项目组合管理简介(英文版)(ppt 37页)

项目组合管理简介内容摘要：
The Emergence of Project Portfolio Management
1952, Modern Portfolio Theory (MPT), Harry Markowitz, Journal of Finance, Portfolio Selection
1990, Harry Markowitz shared Nobel Prize, dominant approach used to manage risk and return within financial markets
1981, F.Warren McFarian, Portfolio Approach to Information Systems, HBR, to employ a risk-based approach to the selection and management of IT projects.
1990s, a broader use of ideas of portfolio management
1998, John Thorp, The Information Paradox. Portfolio management was used to manage risk and maximize return along a number of dimensions.
Present, portfolio management as central elements of good investment management
The Role of Combining Securities
The point of diversification is to achieve a
given level of expected return while bearing the least possible risk.
A portfolio dominates all others
if no other equally risky portfolio has a higher expected return, or if no portfolio with the same expected return has less risk.
The Efficient Frontier vs Naive Diversification
Naive diversification is the random selection
of portfolio components without conducting any serious security analysis.
As portfolio size increases,
total portfolio risk, on average, declines. After a certain point, however, the marginal reduction in risk from the addition of another security is modest.
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