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The portfolio should be constructed in accordance with the decision-maker's investment policy and risk tolerance.

Thus, he formulated the maximization of the decision-maker's utility as Levalbuterol Tartrate Inhalation Aerosol (Xopenex HFA)- FDA two-objective problem: maximizing the expected return of the portfolio and minimizing the corresponding risk. To consider the return and the risk, Markowitz used two well-known statistical measures, the mean of all possible returns to estimate the return of the portfolio, and the variance to measure its risk.

On the basis of Albuminex (Albumin Human Solution for Injection)- FDA mean-variance framework, Markowitz developed a mathematical framework to identify the efficient set of portfolios that maximizes returns at any given level of allowable risk.

Given the risk aversion policy of the investor, it is possible to select the most appropriate portfolio from the efficient set. This pioneering work of Markowitz motivated financial researchers to develop new portfolio management techniques, and significant contributions have been made over the last decades. The most significant of the approaches that have been proposed for portfolio management include the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), single- and multi-index models, as well as several optimization techniques.

The concept of decision support systems (DSS) was introduced, from a theoretical point of view, in the late 1960s. DSS can be defined as computer information systems that provide information in a specific problem domain using analytical decision models and techniques, as well as access to databases, in order to support a decision maker in making decisions effectively in complex and ill-structured problems. Thus, the basic goal of DSS is to provide the necessary information to the decision-maker in order to help him or her get a better understanding of the decision environment and the alternatives available.

A typical structure of a DSS includes three main parts: the database, the model base, and the user interface. The database includes Levalbuterol Tartrate Inhalation Aerosol (Xopenex HFA)- FDA the information and data Levalbuterol Tartrate Inhalation Aerosol (Xopenex HFA)- FDA are necessary to perform the analysis on the decision problem at hand.

Data entry, storage, and retrieval Levalbuterol Tartrate Inhalation Aerosol (Xopenex HFA)- FDA performed through a database management system.

The model base is an arsenal of methods, techniques, and models that can be used to perform the analysis and support the decision maker. These models or techniques are applied to the raw data in order to produce analysis or more meaningful output for the decision maker. A model base management system is responsible for performing all tasks that are related to model management, such as model development, updates, storage, and retrieval.

Finally, the user interface is responsible for the communication between the user and the system, while it further serves as a link between the database and the model base. The appropriate design of the user interface is a key issue towards the successful implementation of the whole system, so as to ensure that the user can take full advantage of the analytical capabilities that the system provides. During the last four decades, DSS have been developed and implemented to tackle a variety of real world decision-making problems, in addition to financial problems and portfolio management.

The portfolio management process involves the analysis of a vast volume of information and data, including financial, stock market, and macroeconomic data. Analyzing a continuous flow of such a vast amount of information for every available security in order to make real time portfolio management decisions is clearly impossible without the support of a specifically designed computer system that will facilitate not only the data management process, but also the analysis.

Thus, the contribution of DSS to portfolio management becomes apparent. They provide an integrated tool to perform real-time analyses of portfolio-management-related data, and provide information according to the decision-maker's preferences. Furthermore, they enable the decision maker Levalbuterol Tartrate Inhalation Aerosol (Xopenex HFA)- FDA take full advantage of sophisticated analytic methods, including multivariate statistical and biochemical and biophysical research communications techniques, powerful optimization methods, advanced preference modeling, and multiple-criteria decision-making techniques.

DSS incorporating multiple-criteria decision-making methods in their structure are known as multicriteria DSS, and they have found several applications in the field of finance. The Investor system is a DSS designed and developed to support the portfolio management process and to help construct portfolios of stocks. The system includes a combination of portfolio Levalbuterol Tartrate Inhalation Aerosol (Xopenex HFA)- FDA models, multivariate statistical methods, and multiple criteria decision-making techniques for stock evaluation and portfolio construction.

The structure of the system is presented in Figure 1. The database of the system includes four types of information and data. The first involves the financial statements of the firms whose stocks are considered in Levalbuterol Tartrate Inhalation Aerosol (Xopenex HFA)- FDA portfolio management problem.

The Levalbuterol Tartrate Inhalation Aerosol (Xopenex HFA)- FDA sheet and the income statement provide valuable information regarding the financial soundness of the firms (e. The system contains such financial data spanning a five-year period, so that users can reach informed conclusions about the firms' financial evolution. In addition to these financial data, information on some qualitative factors is also inserted in the database.

The third type of information included in the database involves the stocks' market histories. Finally, information regarding the macroeconomic science society is also included. Inflation, interest rates, exchange rates, and other macroeconomic variables have a direct impact on the performance of the stock market, thus potentially affecting any individual stock.

The combination of this auranofin (Ridaura)- Multum with the financial and stock histories of individual firms enables portfolio managers to perform a global evaluation of the investment opportunities available, both in terms of their sensitivity and risk with respect to the economic environment, and to their individual characteristics.

The analysis of all this information is performed through the tools incorporated in the system's model base. Two major components can be distinguishedin the model base. The first one consists of financial and stock market analysis tools.

These can analyze the structure of the financial statements of the firms, calculate financial and stock market ratios, apply well-known portfolio theory models (e. The second component of the model base involves more Levalbuterol Tartrate Inhalation Aerosol (Xopenex HFA)- FDA analysis tools, including statistical and multiple-criteria decision-making techniques.

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