Generic Market Models

Currently, there are two market models for valuation and risk management of interest rate derivatives, the LIBOR and swap market models. In this paper, we introduce arbitrage-free constant maturity swap (CMS) market models and generic market models featuring forward rates that span periods other than the classical LIBOR and swap periods. We develop generic expressions for the drift terms occurring in the stochastic differential equation driving the forward rates under a single pricing measure. The generic market model is particularly apt for pricing of Bermudan CMS swaptions, fixed-maturity Bermudan swaptions, and callable hybrid coupon swaps.market model, generic market models, generic drift terms, hybrid products, BGM model

Assessment of Generic Skills through an Organizational Learning Process Model

This contribution has been published in this repository with the permission of the publisher. This contribution was presented in WEBIST 2018 (http://www.webist.org/?y=2018) and has been published by SCITEPRESS in http://www.scitepress.org/PublicationsDetail.aspx?ID=y9Yt0eHt02o=&.The performance in generic skills is increasingly important for organizations to succeed in the current competitive environment. However, assessing the level of performance in generic skills of the members of an organization is a challenging task, subject to both subjectivity and scalability issues. Organizations usually lay their organizational learning processes on a Knowledge Management System (KMS). This work presents a process model to support managers of KMSs in the assessment of their individuals’ generic skills. The process model was deployed through an extended version of a learning management system. It was connected with different information system tools specifically developed to enrich its features. A case study with Computer Science final-year students working in a software system was conducted following an authentic learning approach, showing promising results.Visaigle Project (grant TIN2017-85797-R)

A Cognitive Model of an Epistemic Community: Mapping the Dynamics of Shallow Lake Ecosystems

We used fuzzy cognitive mapping (FCM) to develop a generic shallow lake ecosystem model by augmenting the individual cognitive maps drawn by 8 scientists working in the area of shallow lake ecology. We calculated graph theoretical indices of the individual cognitive maps and the collective cognitive map produced by augmentation. The graph theoretical indices revealed internal cycles showing non-linear dynamics in the shallow lake ecosystem. The ecological processes were organized democratically without a top-down hierarchical structure. The steady state condition of the generic model was a characteristic turbid shallow lake ecosystem since there were no dynamic environmental changes that could cause shifts between a turbid and a clearwater state, and the generic model indicated that only a dynamic disturbance regime could maintain the clearwater state. The model developed herein captured the empirical behavior of shallow lakes, and contained the basic model of the Alternative Stable States Theory. In addition, our model expanded the basic model by quantifying the relative effects of connections and by extending it. In our expanded model we ran 4 simulations: harvesting submerged plants, nutrient reduction, fish removal without nutrient reduction, and biomanipulation. Only biomanipulation, which included fish removal and nutrient reduction, had the potential to shift the turbid state into clearwater state. The structure and relationships in the generic model as well as the outcomes of the management simulations were supported by actual field studies in shallow lake ecosystems. Thus, fuzzy cognitive mapping methodology enabled us to understand the complex structure of shallow lake ecosystems as a whole and obtain a valid generic model based on tacit knowledge of experts in the field.Comment: 24 pages, 5 Figure

Integrated sustainability management for organizations

Purpose – The purpose of this paper is to propose the Viable System Model (VSM) as an effective model to base the analysis of organizational sustainability (long-term viability). It is specifically proposed as a model to integrate the various sustainability tools, and as the basis for designing a unified Sustainability Management System. Design/methodology/approach – The VSM is used as an organizational model to examine three prominent sustainability standards: ISO 26000, ISO 14001 and ISO 14044. A generic manufacturing company is used as a template; and its typical business processes are related to each of the VSM’s components. Each clause of the three sustainability standards is then mapped on to the VSM model. These three models are integrated into one, by analysing the differences, similarities and complementarities in the context of each VSM component, and by identifying common invariant functions. Findings – In all, 12 generic sustainability functions are identified. ISO 26000 has the widest scope; ISO 14001 is focused primarily on internal measurement and control (System 3), while ISO 14044 is a complex performance indicator at the System 3 level. There is a general absence of System 2. Each standard can be regarded as a distinct management layer, which needs to be integrated with the Business Management layer. Research limitations/implications – Further research is needed to explore the specifics of integration. Practical implications – This integration should not be based on creating distinct roles for each management layer. Originality/value – The paper uses the insights of organizational cybernetics to examine prominent sustainability standards and advance sustainability management at the business level

