Thesis (MBA (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: NamPower is the current power utility in Namibia and needs to access the debt capital markets over the next few years, in order to be successful to finance its capital expenditure programme of NAD 13.9 billion. NamPower intends to raise the funding from its operations, shareholders equity injection and debt, in the form of bonds and development finance. In order to be successful in its bond issuance programme, NamPower must at least maintain an investment grade credit rating. Credit Rating Agencies play an important role to provide investors with their credit ratings and reports. Many investors base their investment decision making on certain levels of credit ratings. A credit rating is the probability that an issuer or instrument will default on its debt repayment obligation. Depending on the circumstances, investors usually require a minimum of an investment grade rating (AFP, 2009:20). Looking at the current financial crisis investors felt left down by the credit rating agencies, as investors relied on the credit rating reports and the underlying credit rating. Investors literally lost billions in financial crisis of 2007-8/9 as corporate and structured products defaulted on meeting financial obligations. As a result of the defaults and financial crisis the credit rating agencies have been criticised for inadequate disclosure and potential conflicts of interest. Many critics argue that credit rating agencies are not asking inquisitive questioning and probing into issues when doing credit reviews. Evidence was not that conclusive, but big corporate failures like Enron and WorldCom are examples of the credit rating agencies’ failures. Furthermore, credit rating agencies are not particular about creating predictions of future developments, but the last crisis has shown that credit rating agencies were fairly successful with corporate or issuer ratings as default has been fairly limited to the higher credit rating categories. Evidence provided in the research supports that investors still rely on credit ratings more so for corporate, institutions and fixed income products, but are very insure about structured products, due to recent market failures. Therefore it is still of critical importance for NamPower to maintain its investment grade credit rating. NamPower has maintained and even improved on its local national scale credit rating. Investors are still risk adverse since the financial crisis but as economic conditions improve investors should be coming back to emerging markets. To bring back the investors to invest in the emerging markets will require a certain appetite returning to the investor, but surely there will be a premium or funding will be more costly in future and not in demand as previously. As for NamPower, the opinion is therefore that although smaller in size, it poses as an attractive investment opportunity for investors as there is shortage in investment grade assets in Sub-Sahara Africa to fill the portfolio gaps and give diversification.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: Market capitalisation is a measure of size and prestige for various JSE listed companies. Changes in the Companies Act in relation to the capital maintenance provided companies the opportunity to repurchase their own shares. South Africa’s legislation is different to those of its international peers which resulted in a different interpretation of how to deal with treasury shares and resultantly impacted on the valuation of market capitalisation. This study was undertaken with the aim of establishing if there are differences in the reporting of closing balances of the number of shares of the company and group as provided by the share analysis section of the annual financial reports which is required by the JSE Listing Requirements. Thirty-four companies were selected specifically, analysed and compared to information as per the University of Stellenbosch Business School share program to determine whether differences arise and to determine the impact that this has on the market capitalisation valuation and explanations for deviations. The results reflected that the non reconciliation of closing balances of the group was primarily due to the non consolidation of trusts, subsidiaries and treasury shares and companies not adhering to the listing requirements as per section 3.3 of the shareholders’ spread to adequately disclose treasury