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05-17-2014, 02:23 PM

Final Exam review

Knowledge Management

1. Ground truth.

Ground truth is a term used in remote; it refers to information collected on location. Ground truth allows image data to be related to real features and materials on the ground. The collection of ground-truth data enables calibration of remote-sensing data, and aids in the interpretation and analysis of what is being sensed. Examples include cartography, meteorology, analysis of aerial, satellite and other techniques in which data are gathered at a distance
More specifically, ground truth may refer to a process in which a pixel on satellite image is compared to what is there in reality (at the present time) in order to verify the contents of the pixel on the image. In the case of a classified image, it allows supervised classification to help determine the accuracy of the classification performed by the remote sensing software and therefore minimize errors in the classification such as errors of commission and errors of omission.
Ground truth is usually done on site, performing surface observations and measurements of various properties of the features of the ground resolution cells that are being studied on the remotely sensed digital image. It also involves taking geographic coordinates of the ground resolution cell with GPS technology and comparing those with the coordinates of the pixel being studied provided by the remote sensing software to understand and analyze the location errors and how it may affect a particular study.
Ground truth is important in the initial supervised classification of an image. When the identity and location of land cover types are known through a combination of field work, maps, and personal experience these areas are known as training sites. The spectral characteristics of these areas are used to train the remote sensing software using decision rules for classifying the rest of the image. These decision rules such as Maximum Likelihood Classification, Parallelepiped Classification, and Minimum Distance Classification offer different techniques to classify an image.
Another source of ground truth is the on-going work of the National Weather Service. They have a record of weather conditions stretching back for over 100 years. Observations are made at regular intervals at offices around the coun. These provide a nice record but are not necessarily taken at the same time a satellite passes over the spot. As clouds are very changeable, things can change completely in even a few minutes.

2. Sustainable competitive advantage .

Sustainable competitive advantages are required for a company to thrive in today’s global environment. Value investors search for companies that are bargains. In order to avoid purchasing value one of the factors we search for is sustainable competitive advantages.
Without one or more sustainable competitive advantages a company may not be able to recover from whatever caused the stock to become a bargain. We only want to buy the stocks of companies that are real value stocks, not value traps. In other words, we want to buy stocks trading below their intrinsic value and will grow cash flow for shareholders.
Definition: Sustainable Competitive Advantages
Sustainable competitive advantages are company assets, attributes, or abilities that are difficult to duplicate or exceed; and provide a superior or favorable long term position over competitors.
Types and Examples of Sustainable Competitive Advantages
Low Cost Provider/ Low pricing
Economies of scale and efficient operations can help a company keep competition out by being the low cost provider. Being the low cost provider can be a significant barrier to en. In addition, low pricing done consistently can build brand loyalty be a huge competitive advantage (i.e. Wal-Mart).
Market or Pricing Power
A company that has the ability to increase prices without losing market share is said to have pricing power. Companies that have pricing power are usually taking advantage of high barriers to en or have earned the dominant position in their market.
Powerful Brands
It takes a large investment in time and money to build a brand. It takes very little to destroy it. A good brand is invaluable because it causes customers to prefer the brand over competitors. Being the market leader and having a great corporate reputation can be part of a powerful brand and a competitive advantage.
Strong Balance Sheet / Cash
Companies with low debt and/or lots of cash have the flexibility to make opportune investments and never have a problem with access to working capital, liquidity, or solvency.
Value Investing and Sustainable Competitive Advantages
Companies with one sustainable competitive advantage might be successful. Finding companies with multiple sustainable competitive advantages will greatly improve the chances you have found a real value stock.

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