Electronic Computers – The Challenge to Management

The potentialities of computers have not been fully exploited in the U.S. because management has underestimated the task of putting them to proper use. Management has believed that computers themselves are automation. But automation places a premium on good management. Without careful management planning, business resources are wasted in terms of managerial and technical time and abilities. Since computers are capable of handling many tasks simultaneously, it is only by casting aside the departmental concept and substituting the integrated systems approach that the true value of these machines begins to be appreciated. Automatic data processing provides for the tighter control that is important in competitive markets. The key to the whole problem of putting automation to work is education of personnel. Knowledge of equipment and techniques is not enough. Automation, by permitting handling of many jobs simultaneously, is in direct conflict with the concept of division of labor. The businessman, faced with wholesale reorganization of work, must train more basically and broadly. Current training for this field is largely dependent upon specialized courses offered by the manufactures of computers. The responsibility for training these people is largely that of private business, and it is a larger task than most managers realize. If a businessman is to feel confident that his company’s data processing is not just a gamble, he must accept this new challenge to management. Reprint of a paper from elektronische datenverarbeitung 1(1)1959:20–23

Unmanned Aerial Vehicle Black Box

This project created a stand-alone unit capable of providing on-board sensing and processing for robotic vehicles. This unit was designed to be compact, lightweight, inexpensive, and adaptable. The goal of this project is to help advance robotics research in mapping and multi-agent coordination by making it easier to equip vehicles to perform mapping and localization functions. Software integration for the sensing components was accomplished using the LSD-SLAM (Simultaneous Localization and Mapping) Package in ROS (Robot Operating System) and localization testing was done to verify functionality. Key Words: UAV, Robotics, Mapping, Localization, SLAM, Sensing, Processin

Modeling Liquidity Risk With Implications for Traditional Market Risk Measurement and Management

Market risk management traditionally has focussed on the distribution of portfolio value changes resulting from moves in the midpoint of bid and ask prices. Hence the market risk is really in a “pure” form: risk in an idealized market with no “friction” in obtaining the fair price. However, many markets possess an additional liquidity component that arises from a trader not realizing the mid-price when liquidating her position, but rather the mid-price minus the bid-ask spread. We argue that liquidity risk associated with the uncertainty of the spread, particularly for thinly traded or emerging market securities under adverse market conditions, is an important part of overall risk and is therefore an important component to model. We develop a simple liquidity risk methodology that can be easily and seamlessly integrated into standard value-at-risk models, and we show that ignoring the liquidity effect can produce underestimates of market risk in emerging markets by as much as 25-30%. Furthermore, we show that the BIS inadvertently is already monitoring liquidity risk, and that by not modeling it explicitly and therefore capitalizing against it, banks will be experiencing surprisingly many violations of capital requirements, particularly if their portfolios are concentrated in emerging markets

An empirical investigation of the relationship between the real economy and stock returns for the United States

This is the post-print version of the final paper published in the Journal of Policy Modeling. The published article is available from the link below. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. Copyright @ 2009 Elsevier B.V.US asset prices are modelled in the short- and long-run with the use of a seemingly unrelated system using monthly data over the time period, 1983–2004. Once the shocks of 1987, 1997 and post-“9·11” have been accounted for, then volatility only affects the consumption and inflation equations. In the long run excess returns and inflation are driven by consumption growth. Money growth impacts excess returns and inflation via consumption. Income is super exogenous implying that policy can be made conditional on this variable and that in the long run investors are primarily concerned with income growth

Pitfalls and Opportunities in the Use of Extreme Value Theory in Risk Management

Recent literature has trumpeted the claim that extreme value theory (EVT) holds promise for accurate estimation of extreme quantiles and tail probabilities of financial asset returns, and hence hold promise for advances in the management of extreme financial risks. Our view, based on a disinterested assessment of EVT from the vantage point of financial risk management, is that the recent optimism is partly appropriate but also partly exaggerated, and that at any rate much of the potential of EVT remains latent. We substantiate this claim by sketching a number of pitfalls associate with use of EVT techniques. More constructively, we show how certain of the pitfalls can be avoided, and we sketch a number of explicit research directions that will help the potential of EVT to be realized

Regionalizing Government in Maine: Opportunities for the Future

In keeping with his promise to make government work better for the people of Maine, Governor Angus King commissioned the Task Force on Regional Options for Better Government. The Governor charged the task force with recommending some alternative regional arrangements for the delivery of government services currently provided by state or local government. The task force evaluated three services in which regionalism offered some advantages: economic development; demand response transportation; and municipal management information systems

Active deformation and shallow structure of the Wagner, Consag, and Delfín Basins, northern Gulf of California, Mexico

Oblique rifting began synchronously along the length of the Gulf of California at 6 Ma, yet there is no evidence for the existence of oceanic crust or a spreading transform fault system in the northern Gulf. Instead, multichannel seismic data show a broad shallow depression, ∼70 × 200 km, marked by active distributed deformation and six ∼10-km-wide segmented basins lacking well-defined transform faults. We present detailed images of faulting and magmatism based on the high resolution and quality of these data. The northern Gulf crust contains a dense (up to 18 faults in 5 km) complex network of mainly oblique-normal faults, with small offsets, dips of 60–80° and strikes of N-N30°E. Faults with seafloor offsets of tens of meters bound the Lower and two Upper Delfín Basins. These subparallel basins developed along splays from a transtensional zone at the NW end of the Ballenas Transform Fault. Twelve volcanic knolls were identified and are associated with the strands or horsetails from this zone. A structural connection between the two Upper Delfín Basins is evident in the switching of the center of extension along axis. Sonobuoy refraction data suggest that the basement consists of mixed igneous sedimentary material, atypical of mid-ocean ridges. On the basis of the near-surface manifestations of active faulting and magmatism, seafloor spreading will likely first occur in the Lower Delfín Basin. We suggest the transition to seafloor spreading is delayed by the lack of strain-partitioned and focused deformation as a consequence of shear in a broad zone beneath a thick sediment cover