Search results for: Quadratic objective function.

Authors: G. Erkomaishvili

Abstract:

This paper discusses small entrepreneurship development strategy in Georgia and the tools and regulations that will encourage development of small entrepreneurship. The current situation in the small entrepreneurship sector, as well as factors affecting growth and decline in the sector and the priorities of state support, are studied and analyzed. The objective of this research is to assess the current situation of the sector to highlight opportunities and reveal the gaps. State support of small entrepreneurship should become a key priority in the country’s economic policy, as development of the sector will ensure social, economic and political stability. Based on the research, a small entrepreneurship development strategy is presented; corresponding conclusions are made and recommendations are developed.

Keywords: Economic policy for small entrepreneurship development, small entrepreneurship, regulations, small entrepreneurship development strategy.

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Authors: Sivapan Choo-In

Abstract:

The main objective of this study was to investigate particulate matter concentration on main and secondary roadsides in urban area and study the concentration of some heavy metals including lead (Pb), zinc (Zn), copper (Cu) and cadmium (Cd) in particulate matter in the Bangkok area.     

  The averaged particle concentration for main roadsides is higher than secondary roadsides. The particulate matter less than 10 micron concentration contribute the majority of the Total Suspended Particulate matter for main roads and zinc concentrations were higher than copper and lead for both sites.

Keywords: Air Pollution, Air Quality, Pollution and monitoring.

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Authors: Aritra Acharyya, Moumita Mukherjee, J. P. Banerjee

Abstract:

A generalized method for small-signal simulation of avalanche noise in Mixed Tunneling Avalanche Transit Time (MITATT) device is presented in this paper where the effect of series resistance is taken into account. The method is applied to a millimeter-wave Double Drift Region (DDR) MITATT device based on Silicon to obtain noise spectral density and noise measure as a function of frequency for different values of series resistance. It is found that noise measure of the device at the operating frequency (122 GHz) with input power density of 1010 Watt/m2 is about 35 dB for hypothetical parasitic series resistance of zero ohm (estimated junction temperature = 500 K). Results show that the noise measure increases as the value of parasitic resistance increases.

Keywords: Noise Analysis, Silicon MITATT, Admittancecharacteristics, Noise spectral density.

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Authors: Fatanah M. Suhaimi, J. Geoffrey Chase, Christopher G. Pretty, Rodney Elliott, Geoffrey M. Shaw

Abstract:

Microcirculatory dysfunction is very common in sepsis and may results in organ failure and increased risk of death. Analyzing oxygen utilization can potentially assess microcirculation function of an individual. In this study, a modified pulse oximeter is used to extract information signals due to absorption of red (R) and infrared (IR) light. IR and R signal are related to the overall blood volume and reduced hemoglobin, respectively. Differences between these two signals thus represent the amount of oxygenated hemoglobin. Avascular occlusion test has been conducted on healthy individuals to validate the pulse oximeter concept. In this test, both R and IR signals rapidly changed according to the occlusion process. The pulse oximeter concept presented is capable of extracting valuable information to assess microcirculation condition. Implementing this concept on ICU patients has the potential to aid sepsis diagnosis and provide more accurate tracking of patient state and sepsis status.

Keywords: Microcirculation, sepsis, sepsis diagnosis, oxygen extraction.

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Authors: O. A. Apampa, Y. A. Jimoh, K. A. Olonade

Abstract:

The need to save time and cost of soil testing at the planning stage of road work has necessitated developing predictive models. This study proposes a model for predicting the dry density of lateritic soils stabilized with corn cob ash (CCA) and blended cement - CCA. Lateritic soil was first stabilized with CCA at 1.5, 3.0, 4.5 and 6% of the weight of soil and then stabilized with the same proportions as replacement for cement. Dry density, specific gravity, maximum degree of saturation and moisture content were determined for each stabilized soil specimen, following standard procedure. Polynomial equations containing alpha and beta parameters for CCA and blended CCA-cement were developed. Experimental values were correlated with the values predicted from the Matlab curve fitting tool, and the Solver function of Microsoft Excel 2010. The correlation coefficient (R2) of 0.86 was obtained indicating that the model could be accepted in predicting the maximum dry density of CCA stabilized soils to facilitate quick decision making in roadworks.

Keywords: Corn cob ash, lateritic soil, stabilization, maximum dry density, moisture content.

