1) Use Case reminder
2) Where we are on our road map.
3) Open Action Items
4) JIRA Issues Review - https://jira.edmcouncil.org/projects/IND/issues/IND-17?filter=allopenissues
5) Todays content discussion.
6) For next week.
This week we discussed the ontology best practices at the start of the call, continuation of last weeks discussion. Pete sent some feedback on the draft page, including a bulleted list of some of the conceptual modeling practices that are not yet integrated in the page that are quite helpful.
Then we started looking at JIRA issue IND-81 related to weighting and how to represent that, which is needed in order to model the DJIA, as one example. We agreed that the weighting algorithm should be associated with the basket as a whole, and individual weightings associated with the basket constituents. Some indices are weighted based on market cap, which would be as of some date, and thus a dated collection, while others don't appear to be as straightforward. For the DJIA we would likely represent the weighting as a % weight in the index (not all weightings are percentages, but can be normalized as such, typically), but not attempt to understand or capture the algorithm, which is a price-weighted algorithm with some additional twists.
Indices may be value-weighted (in which the number of outstanding shares is a factor), price-weighted, unweighted, market-capitalization-weighted, revenue-weighted, fundamentally-weighted, or float-adjusted (and there may be other possibilities as well). We likely need a polyhierarchical model here by weighting algorithm, by date/time, and likely other aspects as well. More discussion on this will follow next week.