen tuotekehitysprosessin aikana mahdollistaa harvesteripään toimintojen tarkastelun ennen prototyypin rakentamista ja testaamista. Lisäksi hydrauliikkapiirin parametrisoimisella pystytään tutkimaan parametrien vaikutusta kokonaisuuteen.

Design and Control of Permanent Magnet Synchronous Machine for Hybrid Electric Vehicle

This master’s thesis mainly focuses on the design requirements of an Electric drive for Hybrid car application and its control strategy to achieve a wide speed range. It also emphasises how the control and performance requirements are transformed into its design variables. A parallel hybrid topology is considered where an IC engine and an electric drive share a common crank shaft. A permanent magnet synchronous machine (PMSM) is used as an electric drive machine. Performance requirements are converted into Machine design variables using the vector model of PMSM. Main dimensions of the machine are arrived using analytical approach and Finite Element Analysis (FEA) is used to verify the design and performance. Vector control algorithm was used to control the machine. The control algorithm was tested in a low power PMSM using an embedded controller. A prototype of 10 kW PMSM was built according to the design values. The prototype was tested in the laboratory using a high power converter. Tests were carried out to verify different operating modes. The results were in agreement with the calculations.

Simulation and optimization tools in paper machine concept design

The last decade has shown that the global paper industry needs new processes and products in order to reassert its position in the industry. As the paper markets in Western Europe and North America have stabilized, the competition has tightened. Along with the development of more cost-effective processes and products, new process design methods are also required to break the old molds and create new ideas. This thesis discusses the development of a process design methodology based on simulation and optimization methods. A bi-level optimization problem and a solution procedure for it are formulated and illustrated. Computational models and simulation are used to illustrate the phenomena inside a real process and mathematical optimization is exploited to find out the best process structures and control principles for the process. Dynamic process models are used inside the bi-level optimization problem, which is assumed to be dynamic and multiobjective due to the nature of papermaking processes. The numerical experiments show that the bi-level optimization approach is useful for different kinds of problems related to process design and optimization. Here, the design methodology is applied to a constrained process area of a papermaking line. However, the same methodology is applicable to all types of industrial processes, e.g., the design of biorefiners, because the methodology is totally generalized and can be easily modified.

Internet-based breast cancer patient’s pathway as an empowering patient educational tool

This three-phase study was conducted to examine the effect of the Breast Cancer Patient’s Pathway program (BCPP) on breast cancer patients’ empowering process from the viewpoint of the difference between knowledge expectations and perceptions of received knowledge, knowledge level, quality of life, anxiety and treatment-related side effects during the breast cancer treatment process. The BCPP is an Internet-based patient education tool describing a flow chart of the patient pathway during the breast treatment process, from breast cancer diagnostic tests to the follow-up after treatments. The ultimate goal of this study was to evaluate the effect of the BCPP to the breast cancer patient’s empowerment by using the patient pathway as a patient education tool. In phase I, a systematic literature review was carried out to chart the solutions and outcomes of Internet-based educational programs for breast cancer patients. In phase II, a Delphi study was conducted to evaluate the usability of web pages and adequacy of their content. In phase III, the BCPP program was piloted with 10 patients and patients were randomised to an intervention group (n=50) and control group (n=48). According to the results of this study, the Internet is an effective patient education tool for increasing knowledge, and BCPP can be used as a patient education method supporting other education methods. However, breast cancer patients’ perceptions of received knowledge were not fulfilled; their knowledge expectations exceed the perceived amount of received knowledge. Although control group patients’ knowledge expectations were met better with the knowledge they received in hospital compared to the patients in the intervention group, no statistical differences were found between the groups in terms of quality of life, anxiety and treatment-related side effects. However, anxiety decreased faster in the intervention group when looking at internal differences between the groups at different measurement times. In the intervention group the relationship between the difference between knowledge expectations and perceptions of received knowledge correlated significantly with quality of life and anxiety. Their knowledge level was also significant higher than in the control group. These results support the theory that the empowering process requires patient’s awareness of knowledge expectations and perceptions of received knowledge. There is a need to develop patient education to meet patients’ perceptions of received knowledge, including oral and written education and BCPP, to fulfil patient’s knowledge expectations and facilitate the empowering process. Further research is needed on the process of cognitive empowerment with breast cancer patients. There is a need for new patient education methods to increase breast cancer patients’ awareness of knowing.

