P1) An investor seeks to find a portfolio that is closest to a given benchmark, where the idea of "closeness" is not necessarily determined by the typical tracking error, the standard deviation, but by some other desired measure of dispersion.
The first is the absolute measure of dispersion (ADSR), which is explained (in the context of unemployment) as follows: "[absolute dispersion] measures the number of persons in all regions taken together who would have to change their labour market status in order for every region to have the same percentage unemployed as currently prevails for the [population] as a whole.
The Survey of Professional Forecasters (SPF), which is a quarterly survey of macroeconomic forecasts in the United States, provides a measure of dispersion for forecasts of each of the macroeconomic variables included in the survey.
On Model ZSE-18, ZSE-27, and ZSE-40 high-speed extruders, Leisteritz's Macromatex TSCS controls can now track pressure build-up on the screen pack and create spreadsheet and graphic reports that provide a relative measure of dispersion quality.
Because this measure of dispersion standardises the degree of variation with respect to the mean, it is possible also to derive an average measure of dispersion as the simple mean of the two indicators.