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Selection of investment options using the methods of decision theory
Pražák, Petr ; Borovička, Adam (advisor) ; Kobzareva, Maria (referee)
The diploma thesis deals with financial planning using the multi-criteria methods for evaluation of alternatives. The theoretical part of this work includes basic phrases of multicriteria decision making, there are concretely described the methods with the cardinal information and methods of calculation of the criteria weights. There are also exactly written the procedures how to realize mortgage loans. The reader is informed with problems of target programming and basic financial and insurance patterns. The core of this thesis is chapter four. The beginning of the fourth chapter is focused on the selection of appropriate criteria and the assignment of their weights. Most calculations are made with help of the Sanna MS Excel add-in application. Finally the author formed the financial portfolio by using software Lingo. There are established two investment options and these options are compared. The main objective of this thesis is to compare which of these two chosen options is more profitable in the long run.
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Use of simulation model for the estimates of auction house’s revenues
Ondráčková, Kristýna ; Kuncová, Martina (advisor) ; Borovička, Adam (referee)
The auction is a form of trading, which is becoming more popular in recent years. For English auction the typical object intended for trading is art or antique etc. Auction houses require the most accurate estimates of total sales for each auction because of their economic activity. These estimates are constructed, but the only information that is available is starting price of auctioned objects (paintings). Two methods have been proposed for purpose of this estimation. They are conducted in the application Crystal Ball. Selling prices of the objects are generated in the first method and total sales are estimated with the help of application assignment problem. The second method consists in the simple sum of generated selling prices. The cornerstone of these methods is the distribution from which a coefficient is generated that sets increase of the starting prices to selling prices. The first part of practical application is dedicated to estimating parameters of this distribution. In the second part, total revenues are estimated using both methods. In conclusion there is the assessment of the suitability for both methods and estimated distributions. Method that provides the most accurate estimate of total sales for auction house is determined there also.
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Multi-criteria decision making in collective investment
Budáčová, Andrea ; Borovička, Adam (advisor) ; Kuncová, Martina (referee)
The aim of this paper is the application of the multi criteria decision making theory in collective investment. The theoretical part of paper describes the financial and capital market, collective investment and its history, association for capital market AKAT, multi-criteria decision making methods and basic portfolio theory. The practical application of the theory is application of multi criteria decision making methods to real data in two phases: the effective alternatives selection and multiple objective programming portfolio selection for different investor types.
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Vehicle routing problem with heterogeneous fleet
Künzelová, Barbora ; Pelikán, Jan (advisor) ; Borovička, Adam (referee)
The master's thesis deals with the new modification of vehicle routing problem -- 3PL vehicle routing problem with heterogeneous fleet and split delivery. In addition to classical vehicle routing problem, we consider a heterogeneous suppliers fleet and also external carrier, which charges a fixed value per unit of transported goods. The reader is first introduces to vehicle routing problem, its history and possible solutions. Furthermore, the reader is acquainted with logistics and logistics providers. In the main part of this thesis is described 3PL vehicle routing problem and its mathematical model. At first we try to get optimal solution via CPLEX solver. But since this is an NP-hard task, heuristic method is proposed (in two variants) for solving this problem. The heuristic is then tested on the selected test tasks. Results obtained using the proposed heuristics are compared with the optimal solution. Even larger problems are then solved using this heuristics. In the end other modifications and possible improvements of this heuristic method are proposed.
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Choice of an insurance product with the demand function
Dojčar, Martin ; Dlouhý, Martin (advisor) ; Borovička, Adam (referee)
Each czech crown is important for the budget of every household, particularly in the times of crisis. Saving can be achieved by selecting an appropriate insurance product, which is also the concern of this thesis. Because there exists a plenty of insurance companies on the czech market and majority of them offers several insurance products for each kind of insurance, it is not simple to choose the optimal product. On top of that, these insurance products differ not only in their price, but in various properties and additional insurance as well, which makes the task even more difficult. The most suitable insurance product can be found with multiple-criteria decision making, that was amended by the demand function in this thesis. The goal of the demand function is to advise those interested in the insurance whether they should or should not be insured under given circumstances. The thesis is designed so that it could be used for decisions of anybody interested in insurance on any insurance product.