related transactions. The study also found ambiguity in accounting standards IAS 1 in that they did not provide conclusive guidance in terms of the disclosure of share movements in rand value and units to reconcile between opening and closing balances of all treasury shares. Changes in the tax legislation will in future negate the reason for share repurchases through the subsidiaries or trusts which will have an impact on the reconciliation process going forward. Ultimately the accounting profession and JSE will have to implement standardised guidelines to ensure that the reporting of treasury shares is simplified to ensure that market users’ understanding of treasury activities and market capitalisation valuation can be improved.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: China are one the fastest growing major markets in the world. Since joining the World Trade Organisation in 2002 China is officially open for business to the rest of the world. China is both a very lucrative market and a dangerous market to enter for various reasons. Trade fairs are an age old tradition in China and are still a very effective and widely used medium of trade in China. To the new entrant to the market, the trade fair offers a very effective and relatively inexpensive way for promoting your product to a wide and interested audience. / AFRIKAANSE OPSOMMING: China is een van die snel groeiende ekonomieë in die wêreld. Sedert sy aansluiting by die Wêreld Handelsorganisasie in 2002 is China amptelik oop vir besigheid vir die res van die wêreld. Om verskeie redes is China 'n baie winsgewende sowel as 'n gevaarlike mark om te betree. Handelskoue is 'n eeue ou tradisie in China en is steeds 'n algemene en baie effektiewe vorm van handel dryf. Vir die nuwe toetreder tot die mark bied die handelskou 'n relatiewe goedkoop manier om sy produk aan 'n wye gehoor bekend te stel.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: All organisations, commercial or nonprofit, are exposed to a highly competitive and uncertain environment which is fuelled by globalisation and technological advancement. Organisations make use of business analytical tools to assist them in the effective management of their organisations. Strategic management in particular, is used as an analytical and decision making tool. The Christian church is by no means excluded from the effects of the changing society due to globalisation, technological advancement and post-modernism. Christianity has been a way of Ufe for many people over the past two millennia; however, there is a growing concern that Christianity is facing extinction. Research and surveys conducted indicate a decline in membership and attendance of worship. The literature reviewed in this research revealed that nonprofits, and in particular religious organisations, are focused primarily on their mission, rather than taking a holistic view of the external and internal environment in making strategic business decisions. This presented an opportunity for a research study on the application of strategic management principles in a church organisation, without compromising the church's mission. The research problem addressed in this report is: Can strategic management techniques and principles applied in business today, successfully be adapted for formulating a strategic framework which will enhance the growth and survival of the Christian Church? An extensive literature review has been undertaken within the field of the strategic management discipline in business and in non-profits. The purpose of the research is aimed at strategic management techniques to be applied to the Christian church. It made sense therefore to gain some understanding of what literature presented with regards to strategic management concepts in churches. Churches are expected to survive amidst a changing society, the church is expected to respond to the needs of its members and yet remain true to its mission. A number of issues which need v consideration when making strategic decisions have been addressed. These include: postmodernism and its challenges, public trust, leadership, volunteerism, money, culture, diversity, structures and systems. A strategic framework was applied to test its usefulness as a tool in the church. Elements of the framework entail the strategic intent which embodies the vision, mission, goals and objectives of the organisation. The internal and external environment in which the organisation