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Authors: Othman Maklouf, Abdurazag Ghila, Saleh Gashoot, Ahmed Abdulla

Abstract:

Flight management system (FMS) is a specialized computer system that automates a wide variety of in-flight tasks, reducing the workload on the flight crew to the point that modern aircraft no longer carry flight engineers or navigators. The primary function of FMS is to perform the in-flight management of the flight plan using various sensors (such as GPS and INS often backed up by radio navigation) to determine the aircraft's position. From the cockpit FMS is normally controlled through a Control Display Unit (CDU) which incorporates a small screen and keyboard or touch screen. This paper investigates the performance of GPS/ INS integration techniques in which the data fusion process is done using Kalman filtering. This will include the importance of sensors calibration as well as the alignment of the strap down inertial navigation system. The limitations of the inertial navigation systems are investigated in order to understand why INS sometimes is integrated with other navigation aids and not just operating in standalone mode. Finally, both the loosely coupled and tightly coupled configurations are analyzed for several types of situations and operational conditions.

Keywords: GPS, INS, Kalman Filter.

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Authors: S. Pullteap

Abstract:

In this paper, a fiber based Fabry-Perot interferometer is proposed and demonstrated for a non-contact displacement measurement. A piece of micro-prism which attached to the mechanical vibrator is served as the target reflector. Interference signal is generated from the superposition between the sensing beam and the reference beam within the sensing arm of the fiber sensor. This signal is then converted to the displacement value by using a developed program written in visual Cµ programming with a resolution of λ/8. A classical function generator is operated for controlling the vibrator. By fixing an excitation frequency of 100 Hz and varying the excitation amplitude range of 0.1 – 3 Volts, the output displacements measured by the fiber sensor are obtained from 1.55 μm to 30.225 μm. A reference displacement sensor with a sensitivity of ~0.4 μm is also employed for comparing the displacement errors between both sensors. We found that over the entire displacement range, a maximum and average measurement error are obtained of 0.977% and 0.44% respectively.

Keywords: Non-contact displacement measurement, extrinsicfiber based Fabry-Perot interferometer, interference signal, zerocrossingfringe counting technique.

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Authors: Chatchai Pesee

Abstract:

This paper examines long-range dependence or longmemory of financial time series on the exchange rate data by the fractional Brownian motion (fBm). The principle of spectral density function in Section 2 is used to find the range of Hurst parameter (H) of the fBm. If 0< H <1/2, then it has a short-range dependence (SRD). It simulates long-memory or long-range dependence (LRD) if 1/2< H <1. The curve of exchange rate data is fBm because of the specific appearance of the Hurst parameter (H). Furthermore, some of the definitions of the fBm, long-range dependence and selfsimilarity are reviewed in Section II as well. Our results indicate that there exists a long-memory or a long-range dependence (LRD) for the exchange rate data in section III. Long-range dependence of the exchange rate data and estimation of the Hurst parameter (H) are discussed in Section IV, while a conclusion is discussed in Section V.

Keywords: Fractional Brownian motion, long-rangedependence, memory, short-range dependence.

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Authors: M. P. Nanda Kumar, K. Dheeraj

Abstract:

The design of a feedback controller, so as to minimize a given performance criterion, for a general non-linear dynamical system is difficult; if not impossible. But for a large class of non-linear dynamical systems, the open loop control that minimizes a performance criterion can be obtained using calculus of variations and Pontryagin’s minimum principle. In this paper, the open loop optimal trajectories, that minimizes a given performance measure, is used to train the neural network whose inputs are state variables of non-linear dynamical systems and the open loop optimal control as the desired output. This trained neural network is used as the feedback controller. In other words, attempts are made here to solve the “inverse optimal control problem” by using the state and control trajectories that are optimal in an open loop sense.

Keywords: Inverse Optimal Control, Radial basis function neural network, Controller Design.

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Authors: M. F. R. Zuthi, H. H. Ngo, W. S. Guo, T. T. Nguyen

Abstract:

A novel sponge submerged membrane bioreactor (SSMBR) was developed to effectively remove organics and nutrients from wastewater. Sponge is introduced within the SSMBR as a medium for the attached growth of biomass. This paper evaluates the effects of new and acclimatized sponges for dissolved organic carbon (DOC) removal from wastewater at different mixed liquor suspended solids- (MLSS) concentration of the sludge. It was observed in a series of experimental studies that the acclimatized sponge performed better than the new sponge whilst the optimum DOC removal could be achieved at 10g/L of MLSS with the acclimatized sponge. Moreover, the paper analyses the relationships between the MLSSsponge/MLSSsludge and the DOC removal efficiency of SSMBR. The results showed a non-linear relationship between the biomass parameters of the sponge and the sludge, and the DOC removal efficiency of SSMBR. A second-order polynomial function could reasonably represent these relationships.