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Methods of Project management applied on a real project
Dubnová, Jindřiška ; Borovička, Adam (advisor) ; Melechovský, Jan (referee)
This bachelor's dissertation topic is project management. In the theoretical part there are described basic terms and methods of project management which are applied on already realized project Regeneration of the suburban recreational forest in the location Střelnice in Nová Paka. In the practical part we use these methods to analyse the project mainly from the point of possible risks and help a project team to organise facts about the project in a well arranged way. Lastly the project is planned using MS Project which displays project in Gantt chart after entering relevant inputs.
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Portfolio optimization
Večeřa, Jakub ; Borovička, Adam (advisor) ; Fábry, Jan (referee)
Searching of an optimal portfolio -- a suitable diversification of funds among financial instruments is a problem that every investor faces. To find the ideal ratio of assets in an investment you must first choose a suitable theoretical model to represent a portfolio and help predict its future development. Model selection should depend on meeting of its assumptions in current situation. This paper uses Markowitz model and describes how to use the quadratic programming methods, Wolfe algorithm, to get a set of efficient portfolios, the subset of all portfolios from which every rational investor should choose. To generalize and enlarge the role of a set of portfolios, the mentioned procedure is apllied for solving the case of short sale.
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Investment decisions on the PSE
Kolaříková, Klára ; Borovička, Adam (advisor) ; Kuncová, Martina (referee)
This thesis deals with the investment decision on the Prague Stock Exchange (PSE) in the SPAD system (System to support the market shares and bonds). Introduction belongs to financial markets and important institution, which is a part of the financial market - stock exchange. We describe an environment of the Prague Stock Exchange (PSE), where are realize the investment decisions. An extensive section is devoted to the theory of decision making, specifically discrete models of multiple criteria decision making and continuous models of decision making, which includes linear programming and the special role of the target programming. In the practical part of thesis, all these methods are used for calculating the optimum composition of the portfolio for the investor. The target of the thesis is to determine the final composition of the portfolio investment recommendations, in order that an investor from the investment decision had the greatest benefit.
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Statistical analysis and verification of selected gold price determinants
Stolbov, Anatoly ; Borovička, Adam (advisor) ; Pelikán, Jan (referee)
As the title diligent, the aim of this paper is empirical analysis of the relationship between gold price and factors that may affect it. Analysis has included next expected determinants: inflation, inflation volatility, credit risk and the gold's beta coefficient. The study was based on monthly observations. As main instrument, the vector autoregressive models were chosen. Main points of analysis have been found out by Granger causality tests and impulse-response function. Dependence of the gold prices on inflation was proved at 1% significance level. Despite the theoretical expectations dependence is negative in short-run. Dependence of gold prices on USD exchange rate was proved at 10% significance level. Also, the positive dependence of gold price on USD depreciation was confirmed. The significance of other determinants hasn't been proven.
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Multi-criteria Evaluation of Stocks Traded in Terms of DJIA on NYSE
Zacharda, Patrik ; Borovička, Adam (advisor) ; Šindelářová, Irena (referee)
The subject of the bachelor paper is multiple criteria analysis of stock traded in the framework of Dow Jones Industrial Average (DJIA) index on New York Stock Exchange. The first part of theoretical passage deals with introduction of financial market focusing on stock markets. The second part is focused on describe the history and functioning of New York Stock Exchange and on introduction of DJIA index. The following part is devoted to the theoretical introduction of decision making theory and describing discrete methods in multiple criteria decision. The last part is about application of methods described in theoretical part to the specific shares belonging to DJIA index. The main goal of the paper represents a release of investment recommendation for a potential investor decided to insert his free financial resources into shares of DJIA index which are traded on New York Stock Exchange.
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