exists, is analysed and the results are integrated to formulate an appropriate strategy. Based on the results of the literature reviewed, the research problem has been answered positively. The scope of the research is non-denominational and does not focus on any specific religious doctrines. Therefore, regardless of beliefs or re li gious convictions the framework provided can effectively be applied by any religious or nonprofit organisation. Although the proposed framework could be applied to multiple religious trad itions, the focus is on the Christian church and some examples are uniquely Christian. Ultimately it is intended that the adopted framework enhances the ability of Christian churches to grow from strength to strength. Working within the framework presented does not guarantee the success of the church but it will provide a structure for management's decision making. The need for flexibility within the framework must be recognised and appreciated. The research report is exploratory in nature and reviews existing knowledge to prepare the way for further research into relationships between strategic management and religious organisations. / AFRIKAANSE OPSOMMING: Aile organisasies, hetsy sake-ondernemings of nie-winsgewende assosiasies, word blootgestel aan haogs mededigende en onsekere omgewingsomstandighede wat aangevuur word deur globalisering en te9nologie5e vooruitgang. Organisasies rnaak gebruik van analitiese hulpmiddels om hulp 1e verleen in die doeltreffende bedryfsleiding van hul organisasies. Strategiese bestuur word in die besonder as 'n analitiese- en besluitnemingswerktuig gebruik. Die Christelike kerk bly geensins onaangeraak deur die uitwerking van 'n gemeenskap wat verander weens globalisering, te9nol09ie5e vooruitgang en die nadraai van modernisme. Vir vele mense was Christenskap oor die afgelope twee millennia 'n lewenswyse; desnieteenstaande is daar 'n groeiende besorgdheid dat Christenskap uitwissing in die oe staar. Navorsing en opnames toon 'n afname in lidmaatskap en bywoning aan godsdienste. Die geskrifte wat vir hierdie navorsing bestudeer is, het onthul dat nle-winsgewende, en in die besonder religieuse organisasies, allereerste op hul missie fokus, eerder as om 'n holistiese benadering te neem van die interne en eksterne omgewingsomstandighede, wanneer strategiese ondernemingsbesluite geneem word . Dit het die geleentheid geskep vir navorsing in die toepassing van stategiese bestuursbeginsels in 'n kerk-organisasie, sonder om die kerk se missie in gevaar te stel. Die navorsingsprobleem wat in hierdie verslag aangespreek word, is: Kan die strategiese bestuurstegnieke en -beginsels wat hedendaags in sake-ondernemings toegepas word, suksesvol aangepas word om 'n strategiese raamwerk te formuleer wat die ontwikkeling en oorlewing van die Christel ike kerk sal verhoog? 'n Uitgebreide oorsig van literatuur rakende die terrein van strategiese bestuursbeginsels In sake-ondernemings en nie-winsgewinde assosiasies is onderneem. Die doel van die navorsing was gevestig op strategiese bestuursbeginsels wat op die Christelike kerk toegepas kon word . Dit het dus sin gemaak om ondersoek in te stel oor wat die literatuuf s~ rakende strategiese bestuurskonsepte in kerke. Daar word van die kerk verwag om in 'n veranderende gemeenskap te aorleef, om te reageer op die behoeftes van sy ltdmate en nog steeds getrou te bly aan sy missie. 'n Hele aantal vraagpunte wat oorweging benodig wanneer strategiese besluite geneem word, is aangespreek. Oit sluit in: postmodernisme en sy uitdagings, publieke vertroue, leierskap, vrywillige dienslewering, befondsing, kultuur, diversiteit, strukture en sisteme. 'n Strategiese raamwerk is toegepas om sy bruikbaarheid as 'n werktuig in die kerk te toets. Elemente van hierdie raamwerk bevat die strategiese beweegrede wat die visie, missie, doelwitte en doelstellings van die organisasie omvat. Die interne en eksterne omgewing waarin die organisasie bestaan, is ge-analiseer en die resultate toe ingelyf om 'n gepaste strategie te formuleer. Gegrond op die resultate van die literatuur wat in oorsig geneem was, is die navorsingsprobleem positief beantwoord. Die omvang van die navorsing is nie gekoppel aan kerkverband nie en fokus dus nie op enige spesifieke godsdienstige leerstellings nie. Hierdie raamwerk kan dus ondanks die geloofs-oortuigings en - belydenisse doeltreffend op enige godsdienstige of nie-winsgewende organisasie toegepas word . Alhoewel die voorgestelde raamwerk op veelvuldige religieuse tradisies toegepas kan word, is die fokus op die Christelike kerk en party voorbeelde wat aangehaal word, is uniek aan Christendom. Daar word uiteindelik ten doel gestel dat die aanvaarde raamwerk die vermoe van Christen kerke om van krag tot krag te groei, verhoog. Wanneer daar binne die voorgestelde raamwerk gewerk word, is daar geen waarborg dat die kerk suksesvol sal wees nie, maar dit voorsien wei 'n struktuur vir bestuurslui se besluitneming. Die nodigheid vir buigsaamheid binne die raamwerk moet ook erken en waardeer word.

Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Tax policy makers in South Africa have to a large extent neglected the tax treatment of derivative instruments. The Income Tax Act, No. 58 of 1962, currently only takes into account three types of financial arrangements that can be classified as being derivative in nature: forward exchange and option contracts relating to foreign exchange, interest rate swaps based on notional capital amounts and option contracts. Although the Commissioner for Inland Revenue has appointed a number of internal working committees to research this area of the law, the legislation resulting from these efforts has been piecemeal in nature, dealing only with limited aspects of the taxation of a few specific transactions. Due to the lack of specific legislative provisions regulating the tax aspects of derivatives, the general principles of South African income tax law have to be applied to these instruments. This leads to imprecise and inconsistent results, primarily due to the development of these principles long before the widespread use of derivatives in sophisticated and complex transactions. The taxation of transactions involving derivative instruments is becoming a subject of increasing practical importance in South Africa due to the number of derivative transactions escalating in quantity. The introduction of capital gains tax in South Africa has added yet a further dimension to the taxation of derivatives. In light of the increasing volume and value of derivative transactions entered into by South African taxpayers, it is imperative that clarity regarding the taxation of these transactions be reached as soon as possible. Any reform and revised tax rules which is made applicable to these instruments, need to be very flexible, as further developments in the financial instrument environment are extremely dynamic and almost changing by day. It is furthermore important that the South African tax system keeps track with international developments to enhance the countl-y's trading status and to ensure that cross border transactions do not have anomalous conseq Llences, especially for foreign counter-parties. / AFRIKAANSE OPSOMMING: Belastingbeleidmakers in Suid-Afrika het tot 'n groot mate die belastinghantering van afgeleide instrumente verwaarloos. Die Inkomstebelasingwet, No. 58 van 1962, neem tans slegs drie soorte finansiele ooreenkomste wat as afgeleide instrumente geklassifiseer kan word, in aanmerking: termynwissel- en opsiekontrakte met betrekking tot buitelandse valuta, rentekoers ruilkontrakte gebaseer op denkbeeldige kapitaalbedrae en opsiekontrakte. Alhoewel die Kommissaris van Binnelandse Inkomste 'n aantal interne werkskomitees aangestel het om ondersoek in te stel na hierdie afdeling van die reg, is die wetgewing wat voortgespruit het as uitvloeisel van hierdie pogings broksgewys van aard deurdat dit slegs met beperkte aspekte van die belasbaarheid van 'n aantal spesifieke transaksies gehandel het. Vanwee die gebrek aan spesifieke wetgewende bepalings wat die belastingaspekte van afgeleides reguleer, moet die algemene beginsels van die Suid-Afrikaanse inkol11stebelastingreg toegepas word op hierdie instrumente. Dit gee aanleiding tot onnollkeurige en teenstrydige resllltate, hoofsaaklik omdat hierdie beginsels reeds lank voor die wydverspreide gebruik van afgeleides in gesofistikeerde en ingewikkelde transaksies ontwikkel het.