Keywords: Acclimatization, Dissolved organic carbon, Mathematical model, Sponge submerged membrane bioreactor.

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Authors: Farzaneh Akhavan Mahdavi, Siti Anom Ahmad, Mohd Hamiruce Marhaban, Mohammad-R. Akbarzadeh-T

Abstract:

Electromyography (EMG) signal processing has been investigated remarkably regarding various applications such as in rehabilitation systems. Specifically, wavelet transform has served as a powerful technique to scrutinize EMG signals since wavelet transform is consistent with the nature of EMG as a non-stationary signal. In this paper, the efficiency of wavelet transform in surface EMG feature extraction is investigated from four levels of wavelet decomposition and a comparative study between different mother wavelets had been done. To recognize the best function and level of wavelet analysis, two evaluation criteria, scatter plot and RES index are recruited. Hereupon, four wavelet families, namely, Daubechies, Coiflets, Symlets and Biorthogonal are studied in wavelet decomposition stage. Consequently, the results show that only features from first and second level of wavelet decomposition yields good performance and some functions of various wavelet families can lead to an improvement in separability class of different hand movements.

Keywords: Electromyography signal, feature extraction, wavelettransform, means absolute value.

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Authors: M. Beisenbi, A. Sagymbay, S. Beisembina, A. Satpayeva

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In this paper, the problem of unstable and deterministic chaotic processes in control systems is considered. The synthesis of a control system in the class of two-parameter structurally stable mappings is demonstrated. This is realized via the gradient-velocity method of Lyapunov vector functions. It is shown that the gradient-velocity method of Lyapunov vector functions allows generating an aperiodic robust stable system with the desired characteristics. A simple solution to the problem of synthesis of control systems for unstable and deterministic chaotic processes is obtained. Moreover, it is applicable for complex systems.

Keywords: Control system synthesis, deterministic chaotic processes, Lyapunov vector function, robust stability, structurally stable mappings.

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Authors: Asmaa Amehraye, Dominique Pastor, Ahmed Tamtaoui, Driss Aboutajdine

Abstract:

A new analysis of perceptual speech enhancement is presented. It focuses on the fact that if only noise above the masking threshold is filtered, then noise below the masking threshold, but above the absolute threshold of hearing, can become audible after the masker filtering. This particular drawback of some perceptual filters, hereafter called the maskee-to-audible-noise (MAN) phenomenon, favours the emergence of isolated tonals that increase musical noise. Two filtering techniques that avoid or correct the MAN phenomenon are proposed to effectively suppress background noise without introducing much distortion. Experimental results, including objective and subjective measurements, show that these techniques improve the enhanced speech quality and the gain they bring emphasizes the importance of the MAN phenomenon.

Keywords: Perceptual speech filtering, maskee to audible noise, distorsion, musical noise.

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Authors: Zina Benouaret, Djamil Aissani

Abstract:

In this work, we introduce the qualitative and quantitative concept of the strong stability method in the risk process modeling two lines of business of the same insurance company or an insurance and re-insurance companies that divide between them both claims and premiums with a certain proportion. The approach proposed is based on the identification of the ruin probability associate to the model considered, with a stationary distribution of a Markov random process called a reversed process. Our objective, after clarifying the condition and the perturbation domain of parameters, is to obtain the stability inequality of the ruin probability which is applied to estimate the approximation error of a model with disturbance parameters by the considered model. In the stability bound obtained, all constants are explicitly written.

Keywords: Markov chain, risk models, ruin probabilities, strong stability analysis.

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Authors: Nuanwan Soonthornphisaj, Boonserm Kijsirikul

Abstract:

This paper presents a semi-supervised learning algorithm called Iterative-Cross Training (ICT) to solve the Web pages classification problems. We apply Inductive logic programming (ILP) as a strong learner in ICT. The objective of this research is to evaluate the potential of the strong learner in order to boost the performance of the weak learner of ICT. We compare the result with the supervised Naive Bayes, which is the well-known algorithm for the text classification problem. The performance of our learning algorithm is also compare with other semi-supervised learning algorithms which are Co-Training and EM. The experimental results show that ICT algorithm outperforms those algorithms and the performance of the weak learner can be enhanced by ILP system.