Implementation of the trauma registry as a tool for quality improvement in trauma care in a brazilian hospital: the first 12 months

ABSTRACTObjective:to analyze the implementation of a trauma registry in a university teaching hospital delivering care under the unified health system (SUS), and its ability to identify points for improvement in the quality of care provided.Methods:the data collection group comprised students from medicine and nursing courses who were holders of FAPESP scholarships (technical training 1) or otherwise, overseen by the coordinators of the project. The itreg (ECO Sistemas-RJ/SBAIT) software was used as the database tool. Several quality "filters" were proposed to select those cases for review in the quality control process.Results:data for 1344 trauma patients were input to the itreg database between March and November 2014. Around 87.0% of cases were blunt trauma patients, 59.6% had RTS>7.0 and 67% ISS<9. Full records were available for 292 cases, which were selected for review in the quality program. The auditing filters most frequently registered were laparotomy four hours after admission and drainage of acute subdural hematomas four hours after admission. Several points for improvement were flagged, such as control of overtriage of patients, the need to reduce the number of negative imaging exams, the development of protocols for achieving central venous access, and management of major TBI.Conclusion: the trauma registry provides a clear picture of the points to be improved in trauma patient care, however, there are specific peculiarities for implementing this tool in the Brazilian milieu.

Construction and validation of a surgical skills assessment tool for general surgery residency program

Objective: To develop and validate an instrument for measuring the acquisition of technical skills in conducting operations of increasing difficulty for use in General Surgery Residency (GSR) programs. Methods: we built a surgical skills assessment tool containing 11 operations in increasing levels of difficulty. For instrument validation we used the face validaity method. Through an electronic survey tool (Survey MonKey(r)) we sent a questionnaire to Full and Emeritus members of the Brazilian College of Surgeons - CBC - all bearers of the CBC Specialist Title. Results: Of the 307 questionnaires sent we received 100 responses. For the analysis of the data collected we used the Cronbach's alpha test. We observed that, in general, the overall alpha presented with values near or greater than 0.70, meaning good consistency to assess their points of interest. Conclusion: The evaluation instrument built was validated and can be used as a method of assessment of technical skill acquisition in the General Surgery Residency programs in Brazil.

Electrical Machine Product Development; Transmission to Lean Approach

The requirements set by the market for electrical machines become increasingly demanding requiring more sophisticated technological solutions. Companies producing electrical ma-chines are challenged to develop machines that provide competitive edge for the customer for example through increased efficiency, reliability or some customer specific special requirement. The objective of this thesis is to derive a proposal for the first steps to transform the electrical machine product development process of a manufacturing company towards lean product development. The current product development process in the company is presented together with the processes of four other companies interviewed for the thesis. On the basis of current processes of the electrical machine industry and the related literature, a generalized electrical machine product development process is derived. The management isms and –tools utilized by the companies are analyzed. Adoption of lean Pull-Event –reviews, Oobeya –management and Knowledge based product development are suggested as the initial steps of implementing lean product development paradigm in the manufacturing company. Proposals for refining the cur-rent product development process and increasing the stakeholder involvement in the development projects are made. Lean product development is finding its way to Finnish electrical machine industry, but the results will be available only after the methods have been implemented and adopted by the companies. There is some enthusiasm about the benefits of lean approach and if executed successfully it will provide competitive edge for the Finnish electrical machine industry.