Generic crowdsourcing model for holistic innovation management

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A generic competency framework for entry level construction managers in Malaysia / Haryanti Mohd Affandi

The changes in industry needs have further highlighted the problems of incompetence entry level construction managers and brought significant changes in construction management education. Moreover, culmination from the issues faced in the entry level construction management, it suggests that there is problem relating to the mismatch of generic competency in entry level construction management. The mismatch of generic competency appears when there are changes in industry requirements added with education provision in developing construction management students’ generic competency. Furthermore, there’s an absence of strategic framework for Malaysian entry level construction managers. The aim of this research is to address part of the problem in construction management generic competency education and construction industry by suggesting an improved generic competency framework of entry level construction managers in Malaysia. This study adopts a mixed method approaches and results from questionnaire survey and interviews which highlight the major issues. Sequential explanatory model are chosen in determining the mismatch. In developing the generic competency framework, this study adapts and improves Spencer & Spencer (1993) competency development model

The Data Management Skills Support Initiative: synthesising postgraduate training in research data management

<p>This paper will describe the efforts and findings of the JISC Data Management Skills Support Initiative (‘DaMSSI’). DaMSSI was co-funded by the JISC Managing Research Data programme and the Research Information Network (RIN), in partnership with the Digital Curation Centre, to review, synthesise and augment the training offerings of the JISC Research Data Management Training Materials (‘RDMTrain’) projects.</p> <p>DaMSSI tested the effectiveness of the Society of College, National and University Libraries’ Seven Pillars of Information Literacy model (SCONUL, 2011), and Vitae’s Researcher Development Framework (‘Vitae RDF’) for consistently describing research data management (‘RDM’) skills and skills development paths in UK HEI postgraduate courses.</p> <p>With the collaboration of the RDMTrain projects, we mapped individual course modules to these two models and identified basic generic data management skills alongside discipline-specific requirements. A synthesis of the training outputs of the projects was then carried out, which further investigated the generic versus discipline-specific considerations and other successful approaches to training that had been identified as a result of the projects’ work. In addition we produced a series of career profiles to help illustrate the fact that data management is an essential component – in obvious and not-so-obvious ways – of a wide range of professions.</p> <p>We found that both models had potential for consistently and coherently describing data management skills training and embedding this within broader institutional postgraduate curricula. However, we feel that additional discipline-specific references to data management skills could also be beneficial for effective use of these models. Our synthesis work identified that the majority of core skills were generic across disciplines at the postgraduate level, with the discipline-specific approach showing its value in engaging the audience and providing context for the generic principles.</p> <p>Findings were fed back to SCONUL and Vitae to help in the refinement of their respective models, and we are working with a number of other projects, such as the DCC and the EC-funded Digital Curator Vocational Education Europe (DigCurV2) initiative, to investigate ways to take forward the training profiling work we have begun.</p&gt

Do business games foster skills? A cross-cultural study from learners’ views

Purpose: This study seeks to analyse students’ perception of the effectiveness of business games as an e-learning method in management training. This analysis of games’ effectiveness is centred in the generic and managerial skills acquired, through the comparison of students’ opinions in different cultural contexts within Europe. Design/methodology: The analysis focuses on 120 management students at postgraduate level who use the same business game at different universities in five European countries: Spain, Ireland, Portugal, Italy and Germany. Findings: The results indicate that students positively assessed the generic and specific managerial skills fostered by the business game. The generic skills most valued were information and decision-making, and leadership. Regarding the specific skills, the most valued were management skills and the least valued, skills related to planning and the acquisition of theoretical knowledge. However, significant differences were found between students in different cultural contexts and education systems in the case of certain specific managerial skills. Practical implications: This finding suggests that the students’ perception of how a business game helps them acquire specific managerial skills is influenced by cultural aspects and previous exposure to experiential learning, which determine that the teachers’ role and the teaching process should be adapted to the students’ learning model. Originality/value: With this study, a better knowledge about the students’ perception of this e-learning method is obtained, not just considering a specific educational environment, but comparing opinions of students from different cultural contexts, which adds value to the analyses developed.Peer Reviewe