问题如下：
Açor reviews a recent risk tolerance questionnaire completed by Njau, which relates to overall portfolio risk. Açor focuses on the type of capital sufficiency analysis to perform for Njau. To determine the optimal allocation, Açor seeks to ensure that Njau’s charitable pledge can be met and implements a goal- based investing approach. Açor runs a Monte Carlo simulation to determine the probability of success, which is the likelihood that Njau can meet her charitable pledge objective. The simulation results are presented in Exhibit 2.
Açor’s portfolio allocation for Njau is most likely optimized on the basis of:
选项：
A.a stated maximum level of volatility.
B.total portfolio mean–variance efficiency.
C.the results of the risk tolerance questionnaire.
解释：
A is correct. Açor uses the goal- based investing approach by allocating with a focus on Njau’s charitable pledge to Udhamini. With this method, she seeks to optimize Njau’s portfolio so that the pledge goal has a high probability of being met. Açor will set aside a required amount of funds to invest, and a mean–variance optimization will be run specifically for that portion of Njau’s portfolio. The funds will be invested to a stated maximum level of volatility to meet the charitable need.
为什么“最终使得目标投资组合被优化到一个指定的最大波动水平”是目标之一？是不是因为波动越大收益越高？所以在可接受的最大波动范围内就是可以获得可承受的风险程度范围内的最大收益？是这样理解么？