Pumping system optimization tool

Pumping systems account for over 20 % of all electricity consumption in European industry. Optimization and correct design of such systems is important and there is a reasonable amount of unrealized energy saving potential in old pumping systems. The energy efficiency and therefore also the energy consumption of a pumping system heavily depends on the correct dimensioning and selection of devices. In this work, a graphical optimization tool for pumping systems is developed in Matlab programming language. The tool selects optimal pump, electrical motor and frequency converter for existing pumping process and calculates the life cycle costs of the whole system. The tool could be used as an aid when choosing the machinery and to analyze the energy consumption of existing systems. Results given by the tool are compared to the results of laboratory tests. The selection of pump and motor works reasonably well, but the frequency converter selection still needs development

Sheep production as a Senecio spp. control tool

Since poisoning by Senecio spp. is one of the main causes of cattle death in southern Brazil, control of these plants is a priority for the local livestock production. After the pasture has been mowed, grazing by 16 sheep was efficient for controlling Senecio brasiliensis and Senecio madagascariensis populations in a 5.5-hectare area that had long been severely infested with these species. A total of 28,629 plants among S. brasiliensis (flower-of-souls, 10,122) and S.madagascariensis (fireweed, 18,507) were almost completely eliminated in a two-year period. The number of sheep was kept at 3.0 stock units/ha, but a variable number of cattle were temporarily stocked according to pasture availability. The major sanitary practice applied to the sheep was anthelmintic administration. Liver biopsies taken from sheep and cattle before and after experimental period didn't reveal any change associable with seneciosis. The performance levels of the sheep were comparable to those observed in flocks managed under traditional extensive grazing systems in southern Brazil.

Energy Efficiency of a Diesel-Electric MobileWorking Machine

The power demand of many mobile working machines such as mine loaders, straddle carriers and harvesters varies significantly during operation, and typically, the average power demand of a working machine is considerably lower than the demand for maximum power. Consequently, for most of the time, the diesel engine of a working machine operates at a poor efficiency far from its optimum efficiency range. However, the energy efficiency of dieseldriven working machines can be improved by electric hybridization. This way, the diesel engine can be dimensioned to operate within its optimum efficiency range, and the electric drive with its energy storages responds to changes in machine loading. A hybrid working machine can be implemented in many ways either as a parallel hybrid, a series hybrid or a combination of these two. The energy efficiency of hybrid working machines can be further enhanced by energy recovery and reuse. This doctoral thesis introduces the component models required in the simulation model of a working machine. Component efficiency maps are applied to the modelling; the efficiency maps for electrical machines are determined analytically in the whole torque–rotational speed plane based on the electricalmachine parameters. Furthermore, the thesis provides simulation models for parallel, series and parallel-series hybrid working machines. With these simulation models, the energy consumption of the working machine can be analysed. In addition, the hybridization process is introduced and described. The thesis provides a case example of the hybridization and dimensioning process of a working machine, starting from the work cycle of the machine. The selection and dimensioning of the hybrid system have a significant impact on the energy consumption of a hybrid working machine. The thesis compares the energy consumption of a working machine implemented by three different hybrid systems (parallel, series and parallel-series) and with different component dimensions. The payback time of a hybrid working machine and the energy storage lifetime are also estimated in the study.

Storytelling as a branding tool in social media

Tutkimuksen tavoitteena on kuvailla tarinankerrontaa brändin rakennuksen välineenä, ja selvittää mitkä ovat tarinankerronnan erityispiirteet sosiaalisessa mediassa. Aikaisempien teorioiden ja julkaisujen avulla kootaan viitekehys joka osoittaa käsitteiden vaikutukset toisiinsa. Tutkimus osoittaa tarinankerronnan vaikuttavan vahvistavasti kaikkiin brändipääoman ulottuvuuksiin, lähinnä tunteita herättävien ja muistettavuutta lisäävien ominaisuuksiensa ansiosta. Empiirisessä osiossa selvitetään laadullisen sisällönanalyysin keinoin kuinka yleistä brändien tarinankerronta tällä hetkellä on, ja kuvaillaan millaisia tarinoita yritykset kertovat. Aineisto koostuu sadan suosituimman brändin Facebookissa jakamista videomuotoisista tarinoista. Tutkimus osoitti, että brändien tarinankerronta sosiaalisessa mediassa on toistaiseksi melko vähäistä. Tarinat voidaan luokitella kirjallisuudesta tuttujen tarinatyyppien mukaisesti. Suurin osa brändien esittämistä tarinoista pyrkii synnyttämään yleisössä ihailun ja nostalgian tunteita, mutta useat tarinat myös sisältävät humoristisia piirteitä.