PORTFOLIO MODELING IN MULTIPLE-CRITERIA SITUATIONS UNDER UNCERTAINTY

There have been many models for portfolio selection, but most do not explicitly include uncertainty and multiple objectives. This paper presents an approach that includes these aspects using a form of stochastic integer programming with recourse. The method involves the use of a time-based decision tree structure called a “project tree.” Using this basic format, an illustrative six-project example is presented and analyzed. Various forms of objectives are discussed, ranging from the maximization of expected portfolio value to the maximization of the minimum weighted portfolio deviation from two goals. In each case, formulated numerical problems are given, and the solutions derived are presented. The approach is shown to be very flexible and capable of handling a variety of situations and objectives.     

A MULTIATTRIBUTE DECISION-MAKING APPROACH TO THE SELECTION OF AN AUXILIARY DEVICE FOR ICEBREAKERS*

This paper describes the use of multiattribute decision making by the U.S. Coast Guard when choosing the most appropriate auxiliary device to use on an icebreaker. Five different missions of icebreakers are defined, and the objectives and attributes that describe the effectiveness of each auxiliary device in accomplishing these missions are established. For each geographical area of interest, the missions are weighted using the analytical hierarchy process. Also, group utilities are developed for attribute vectors in order to incorporate the judgments of different icebreaker operators.     

Progress of the social service professions in South Africa's developmental social welfare system: Social work,and child and youth care work

This paper examines the progress of the social service professions delivering developmental social welfare in South Africa, a subject we have followed closely over the last 20 years. Being policy-driven, developmental social welfare stemmed from expert social analyses that resulted in technically oriented solutions, including the broadening of social service professions. Twenty years on, it is hard to see developmental social welfare, as envisaged in government policy, in action, since the practice reality does not differ drastically from the prior apartheid system with the government's heavy reliance on social security as a poverty-alleviation measure. The expanded social security budget has led to underfunded services and a crisis for social service professionals. This paper focuses on the regulated professions of social workers, and child and youth care workers. Our examination of critical issues for these occupational groups revealed that South Africa still has a long way to go in building a strong social service workforce.