- Die belasbaarheid van transaksies waarby afgeleide instrumente betrokke is, is 'n onderwerp van loenemende praktiese belang in Suid-Afrika vanwee die styging in die aantal transaksies in afgeleides. Die inwerkingstelling van kapitaalwinsbelasting in Suid-Afrika het nog 'n verdere dimensie aan die belasbaarheid van afgeleide instmmente toegevoeg. lndien aggeslaan word op die toename in die aantal en waarele van transaksies in afgeleiele instrllmente wat deur Suid-Afrikaanse belastingbetalers aangegaan word, is elit noodsaaklik clat ciuidelikheid rakencle ciie belasbaarheid van hierdie transaksies so spoedig doenlik verkry word. Enige hervOiming en hersiende belastingreels wat van toepassing gemaak word op hierdie instrllmente, moet baie buigsaam wees aangesien verdere ontwikkelings in die finansieie instrumente-omgewing uiters dinamies is en bykans daagliks verander. Dit is vnorts belangrik dat die Suid-Afrikaanse belastingstelsel tred hou met intemasionale ontwikkelinge ten eincle ciie lanci se handelstatus te versterk en te verseker ciat tral1saksies oor grense heen nie onreeimatige gevolge inhou, veral vir buitelandse teenpartye nie.

Thesis (MBA)--Stellenbosch University, 2011. / ENGLISH ABSTRACT: This research report aims to contribute to the contemporary research discourse within the Strategy-as-Practice (S-as-P) field by studying day-to-day strategising practices that take place within a modern organisation. From an S-as-P point of view, strategy is described as a situated, socially accomplished activity, while strategising comprises those actions, interactions and negotiations of multiple actors and the situated practices that they draw upon in accomplishing that activity (Jarzabkowski, Balogun & Seidl, 2007: 8). Here, strategy is redefined as an action organisations perform rather than a concept organisations ‘have’. This introduces a shift in the strategy process, from a prescriptive approach to a practice approach. In this report, the researcher was able to determine how strategising took place in a Business Unit (BU) at a third-tier level within a multinational engineering organisation. This involved an analysis of how the processes of strategy sense-making and sense-giving took place amongst strategic actors. Furthermore, how this was mediated by strategising methods, strategic tools and artefacts was observed. The research recognised that strategy is socially situated and therefore a social practice. To deal with this dimension, activity theory, discussed by Jarzabkowski (2005), was used as an operational measure to identify micro-social system configurations required to implement strategy. Based on an in-depth single case study of the BU, the researcher’s findings discovered unique roles that multiple actors assume in the strategy implementation process, and how they interacted in the pursuit of goal-oriented strategic initiatives. In that process, different strategising techniques were identified, namely Procedural, Interactive, Pre-active or Integrative. It was also shown how managers used these multiple strategising methods at their disposal to facilitate and mediate strategic initiatives. In an attempt to contextualise these micro-strategising practices, the case study also demonstrated how strategy was translated from broad organisational concepts to BU operational manifestations using internal formal procedures that involved a Strategy Map and Balanced Scorecard. This revealed the cascading effect of top-down strategy translation and the gap-closing effect of down-and-up feedback loops in the system. This also exposed how strategy was ‘operationalised’ by decomposing and breaking it down into sub-strategies for implementation, which then created a hierarchy of strategies that were specific to each level of the organisation. / AFRIKAANSE OPSOMMING: Hierdie navorsingsverslag beoog om by te dra tot die kontemporêre navorsingsgesprek binne die Strategie-as-Praktyk (S-as-P) veld deur dag-tot-dag strategie praktyke wat binne ‘n modern organisasie plaasvind te bestudeer. Vanuit ‘n S-as-P oogpunt, word strategie beskryf as ‘n geposisioneerde, sosiaal-uitgevoerde aktiwiteit, terwyl strategie-beplanning bestaan uit die aksies, interaksies en onderhandelings van onderskeie betrokkenes en die geposisioneerde praktyke waaruit geput word in die uitvoering van daardie aktiwiteit. Strategie word hier herdefinieer as ‘n aksie wat organisasies uitvoer eerder as ‘n konsep wat hulle het. Dit bring ‘n verskuiwing in die strategie proses mee, van ‘n voorskriftelike benadering na ‘n praktiese benadering. Die navorser het in hierdie verslag daarin geslaag om te bepaal hoe strategiese beplanning in ‘n derde vlak Besigheidseenheid (BE) binne ‘n multinasionale ingenieursorganisasie plaasvind. Hiervoor is ‘n analise gedoen van hoe die prosesse van strategiese sin-maak en sin-gee onder strategiese betrokkenes plaasvind. Daarbenewens is waargeneem hoe mediasie deur