Keywords: Inductive Logic Programming, Semi-supervisedLearning, Web Page Categorization

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Authors: Khalid Hassan Abdesamed, Kalsom Abd Wahab

Abstract:

Economic development and growth are significantly linked to the consistent and sustainable sector of small and medium enterprises (SMEs). Banks are the frontrunners in financing and advising SMEs. The main objective of the study is to assess the tendency of SMEs to use the Islamic bank. Model was developed using quantitative method with a hypothetical-deductive testing approach. Model (N = 364) used primary data on the tendency of SMEs to use Islamic banks gathered from questionnaire. It is found by Mann-Whitney test that the tendency to use Islamic bank varies between those firms which consider formal financing with the ones relying on informal financing with the latter tends more to use Islamic bank. This study can serve academic researchers, policy makers, and developing countries as a model of SMEs’ desirability to Islamic banking.

Keywords: Formal financing, informal financing, Islamic bank, SMEs.

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Authors: Isao Tomita

Abstract:

Electrical conduction in a quasi-one-dimensional polycrystalline metallic ring with a long electron phase coherence length realized at low temperature is investigated. In this situation, the wave nature of electrons is important in the ring, where the electrical current I can be induced by a vector potential that arises from a static magnetic field applied perpendicularly to the ring’s area. It is shown that if the average grain size of the polycrystalline ring becomes large (or comparable to the Fermi wavelength), the electrical current I increases to ~I0, where I0 is a current in a disorder-free ring. The cause of this increasing effect is examined, and this takes place if the electron localization length in the polycrystalline potential increases with increasing grain size, which gives rise to coherent connection of tails of a localized electron wave function in the ring and thus provides highly coherent electrical conduction.

Keywords: Electrical Conduction, Electron Phase Coherence, Polycrystalline Metal, Magnetic Field.

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Authors: T. Unchim, A. Oonsivilai

Abstract:

The Wind Turbine Modeling in Wind Energy Conversion System (WECS) using Doubly-Fed Induction Generator (DFIG) PI Controller based design is presented. To study about the variable wind speed. The PI controller performs responding to the dynamic performance. The objective is to study the characteristic of wind turbine and finding the optimum wind speed suitable for wind turbine performance. This system will allow the specification setting (2.5MW). The output active power also corresponding same the input is given. And the reactive power produced by the wind turbine is regulated at 0 Mvar. Variable wind speed is optimum for drive train performance at 12.5 m/s (at maximum power coefficient point) from the simulation of DFIG by Simulink is described.

Keywords: DFIG, wind speed, PI controller, the output power.

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Authors: H. R. Kazemi Nia, A. Yeganeh Fallah

Abstract:

Without uncertainty by applying external loads on beams, bending is created. The created bending in I-beams, puts one of the flanges in tension and the other one in compression. With increasing of bending, compression flange buckled and beam in out of its plane direction twisted, this twisting well-known as Lateral Torsional Buckling. Providing bending moment varieties along the beam, the critical moment is greater than the case its under pure bending. In other words, the value of bending gradient coefficient is always greater than unite. In this article by the use of " ANSYS 10.0" software near 80 3-D finite element models developed for the propose of analyzing beams` lateral torsional buckling and surveying influence of slenderness on beams' bending gradient coefficient. Results show that, presented Cb coefficient via AISC is not correct for some of beams and value of this coefficient is smaller than what proposed by AISC. Therefore instead of using a constant Cb for each case of loading , a function with two criterion for calculation of Cb coefficient for some cases is proposed.

Keywords: Beams critical moment, Bending Gradient Coefficient, finite element, Lateral Torsional Buckling

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Authors: Alessandro Bevilacqua, Alessandro Gherardi, Filippo Piccinini

Abstract:

The mosaicing technique has been employed in more and more application fields, from entertainment to scientific ones. In the latter case, often the final evaluation is still left to human beings, that assess visually the quality of the mosaic. Many times, a lack of objective measurements in microscopic mosaicing may prevent the mosaic from being used as a starting image for further analysis. In this work we analyze three different metrics and indexes, in the domain of signal analysis, image analysis and visual quality, to measure the quality of different aspects of the mosaicing procedure, such as registration errors and visual quality. As the case study we consider the mosaicing algorithm we developed. The experiments have been carried out by considering mosaics with very different features: histological samples, that are made of detailed and contrasted images, and live stem cells, that show a very low contrast and low detail levels.

