Abstract: In this paper we present a classification of the various technologies applied for the solution of the portfolio selection problem according to the discipline and the methodological framework followed. We provide a concise presentation of the emerged categories and we are trying to identify which methods considered obsolete and which lie at the heart of the debate. On top of that, we provide a comparative study of the different technologies applied for efficient portfolio construction and we suggest potential paths for future work that lie at the intersection of the presented techniques.
Abstract: Over the years, there is a growing trend towards
quality-based specifications in highway construction. In many
Quality Control/Quality Assurance (QC/QA) specifications, the
contractor is primarily responsible for quality control of the process,
whereas the highway agency is responsible for testing the acceptance
of the product. A cooperative investigation was conducted in Illinois
over several years to develop a prototype End-Result Specification
(ERS) for asphalt pavement construction. The final characteristics of
the product are stipulated in the ERS and the contractor is given
considerable freedom in achieving those characteristics. The risk for
the contractor or agency depends on how the acceptance limits and
processes are specified. Stochastic simulation models are very useful
in estimating and analyzing payment risk in ERS systems and these
form an integral part of the Illinois-s prototype ERS system. This
paper describes the development of an innovative methodology to
estimate the variability components in in-situ density, air voids and
asphalt content data from ERS projects. The information gained from
this would be crucial in simulating these ERS projects for estimation
and analysis of payment risks associated with asphalt pavement
construction. However, these methods require at least two parties to
conduct tests on all the split samples obtained according to the
sampling scheme prescribed in present ERS implemented in Illinois.