strategie-beplanningsmetodes, strategiese gereedskap en voorwerpe plaasgevind het. Om met hierdie dimensie om te gaan, is aktiwiteitsteorie, soos bespreek deur Jarzabkowski (2005), gebruik as ‘n operasionele maatstaf om mikro-sosiale sisteem konfigurasies wat vereis word vir implementasie van die strategie te identifiseer. Die navorser se bevindings, gebaseer op ‘n enkele diepgaande gevallestudie van die BE, het unieke rolle geïdentifiseer wat verskeie rolspelers tydens die strategie implementeringsproses aanneem en ook die interaksie wat plaasgevind het in die nastreef van doelgeöriënteerde strategiese inisiatiewe. In die proses is verskillende strategie-tegnieke geïdentifiseer, naamlik Prosedure, Interaktief, Pre-aktief of Integrerend. Daar is ook getoon hoe bestuurders hierdie verskillende beskikbare strategie-metodes aangewend het om strategiese inisiatiewe te fasiliteer en bemiddel. In ‘n poging om hierdie mikro-strategiese praktyke te kontekstualiseer, het die gevallestudie ook aangedui hoe strategie vanaf breë organisatoriese konsepte deur die gebruik van interne formele prosedures, wat ‘n Strategie Kaart en Gebalanseerde Telkaart ingesluit het, omgesit is na operasionele aanwysings vir die BE. Hierdeur is die waterval effek van top- afwaartse omsetting en die gaping-vullende effek van af-en-op terugvoerlusse in die sisteem blootgelê. Dit het ook aangetoon hoe strategie ‘ge-operasionaliseer’ is deur dit te ontkoppel en af te breek tot sub-strategieë vir implementasie, waardeur ‘n hiërargie van strategieë, spesifiek vir elke vlak van die organisasie, geskep is.

Thesis (MBA)--Stellenbosch University, 2009. / ENGLISH ABSTRACT: In financial accounting and economics it is important to be in a position to determine replacement costs of assets. These costs are essential for application of inflation accounting , the calculation of Tobin's q ratio, as well as the calculation of the free cash flow (FCF) of a company. However, it proves to be a daunting challenge to calculate especially accurate replacement costs of a company's fixed assets, owing to the considerable effects that inflation, economic lifetime of fixed assets and procurement strategies have on the replacement cost, and consequently on the FCF of a firm . In determining the FCF of a company, it is essential to differentiate between the goals of a company to maintain fixed assets or to expand operations. This split is difficult to ascertain, as few companies in South Africa publish the split. In addition to this, it is important to distinguish between actual required replacement investment (RI) and that part of the RI that has conveniently been postponed. As a consequence, analysis of a company's financial statements to determine replacement costs and subsequent FCF is further complicated. In 2001 , Hall investigated the behaviour of the average age of fixed assets as calculated with the Cutler and Westwick (1973: 17) formula , by developing specific inflation adjustment models. Hall's (2001: 40) study provided insight into some of the factors that might influence the application of the Cutler and Westwick formula for the calculation of the average age of a firm 's fixed assets. This research report developed Hall's models further, and proved that the average age of fixed assets, as used in the determination of replacement cost of a company's fixed assets, could only be applied in zero inflation conditions. In positive inflation periods, the average age of fixed assets as per Cutler and Westwick's formula is understated, resulting in lower estimations of replacement costs. Consequently, the additional depreciation as determined for inflation accounting purposes is understated. In this research report, the models referred to above were developed further to determine the required maintenance (or RI) part of the investing decision relative to depreciation written off. This enabled the modelling of FCF for companies, assuming certain model restrictions, such as constant inflation, evenroll fixed asset replacement and similar economic lifetimes for all fixed assets. However, this only provides some insight into the trends of additional deprecation required for different situations, and cannot be used in practice as comparable practical situations do not exist. This study therefore concludes that the calculation of replacement cost for inflation accounting purposes proves to be a very complex problem. No simple or quick model currently exists for determining