Keywords: Mosaicing, quality assessment, microscopy, stem cells.

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Authors: Maha Jazouli

Abstract:

Suicide is one of the leading causes of death among prisoners, both in Canada and internationally. In recent years, rates of attempts of suicide and self-harm suicide have increased, with hangings being the most frequently used method. The objective of this article is to propose a method to automatically detect suicidal behaviors in real time. We present a gesture recognition system that consists of three modules: model-based movement tracking, feature extraction, and gesture recognition using machine learning algorithms (MLA). Tests show that the proposed system gives satisfactory results. This smart video surveillance system can help assist staff responsible for the safety and health of inmates by alerting them when suicidal behavior is detected, which helps reduce mortality rates and save lives.

Keywords: Suicide detection, Kinect Azure, RGB-D camera, SVM, gesture recognition.

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Authors: T. Cholastova, D. Knotova

Abstract:

Utilization of diverse germplasm is needed to enhance the genetic diversity of cultivars. The objective of this study was to evaluate the genetic relationships of 98 alfalfa germplasm accessions using morphological traits and SSR markers. From the 98 tested populations, 81 were locals originating in Europe, 17 were introduced from USA, Australia, New Zealand and Canada. Three primers generated 67 polymorphic bands. The average polymorphic information content (PIC) was very high (> 0.90) over all three used primer combinations. Cluster analysis using Unweighted Pair Group Method with Arithmetic Means (UPGMA) and Jaccard´s coefficient grouped the accessions into 2 major clusters with 4 sub-clusters with no correlation between genetic and morphological diversity. The SSR analysis clearly indicated that even with three polymorphic primers, reliable estimation of genetic diversity could be obtained.

Keywords: genetic diversity, Medicago sativa L., morphological traits, SSR markers

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Authors: R. Lotfi, M. Loukid, M.K. Hilali

Abstract:

The reproductive aging of women is a biological process which is expressed by the loss of ovarian function and therefore the loss of the possibility of procreation. The present work aims to evaluate the effect of menopause on sexual health of rural women and to examine the determinants of female sexuality after menopause. A survey was conducted among 527 women in the rural area of Marrakech. The average age of women was 51.92 ± 7.24 years. It appears from this study that sexual activity in menopausal women decreases with age, 20% of women had no sexual activity after menopause. 72% of respondents reported having sex by obligation, 71% of women say they are not satisfied with their sexuality, while 29 % are very satisfied. The most common sexual complaints are represented by the decreased libido (81%), vaginal dryness (54%), and pain (22,7%). Of the 511 women with sexual dysfunction, only 34 (6, 4%) consulted for this disorder. Many factors may influence sex include menopause and all the biological changes but also the roles of culture, social constructions and perception of sexuality after menopause are complicated.

Keywords: Keywords—Reproductive aging, menopause, sexuality, rural women.

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Authors: B. Medjahed, M. A. Didi, B. Guezzen

Abstract:

In the present work, emulsion liquid membrane (ELM) technique was applied for the extraction of cadmium(II) present in aqueous samples. Aliquat 336 (Chloride tri-N-octylmethylammonium) was used as carrier to extract cadmium(II). The main objective of this work is to investigate the influence of various parameters affected the ELM formation and its stability and testing the performance of the prepared ELM on removal of cadmium by using synthetic solution with different concentrations. Experiments were conducted to optimize pH of the feed solution and it was found that cadmium(II) can be extracted at pH 6.5. The influence of the carrier concentration and treat ratio on the extraction process was investigated. The obtained results showed that the optimal values are respectively 3% (Aliquat 336) and a ratio (feed: emulsion) equal to 1:1.

Keywords: Cadmium, carrier, emulsion liquid membrane, surfactant.

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Authors: F. Pagliara, F. Mauriello

Abstract:

The objective of this paper is to investigate the relationship between the increase of accessibility brought by high speed rail (HSR) systems and the tourism market in Italy. The impacts of HSR projects on tourism can be quantified in different ways. In this manuscript, an empirical analysis has been carried out with the aid of a dataset containing information both on tourism and transport for 99 Italian provinces during the 2006-2016 period. Panel data regression models have been considered, since they allow modelling a wide variety of correlation patterns. Results show that HSR has an impact on the choice of a given destination for Italian tourists while the presence of a second level hub mainly affects foreign tourists. Attraction variables are also significant for both categories and the variables concerning security, such as number of crimes registered in a given destination, have a negative impact on the choice of a destination.

