Note: Descriptions are shown in the official language in which they were submitted.
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Method for elaborating and representing data analysis in a
decision support system.
DESCRIPTION
Technical Field
The present invention relates to a method for representing
data analysis in a decision support system.
More specifically the invention relates to a method for
elaborating and representing data analysis in a decision
support system, the system comprising:
- an electronic data base which is daily updated by
external data suppliers or providers;
- computer means comprising linking interfaces to allow on
line connections to said data base;
- display means associated to the computer means for
displaying information and data and for allowing the user
to define data selection criteria by a mouse or a keyboard
interface.
The invention will be hereinafter illustrated with specific
reference to the application field of investment strategies
and set of securities/asset management. However, this field
of application must be intended as an indicative and non-
limiting example just to simplify the following
description.
Background art
As is well known, the process of evaluating huge amounts of
daily changing data and information is hard, difficult and
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time consuming.
This is generally true in many application field, but it's
even more fatiguing in financial activities such as the set
of securities/asset management.
In this specific technical field huge amounts of
information are daily updated through usual specialized
channels and expert managers spend their working time to
evaluate, compare and decide the best investment
opportunities.
As a matter of fact, the daily challenge of a professional
set of securities manager is just that of spotting the
right investment opportunities, reacting quickly to market
changes while increasing the quality of the results.
This kind of activity is in the hands of expert
professionals who offer their knowledge and capability to
investors seeking the best investment opportunities.
However, no one can assure that the chosen securities are
really the best or are totally in line with the customers
and investors expectations and criteria.
Good results are sometime obtained for casual reasons and
don't necessary correspond to the efforts of the expert
professional. Moreover, the evaluation activity is so time
consuming to discourage deep analysis of huge amounts of
data and information, thereby loosing some good investments
opportunities.
Prior art solutions have already been proposed to support
the expert professional in his or her decision process.
Those prior solutions consists in electronic data bases,
which contain the historical data of a number of main
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securities which are daily updated by specialized agencies
or providers, and so-called electronic sheets, such as the
well known software package MS~ Excel, to display the
data.
So, the data are displayed by software tools which allow
the professional user to watch the current numerical value
of many securities and to compare such a current numerical
value with past values series.
Those solutions are not totally satisfactory for a number
of reasons:
- the evaluation of the data is anyway left to the expert
users;
- a comparison or integration between the data contained in
different data bases is not always immediately available;
- moreover, a comparison of historical series of data for
different securities is available only after hard and time-
consuming computing;
- the data representation of the currently available
software tools doesn't allow to check quickly different
historical series;
- the whole information set is difficult to manage and to
evaluate so that a decision based on the available
information is not always taken according to the investment
objectives.
A first object of the present invention is that of
providing a new method of representing data analysis which
may help the user to take faster decisions.
A further object of the present invention is to provide an
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innovative system which allows full personalization of
investment strategies using a large range of indicators.
Another object of the present invention is that of
providing a software tool which may be used by non-expert
users.
A further object of the present invention is that of
representing information data in a friendly user manner in
order to facilitate the taking of a decision according to
the investment objectives.
A further object of the present invention is that of
providing a easy-to-use interface which might help the user
to work faster in taking all relevant investment decisions
improving the results while reducing the risk of wrong
decisions.
Summary of the invention
The solution idea on which the invention is based is that
of providing a fast reactive computer program interface
which allows the user to quickly scan the data base through
graphical images or views corresponding to historical paths
of selected data.
According to this solution idea, the technical problem is
solved by a method for elaborating and representing data
analysis in a decision support system, the system
comprising:
- an electronic data base which is daily updated;
- a computer means managing said data base and comprising
linking interfaces to allow on line and/or batch
connections to external data suppliers or providers;
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- display means for displaying information and data and for
allowing the user to define data selection criteria;
- the method including the following steps:
- presenting on said display means a selection panel or
menu reporting a list or table of data from said data base;
- detecting a user's data selection;
- scanning said data base according to a mask or filter
corresponding to user's data selection to display a
preferred selected panel;
- detecting a pointer of a user's preferred data;
- presenting on said display means a view or history chart
showing to the user the variations versus time of the
preferred data, while maintaining the selected panel as a
side or background view;
- ref reshing immediately said view or history chart at each
different detected pointer of the user's data selection.
In this manner it's possible to quickly scan the securities
in a set of securities flipping though detailed data and
historical graphs.
Moreover, a plurality of different information data may be
selected one after the other through said selection panel
and a corresponding plurality of history charts are
automatically shown in an overlapping format on said
display means and with the same time base.
The feature and advantages of inventive method will appear
from the following non-limiting description of a preferred
embodiment given by way of example with reference to the
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annexed drawings.
Brief description of the drawings
- Figures 1 shows a schematic diagram of an apparatus
implementing the method according to the present invention;
- Figure 2 is an exemplary visual representation of a
selection menu presented on a display according to the
method of the present invention;
- Figure 3 is an exemplary visual representation of a
selection panel according to the present invention;
- Figure 4 shows a schematic view of a historical data path
of a selected data contained in a data base of the
apparatus according to the present invention;
- Figure 5 is a further exemplary visual representation of
a selection panel according to the present invention;
- Figure 6 shows a schematic view of a historical data path
of a selected data shown in Figure 5;
- Figures 7 and 8 show respective overlapping historical
data paths of a set of data contained in a data base of the
present invention;
- Figure 9 is an exemplary visual representation of a
graphic interface of the present invention;
- Figure 10 is a high level flow-chart representing the
steps of a method in accordance with the present invention.
Detailed description
1. Overview
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In accordance with the present invention, a method and an
apparatus is provided for elaborating and representing data
analysis in a decision support system.
The method and the apparatus allows to combine:
- fundamental information analysis;
- statistical information analysis; and,
- technical information analysis;
in order to integrate as many analytical tools are needed
and give a specific weight to each indicator according to
investor's individual risk profiles or investment
objectives.
The inventive method are implemented in a decision support
system 1 including computer means 2 which may operate in a
stand-alone manner or may be interconnected on a local area
network LAN 7.
The computer means 2 comprises memory means 3 and linking
interfaces 4, such a gateway 6, to allow on line
connections to external data providers managing a data base
containing financial information. The external data
providers may be structured with computers local area
networks.
Video display means 5 are provided for displaying to the
user information and data. A conventional keyboard 11 is
associated to each computer means 2 and printer 12 is
available too.
The memory means 3 are provided to store locally financial
information such as set of securities which are received
from the data provider.
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Each computer means 2 which contains a computer program
according to the present invention and which is structured
by a set of functions which have been developed in a C++
programming language, within a Visual C++ MS~ programming
environment.
Each function assists the user in performing a specific
task, such as:
- securities selection;
- set of securities scoring and optimization;
- set of securities analysis;
- benchmark comparison; etc...
The user may combine the functions use according to his
favorite work flow as will be explained in the following
description.
The functions operates on the set of securities data base.
However, they are not designed to update the basic
information which are treated by the data provider.
A set of securities is always presented as a browser with
the list 15 of securities presented in a table, as shown in
Figure 2. The user can quickly configure the table columns
to display the values of any indicator in the data base,
such as: date, market, weight, volatility, etc...
The table can be searched and sorted with respect to the
values in any column.
1.2 Selection
A list of securities may be selected from a domain,
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according to a predetermined set of user's specified
criteria. Preferably, the set of securities data base is
used as domain and a selection menu 16 is available to the
user for defining the preferred selection.
The user may create a list of target securities using
standard filters for security selection.
The security selection panel or menu 16 is presented to the
user so that basic, fundamental, quantitative and technical
data may be selected.
It is possible to define constrains on all the available
indicators:
- basic; for instance: type, market, sector, currency,
nationality;
- quantitative; such as: mean return, volatility,
correlation, absolute and relative performance;
- technical; such as: long-term trend, short term momentum,
noise;
- quantitative (second selection); such as: price/earning,
price/book value, dividend.
Numerical constrains can be defined in a graphical way and
may be quantitative, for instance a volatility of no more
than 2,5$, or qualitative, for instance a price/earning low
or very low; where "very low" means the lowest quartile of
the values in the used domain and "low" means the quartile
before the lowest.
Qualitative values are automatically computed with respect
to the securities in the used domain.
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The resulting selection is present as a browser, a table or
a chart that will be defined hereinafter as the selected
panel 18.
As a matter of fact, all the available information about a
specific security may be displayed in a specific window. As
many security display windows can be opened at the same
time as needed.
Each of the displays is fully configurable to include only
the information or indicators relevant for a current task.
1.3 Scoring
This function allows to define securities scores. This
function may be used to define filters for personal and
global asset scoring.
The user may choose on the video display 5 a set of
indicators which, according to his strategy, must influence
the relative weights of the securities in the current set
of securities. Figure 9 shows a dialog window 22 which may
be used by the user to set the score ranges of the
securities.
For instance, it might be desirable that a security having
a score in the range between 0.00 and 40.00 be labeled
"sell", while a security having a score in the range
between "70.00 and 90.00 be labeled "good".
Moreover, it might be desirable to allocate a visual flag
or indicator on securities having a high score, such as a
score inside the range 90.00 and 100.00, Such a flag may be
shown as a "buy" label associated to a predetermined
remaking color.
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The score or weighting is displayed and defined by means of
a very intuitive graphical interface 19, as shown in Figure
9.
The selected scoring is quickly computed and an optimized
scored set of securities is presented on the selected panel
with respect to the combination of user's defined
preferences.
User defined specific as well as generic constraints can be
forced on the scored selection; for instance: a Beta
10 parameter of no more than 40% on a certain security; and a
Year to Date Total Return of 60% on another security, and
so on.
Constraints are easily added, modified or removed according
to the present invention by means of the graphical
15 interface 19 shown in Figure 2.
1.4 Analysis
The data base set of securities may be deeply analyzed
through a specific function.
The analysis function computes the average of the set of
securities combining the historical quotes of the
securities while taking into account the set of securities
scoring.
The result is presented in a chart 25, as shown in Figure
7. Such a chart can be graphically compared with any other
security in the data base as shown in Figure 8.
Pie charts 21, scatter diagrams 28 or heat maps may be
presented on the video display by defining the indicators
to focus on.
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1.5 Comparison
A comparison function allows to compare and match any set
of set of securities data.
The user indicates a reference set of securities and a
number of actual set of securities to be compared. The
comparison function computes the buy/sell actions needed to
transform each of the set of securities into the reference
and the implied turnover.
The actions may be filtered and presented in a fully
customized way.
The comparison allows to analyze the differences among the
set of securities under consideration with a powerful set
of display tools, such as multiple synchronized pie charts,
multiple scanner diagrams, etc...
The comparison computes the average of all the set of
securities under analysis combining the historical quotes
of the securities.
Hereinafter we will newly take in consideration the
previous options to more deeply analyze the features of
each program function.
2.1 Selection: Fast browsing of market data
Feature:
With specific reference to the example shown in Figures 2
and 3, the program presents to the user a selection panel
16 for displaying information and data and for allowing the
user to define data selection criteria.
The data supplied by the external data provider are
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received on line by the linking interfaces 4 of the
computer means 2.
For each set of securities display, there is a current
security, whose name is highlighted, for instance the
security indicated with 23 in Figure 3.
After a selection, a table 18 is presented in front of the
user as shown in Figure 3.
For the current highlighted security 23 it is possible at
any time to open a window with detailed information.
Such a window is a graphical representation of the history
of the security's market quotations, that is: a history
chart 24 as shown in Figure 4. It is possible to open any
number of such representations.
When the current highlighted security 23 is changed by the
user, as shown _in Figure 5, the representations (graphs
and/or tables) on the last opened windows are immediately
updated to the newly focused security as shown in Figure 6.
It is thus possible to quickly scan the securities in a set
o-f securities flipping though detailed data and historical
graphs.
Therefore, the exential features of the inventive method
include the following steps:
- presenting on the display means 5 a selection panel 16 or
menu reporting a list or table 15 of data from the data
base;
- detecting a user's data selection
- scanning said data base according to a mask or filter
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corresponding to user's data selection to display a
preferred selected panel 18;
- detecting a pointer 23 of a user's preferred data;
- presenting on said display means 5 a view or history
chart 24 showing to the user the variations versus time of
the preferred data, while maintaining the selected panel 18
as a side or background view;
- refreshing immediately said view or history chart 24 at
each different detected pointer 23 of the user's data
selection.
The automatic refreshment of the history chart is such that
for the user get the updated view in the same instant in
which a new highlighted security 23 is detected.
2.2 Implementation
The implementation is based on the Document-View model of
an architecture based on Microsoft Foundation Classes
(MFC). In each application's document a pointer to the
current security is defined. The set of securities display
(browser) as well as the history chart and the security
display are implemented as Views.
When a security name is selected in the set of securities
display or browser, the current security in the application
document is updated and all the views are notified with the
standard Update AllViews CDocument method in MFC.
When notified of a current security change, both the
history chart 24 and the security selected panel 18 ask to
the computer means 2 the information to be displayed. The
needed data are acquired from the data provider in
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numerical format to the requiring views, which in turn
compute the proper graphical representation and update
their displays on the screen.
3. Multiple historical series with dynamic resealing
3.1 Feature
In a history chart it is possible to compare any number of
securities histories, as shown in Figure 7. This is
achieved by dragging form a set of securities display or
browser the name of the security into the screen area 25 of
a displayed history chart. All the displayed histories are
resealed to a reference value, for instance 100, at the
beginning (first day) of the displayed period.
When a point 26 in the chart is clicked, the rescale day is
moved to the day in the history corresponding to the
clicked point. The arrow keys allow to move the rescale day
backward and forward on the time line. It is thus possible
to evaluate the relative performances of all the securities
displayed in a history chart over any specific period in
the past, simply by clicking on the proper day. In the
history graph legenda, the market data of all the displayed
securities at the rescale day are displayed together with
the performance of each of them since the rescale day.
When a different security is selected in the set of
securities display, the original security in the history
chart is substituted with the new one and the chart is
resealed to the last selected rescale day.
3.2 Implementation
The history chart view obtains from the data provider the
history of each added security as soon as it is dragged
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into the chart screen area. The histories are stored in
numerical format. The actual values to be displayed in
graphical format are computed locally and by-need. When a
new rescale day is selected, the value of all the histories
is set to the reference value at the rescale day and each
of them is transformed to keep unchanged the percentage
variation of the value of each day with the value of the
rescale day. After the transformation of the stored
histories, a new graphical representation is computed and
the display is updated.
This feature allows a plurality of different information
data to be selected one after the other through said
selected panel 18 and a corresponding plurality of history
charts to be shown on said display means with the same time
base and in an overlapping format, as clearly shown in
Figure 7.
4. Scoring arid evaluation
4.1 Feature
A score function allows to associate a score to each
security in a list. A score is a real value between 0.00
and 100Ø The score of each security is relative to the
scores of the other securities in the current list. The
"best" security gets score 100.0 and the "worst" gets 0.0:
all the securities in the range between 0.00 and 100.00 get
a value proportional to their "goodness".
The scoring is computed by the system according to a set of
criteria interactively defined by the user as shown in
Figure 9.
Any numerical dimension on which the securities in the
securities list can have a value can be used as an scoring
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criteria. In particular, the values of all the numerical
field offered by the data provider on each security can be
adopted as a scoring criteria. The user can select the
scoring criteria among the numerical parameters available
for the securities.
The user can also weight the selected criteria by
graphically manipulating a set of cursors 19 on the screen,
one for each criteria. Weight of criteria is expressed in
percentage. The user interface includes a set of tools for
balancing the weights according to the user's preferences.
When the weight of a criteria is manipulated with the
interface, the weights of the other criteria are adjusted
in real-time to keep their sum to 100 while respecting the
ratios among them, as clearly shown in the display portion
17 of Figure 2.
It is anyway possible to "freeze" the weights of a subset
of the criteria. In this case the automatic adjustment
modifies only the weights of the remaining criteria. Each
criteria can be used on a direct (higher values are
preferred) or an inverse (lower values are preferred)
scale.
When the user, after selecting and weighting the scoring
criteria, asks for the computation of a new score, the
system assigns a score value to each security in the
current list. The score of each security is computed as a
combination of the values of the data fields used as
scoring criteria. The security with a better compromise of
values for the weighted criteria gets a proportionally
higher score than a security with a worse combined value.
Scores can be displayed in a column of the Browser View and
can be used, as the value of any data field, to sort and
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search the securities list.
For each security, the score function transforms the score
into a symbolic evaluation. An evaluation is a colored
short text associated to a range of scores. The user, with
S a graphical interface, defines the text, the color and the
range of scores to be associated to each evaluation.
Evaluations can be displayed in a column of the Browser
view and can be used, as the value of any data field, to
sort and search the securities list.
Each evaluation is displayed in the associated color making
it easy to discriminate at a glance the securities by their
quality.
4.2 Implementation
The user interface of this function is dynamically built on
the set of criteria defined and weighted by the user. When
a new criteria is added, the interface is restructured to
host a new graphical object enabling the user to weight the
criteria.
When a new configuration of parameters has been defined,
the application asks the data provider for the values of
the M parameters used as criteria for the N securities in
the securities list.
A NxM matrix is built and locally stored. The securities
values are thus .cached by the application inside the local
memory means 3 and it is not necessary to communicate with
the data provider if the set of the criteria is not
changed. The computation of a new scoring is performed as
follows:
The weights of the parameters are stored in a column vector
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of dimension M;
All the values in each column (same parameter) are
normalized;
To each row (security) a score is assigned equal to the
internal product of the row vector with the column vector
of the parameters weights.
The method according to the present invention has the
great advantage of allowing the managing of huge amounts of
daily changing data and information which are transformed
into image results helping the user in his decision
process.
The method according to the invention may be considered as
a very fast solving puzzle in which a huge amount of
different pieces are correctly put together in order to
provide a complete picture.
The method allows to work faster having all relevant
investment information to take better investment decisions
which may be based on the user preferred criteria.
This method allows to improve the investment results by
taking optimized decisions according to security
parameters.
The user may manage the risk by controlling set of
securities and investment strategies.