the replacement costs of fixed assets and subsequent FCF of a firm. It is recommended that, when determining the replacement costs of fixed assets, the detailed fixed asset register of the firm should be consulted in order to determine the unique asset investment and replacement strategies, as well as the split of the fixed assets in terms of different economic lifetimes. Once this information is available, unique models per company could be developed based on the applicable inflation rates. / AFRIKAANSE OPSOMMING: In finansiële rekeningkunde en ekonomie is dit belangrik om die vervangingswaarde van bates te kan bereken. Hierdie waardes is essensieël vir die toepassing van inflasieboekhouding, die berekening van Tobin se q-verhouding, sowel as die berekening van die vrye kontantvloei (VKV) van 'n maatskappy. Dit blyk egter 'n moeilike taak te wees om veral akkurate vervangingswaardes vir 'n maatskappy se vaste bates te bereken, as gevolg van die groet invloed wat inflasie, die ekonomiese leeftyd van die vaste bates en aankoopstrategieë het op die vervangingswaarde, en gevolglik op die VKV van 'n maatskappy. In die bepaling van die VKV van 'n maatskappy, is dit noodsaaklik om te onderskei tussen die doelwitte van die maatskappy om vaste bates te onderhou of om werksaamhede uit te brei. Hierdie onderskeid is moeilik om te bepaal, aangesien min maatskappye in Suid-Afrika dit publiseer. Ook is dit belangrik om te onderskei tussen werklik benodigde vervangingsinvestering (VVI) en daardie gedeelte van die VVI wat gerieflikheidshalwe uitgestel is. Die ontleding van 'n maatskappy se finansiële state ten einde vervangingswaarde en die daaropvolgende VKV te bereken, word gevolglik verder gekompliseer. In 2001 het Hall die gedrag van die gemiddelde ouderdom van vaste bates ondersoek met behulp van die Cutler en Westwick (1973: 17) formule, deur spesifieke inflasie aangepaste modelle te ontwikkel. Hall (2001 : 40) se studie het insig gebied in sommige van die faktore wat die toepassing van die Cutler en Westwick formule vir die berekening van die gemiddelde ouderdom van 'n maatskappy se vaste bates kan beïnvloed. Hierdie navorsingsverslag ontwikkel Hall se modelle verder en bewys dat die gemiddelde ouderdom van vaste bates, soos gebruik in die beraming van die vervangingswaarde van 'n maatskappy se vaste bates, net toegepas kan word in toestande van nul inflasie. In periodes van positiewe inflasie word die gemiddelde ouderdom, soos bepaal deur die Cutler en Westwick formule, te laag opgegee, met 'n gevolglike laer skatting van vervangingswaarde. Dit lei daartoe dat die addisionele waardevermindering, soos bepaal vir inflasieboekhoudingsdoeleindes, te laag opgegee word. In hierdie navorsingsverslag word die modelle waarna hierbo verwys is verder ontwikkel ten einde die vereiste instandhoudings- (of VVI-) gedeelte van die investeringsbesluit relatief tot waardevermindering te bepaal. Dit maak dit moontlik om die VKV van maatskappye te modelleer, met sekere modelbeperkings wat veronderstel word, soos konstante inflasie, vaste batevervanging volgens 'n harmonies opgeboude masjienpark, en soortgelyke ekonomiese leeftye vir aile vaste bates. Dit bied egter net 'n mate van insig in die patrone van addisionele waardevermindering wat vir verskillende situasies benodig word en kan nie in die praktyk aangewend word nie, aangesien vergelykbare praktiese situasies nie bestaan nie. Hierdie studie kom dus tot die gevolgtrekking dat die berekening van vervangingskostes vir die toepassing van inflasieboekhouding 'n baie komplekse probleem is. Geen maklike of vinnige model bestaan tans vir die bepaling van die vervangingswaarde van vaste bates en die gevolglike VKV van 'n maatskappy nie. Daar word aanbeveel dat, wanneer die vervangingswaarde van vaste bates bereken word, die gedetailleerde vaste bateregister van die maatskappy geraadpleeg moet word ten einde die unieke investering- en vervangingstrategieë, sowel as die skeiding van die vaste bates op grand van verskillende ekonomiese leeftye, te kan bepaal. Sodra hierdie inligting beskikbaar is, kan unieke modelle vir die maatskappy ontwikkel word op grand van die toepaslike inflasiesyfers.