Keywords: Tourists, overnights, high speed rail, attractions, security.

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Authors: Tokuei Sako, Paul-Antoine Hervieux

Abstract:

The energy-level structure of a pair of electron and positron confined in a quasi-one-dimensional nano-scale potential well has been investigated focusing on its trend in the small limit of confinement strength ω, namely, the Wigner molecular regime. An anisotropic Gaussian-type basis functions supplemented by high angular momentum functions as large as l = 19 has been used to obtain reliable full configuration interaction (FCI) wave functions. The resultant energy spectrum shows a band structure characterized by ω for the large ω regime whereas for the small ω regime it shows an energy-level pattern dominated by excitation into the in-phase motion of the two particles. The observed trend has been rationalized on the basis of the nodal patterns of the FCI wave functions. 

Keywords: Confined systems, positron, wave function, Wigner molecule, quantum dots.

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Authors: M. Haddadzade, M. R. Razfar, M. Farahnakian

Abstract:

Integration of process planning and scheduling functions is necessary to achieve superior overall system performance. This paper proposes a methodology for integration of process planning and scheduling for prismatic component that can be implemented in a company with existing departments. The developed model considers technological constraints whereas available time for machining in shop floor is the limiting factor to produce multiple process plan (MPP). It takes advantage of MPP while guarantied the fulfillment of the due dates via using overtime. This study has been proposed to determinate machining parameters, tools, machine and amount of over time within the minimum cost objective while overtime is considered for this. At last the illustration shows that the system performance is improved by as measured by cost and compatible with due date.

Keywords: Due date, Integration, Multiple process plan, Process planning, Scheduling.

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Authors: Tawiwat Veeraklaew, Nathasit Phathana-im, Songkit Heama

Abstract:

Both the minimum energy consumption and smoothness, which is quantified as a function of jerk, are generally needed in many dynamic systems such as the automobile and the pick-and-place robot manipulator that handles fragile equipments. Nevertheless, many researchers come up with either solely concerning on the minimum energy consumption or minimum jerk trajectory. This research paper proposes a simple yet very interesting relationship between the minimum direct and indirect jerks approaches in designing the time-dependent system yielding an alternative optimal solution. Extremal solutions for the cost functions of direct and indirect jerks are found using the dynamic optimization methods together with the numerical approximation. This is to allow us to simulate and compare visually and statistically the time history of control inputs employed by minimum direct and indirect jerk designs. By considering minimum indirect jerk problem, the numerical solution becomes much easier and yields to the similar results as minimum direct jerk problem.

Keywords: Optimization, Dynamic, Linear Systems, Jerks.

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Authors: B. Bagheri Nakhjavanlo, T. S. Ellis, P.Raoofi, Sh.ziari

Abstract:

This paper presents an application of level sets for the segmentation of abdominal and thoracic aortic aneurysms in CTA datasets. An important challenge in reliably detecting aortic is the need to overcome problems associated with intensity inhomogeneities. Level sets are part of an important class of methods that utilize partial differential equations (PDEs) and have been extensively applied in image segmentation. A kernel function in the level set formulation aids the suppression of noise in the extracted regions of interest and then guides the motion of the evolving contour for the detection of weak boundaries. The speed of curve evolution has been significantly improved with a resulting decrease in segmentation time compared with previous implementations of level sets, and are shown to be more effective than other approaches in coping with intensity inhomogeneities. We have applied the Courant Friedrichs Levy (CFL) condition as stability criterion for our algorithm.

Keywords: Image segmentation, Level-sets, Local fitting binary, Thoracic aorta.

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Authors: M. Mokhtar, A. Shuib, D. Mohamad

Abstract:

Portfolio optimization problem has received a lot of attention from both researchers and practitioners over the last six decades. This paper provides an overview of the current state of research in portfolio optimization with the support of mathematical programming techniques. On top of that, this paper also surveys the solution algorithms for solving portfolio optimization models classifying them according to their nature in heuristic and exact methods. To serve these purposes, 40 related articles appearing in the international journal from 2003 to 2013 have been gathered and analyzed. Based on the literature review, it has been observed that stochastic programming and goal programming constitute the highest number of mathematical programming techniques employed to tackle the portfolio optimization problem. It is hoped that the paper can meet the needs of researchers and practitioners for easy references of portfolio optimization.

Keywords: Portfolio optimization, Mathematical programming, Multi-objective programming, Solution approaches.

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