项目管理者联盟

TalentAllianzManagement&TechnologyCo.Ltd.翰联世纪企业管理技术(北京)有限公司项目管理者联盟,MYPM.NET无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台ContentEmergenceofProjectPortfolioManagement(PPM)PortfolioManagementinFinancialMarketOverviewofPPMPPM,ProcessandTechniques无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台TheEmergenceofProjectPortfolioManagement1952,ModernPortfolioTheory(MPT),HarryMarkowitz,JournalofFinance,PortfolioSelection1990,HarryMarkowitzsharedNobelPrize,dominantapproachusedtomanageriskandreturnwithinfinancialmarkets1981,F.WarrenMcFarian,PortfolioApproachtoInformationSystems,HBR,toemployarisk-basedapproachtotheselectionandmanagementofITprojects.1990s,abroaderuseofideasofportfoliomanagement1998,JohnThorp,TheInformationParadox.Portfoliomanagementwasusedtomanageriskandmaximizereturnalonganumberofdimensions.Present,portfoliomanagementascentralelementsofgoodinvestmentmanagement无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台PortfolioManagement,theoverallpictureFocus(StrategicPlanning)Source:PMSolutions,PortfolioManagement,DianneBridgesSelect(PortfolioManagement)Manage(ProjectManagement)无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台ContentEmergenceofProjectPortfolioManagement(PPM)PortfolioManagementinFinancialMarketOverviewofPPMPPM,ProcessandTechniques无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台TheOldPhilosophyaboutPortfolioDon’tputallyoureggsinonebasket.Riskaversionseemstobeaninstinctivetraitinhumanbeings.无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台ReturnandRiskinFinancialMarketexpectedreturnstandarddeviation(%)capitalappreciationgrowthofincome06121824303620181614121086420incomeinflationT-billsintermediate-termgovernmentbondslong-termgovernmentbondslong-termcorporatebondslargecompanystockssmallcompanystocksstabilityofprincipal无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台ixRExREiniiiportfoliosecurityininvestedproportionthewhere1TheRoleofCombiningSecuritiesTheexpectedreturnofaportfolioisaweightedaverageofthecomponentexpectedreturns.TheRoleofCombiningSecurities10baabbabbaapxxxx222222baiixabiipandbetweentcoefficienncorrelatiostockofdeviationstandardstockininvestedportfolioofproportionvarianceportfoliowhere2two-securityportfoliorisk=riskA+riskB+interactiveriskniix11,Thetotalriskofaportfoliocomesfromthevarianceofthecomponentsandfromtherelationshipsamongthecomponents.无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台TheRoleofCombiningSecuritiesexpectedreturnriskbetterperformanceAportfoliodominatesallothersifnootherequallyriskyportfoliohasahigherexpectedreturn,orifnoportfoliowiththesameexpectedreturnhaslessrisk.Thepointofdiversificationistoachieveagivenlevelofexpectedreturnwhilebearingtheleastpossiblerisk.无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台TheEfficientFrontier:OptimumDiversificationofRiskyAssetsexpectedreturnrisk(standarddeviationofreturns)impossibleportfoliosdominatedportfoliosefficientfrontierTheoptimalcombinationsresultinlowestlevelofriskforagivenreturnTheoptimaltrade-offisdescribedastheefficientfrontier无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台TheEfficientFrontiervsNaiveDiversificationAsportfoliosizeincreases,totalportfoliorisk,onaverage,declines.Afteracertainpoint,however,themarginalreductioninriskfromtheadditionofanothersecurityismodest.totalriskNon-diversifiablerisknumberofsecuritiesNaivediversificationistherandomselectionofportfoliocomponentswithoutconductinganyserioussecurityanalysis.无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台RiskReductionwithDiversificationNumberofSecuritiesSt.DeviationMarketRiskUniqueRisk无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台Marketorsystematicrisk:riskrelatedtothemacroeconomicfactorormarketindexUnsystematicorfirmspecificrisk:risknotrelatedtothemacrofactorormarketindexTotalrisk=Systematic+UnsystematicComponentsofRisk无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台Two-SecurityPortfolioswithDifferentCorrelations=113%%8E(r)St.Dev12%20%=.3=-1=-1无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台Relationshipdependsoncorrelationcoefficient-1.0+1.0Thesmallerthecorrelation,thegreatertheriskreductionpotentialIf=+1.0,noriskreductionispossiblePortfolioRisk/Return,CorrelationEffects无忧资源：中国最大最全的资源下载网教育新天地：中国最大的学习培训咨询平台StructuringaPortfolio:AssetAllocationattitudetowardriskneedforreturnrealizedreturnandriskwiththepassageoftimestocksbondsrealestatecashforeignequitiesPortfolioASSETCLASSESindividualchoiceassetclassmixinvestmentresults无忧资源：中国最大最全的资源下载网教育新天