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Organisations are under constant pressure to perform and meet shareholders' demands and expectations, Whether it is a global, national, regional or entrepreneurial enterprise, the management team need to ensure that the operations are run effectively and efficiently. People or human resource related risks are being recognised more often as having a potentially high impact on meeting company objectives. Leaders have realised that human resources remain one of the most important assets, if not the most important, of the company. Employees on the other hand have realised that companies are willing to reward them according to value added, and are often using this to their advantage. Employers need to be aware of the risks associated with their workforce and manage it in order to mitigate the risks and limit the consequences. Various types of people risks have been identified by academics and professionals, often classified into different categories. People risks which are not managed effectively may pose a moral, social, legal and/or environmental burden on the business, shareholders as well as leadership. This study involves a literature study as well as a survey to determine the impact which these risks may have on different types of businesses, and their ability to meet organisational objectives. The literature study focuses on 30 different people related risks, categorised into physical risks as well as non-physical risks. Each risk has been explored in the study, reflecting different opinions as well as potential consequences if not managed effectively. The survey conducted amongst risk management practitioners and consultants reflects personal opinions regarding the level of impact which a risk may have on meeting organisational objectives. Each respondent had the opportunity to rank a risk as having either a high, medium or low impact on meeting objectives. The survey concluded that certain non-physical risks featured very prominently as being high risks, while the physical risks were regarded as medium to low risk. HIV/AIDS and occupational injuries were the only two physical risks which featured in the top ten risks according to the survey results. Conclusions drawn from the survey conducted as well as previous research are that three of the top five risks are similar. There is also the possibility that organisational leaders and professional advisors may not always be aware of the people risks associated with business. The potential for further surveys and research is vast, and potential for organisations to become more effective and efficient largely depend on the ability to identify, assess, evaluate and manage risks according to risk management principles. A basic risk management process is explained in the recommendations section, together with a variety of mitigating strategies and suggestions. / AFRIKAANSE OPSOMMING: Organisasies is deesdae onder voortdurende druk om te presteer en aan aandeelhouers se eise en verwagtinge te voldoen. Dit maak nie saak of dit 'n globale, nasionale, streek- of entrepreneursaak is nie, die bestuurspan moet verseker dat die bedrywighede effektief en doeltreffend bestuur word. Menslikehulpbron-verwante risiko's word al meer geag 'n potensieel hoë impak te hê op maatskappye se vermeë om doelwitte te bereik. Leiers het besef dat menslike hulpbronne een van die belangrikste bates van die maatskappy bly, indien nie die belangrikste nie. Werknemers het weer besef dat maatskappye bereid is om hulle te vergoed ooreenkomstig waarde toegevoeg, en gebruik dit dikwels tot hul voordeel. Werkgewers behoort bewus te wees van die risiko's verbonde aan hul arbeidsmag en dit so te bestuur dat die risiko's verminder en die gevolge beperk word. Verskillende tipes menslike risiko's is al deur akademici en professionele persone geïdentifiseer en hulle word dikwels in verskillende kategorieë geklassifiseer. Menslike risiko's wat nie effektief bestuur word nie, kan morele, sosiale, wetlike en/of omgewingstremmings plaas op die besigheid, aandeelhouers sowel as die bestuur. Die studie behels 'n omvattende literatuurstudie sowel as 'n opname om die moontlike impak te bepaal van hierdie risiko's op verskillende tipes besighede en hul vermoë om sakedoelwitte te bereik. Die literatuurstudie fokus op 30 verskillende menslike risiko's wat as fisiese en nie-fisiese risiko's gekategoriseer word. Elke risiko is in die studie ontleed, en verskillende sienings en potensiële gevolge indien die risiko nie bestuur word nie, word verduidelik. Die opname wat onder risikobestuurpraktisyns en -konsultante gedoen is, weerspiëel persoonlike menings aangaande die graad van die impak wat 'n risiko op die bereiking van organisasiedoelwitte kan hê. