This thesis describes statistical approaches of investment portfolio constructions. The theoretic part presents modern portfolio theory and specific statistical methods used to estimate expected revenue and risk of portfolio. These procedures are specifically selection method, modelling volatility using multivariate GARCH model, primarily DCC GARCH procedure and Bayes approach with Jeffrey's and conjugated density. The practical part of the thesis covers application of above mentioned statistical methods of investment portfolio constructions. The maximization of Sharp's ratio was chosen as optimization task. Researched portfolios are created from Austria Traded Index issues of shares where suitable time series of historical daily closed prices. Results attained within assembled portfolios in two year investment interval are later compared.

The aim of thesis is to analyze the duration and its application in portfolio management. The work is divided into three logical parts. The intoductory part deal with issues of yield curves and in the following chapters we will build on this knowledge. In the mainstay of thesis we concentrate primarily on duration and its various modifications. The last section is devoted to portfolio management with emphasis on the bond portfolio. All theoretical knowledge is then applied to practical examples, which should lead to a better understanding of the topic.

The final thesis deals with the construction of a stock portfolio. The traditional portfolio theory models of Markowitz and Sharpe and anomalies based on fundamentals are shown and applied in Germany. In the first part, portfolio theory and fundamentals are explained. The mathematical model is demonstrated in the second part. Empirical results are shown in the last part.

There are several advantages of capital markets integration, such as increasing overall market liquidity, improving the scope for diversification and risk sharing. Therefore, the European institutions try to boost capital markets integration among the member states. The aim of this empirical paper is to analyse the level of integration of the main equity markets in the Central and Eastern Europe (CEE): the Czech Republic, Poland, Hungary, Slovakia, Romania and Bulgaria from 2001 until 2010 using an integration score analysis. This methodology was proposed by Akdogan (1996; 1997) and later extended by Barari (2004) and by Birg & Lucey (2006). The paper focuses on the developments of regional and global integration of these countries. Findings from this research can be of interest to investors as well as policy makers because the degree of capital markets integration has important implications for cross-border capital flows, financial management, and for the conduct of monetary policy. The results from this paper suggest that the opportunities for portfolio diversification are diminishing in the CEE countries. The diversification benefits were mainly reduced by the accession to the EU, but they did not completely disappear. The findings showed that the global financial crisis in 2008 brought about a rapid change in integration. Global integration increased during the crises, whereas the regional started to decline after years of rising.

The thesis deals with the optimization of the stock portfolio using modern portfo-lio theory and mathematical programming. Optimization is achieved by Markowitz Model, the Capital Asset Pricing Model and Black-Litterman model. Stocks traded on the Prague Stock Exchange, Inc., are selected as exploration assets. The simula-tion technique Monte Carlo is used for the model evaluation.

The thesis is focused on using instruments of collective investment (mutual funds) for recommendations of more effective financial portfolios of ten real investors. For accomplishing goals of the thesis, firstly it is essential to define basic theoretical knowledge in terms of collective investment or more precissely mutual funds (chapter 2, Theory of collective investment). Subsequently it is necessary to set how will portfolio recommendations be formulated. It is also important to determine key investors characteristics, which are going to effect recommendations (chapter 3, Formulating portfolios). For real contribution it is vital to choose particular mutual funds, which are suitable for recommended portfolios (chapter 4, Selection of mutual funds). Pivotal part of the thesis is the chapter 5, Investment cases, which contains ten real financial portfolios. For each investor is recommended an optimal investment portfolio, which takes into account all known relevant information about the investor. For each case a comparison of current and recommended portfolio is created. The thesis is summarized by the chapter 6, Summary of investment cases, in which a discussion of aggregated results is broken into three areas: the most important investors characteristics, asset allocation of the portfolios and statistical differences between the current and the recommended portfolios.

The aim of the thesis is to use the SWOT analysis to identify threats and opportunities of the selected company on the market with regards to its strenghts and weaknesses, or a proposal to remove or eliminate the weaknesses.

The thesis aims to investigate some of the approaches to modelling portfolio returns with heavy-tailed risk factors. It first elaborates on the univariate time series models, and compares the benchmark model (GARCH with Student t innovations or its GJR extension) predictive performance with its two competitors, the EVT-GARCH model and the Markov-Switching Multifractal (MSM) model. The motivation of EVT extension of GARCH specification is to use a more proper distribution of the innovations, based on the empirical distribution function. The MSM is one of the best performing models in the multifractal literature, a markov-switching model which is unique by its parsimonious specification and variability. The performance of these models is assessed with Mincer-Zarnowitz regressions as well as by comparison of quality of VaR and expected shortfall predictions, and the empirical analysis shows that for the risk management purposes the EVT-GARCH dominates the benchmark as well as the MSM. The second part addresses the dependence structure modelling, using the Gauss and t-copula to model the portfolio returns and compares the result with the classic variance-covariance approach, concluding that copulas offer a more realistic estimates of future extreme quantiles.

Program management in the field of project management presents relatively new management method that links the correspondence of the particular projects with an organization strategy. Formation of the optimal portfolio projects for program results from the company goals, desired benefits, from the limitation of available resources, relations and connections among particular projects, and last but not least, from expectations of stakeholders. Its application in the organization can expressively improve the efficiency and the transparency over transmission the vision of the company to project level. The first, theoretical part, compares project, program and portfolio and their lifecycles. Rest of work contains a methods used to implementation of program management. Main goal of this thesis is to provide overview information on this area and introduce basic practices how to implement program management to a reader's organization.

The current trend in project management is the ability to use the talent of project manager without the need to hold the position long term in the organization. In analogy to model anything as a service the concept of project management as a service was created. Since this concept is relatively new the definition is not yet formally introduced in specialized methodologies standards and norms. Mentions of Project Management as a Service are mainly in analytical articles, interviews and trends of expert web portals and magazines. The objective of this work is to introduce the topic of project management including related terms and identify possible definition of Project Management as a Service. Another objective is to define project management services, which can be converted into a model Project Management as a Service. Constructed theoretical definitions and designed services are presented to respondents engaged in project management in multiproject environment of large companies in the practical part of work. The semi-structured interviews with the aim of validation of the accuracy and suitability of these theories are conducted subsequently.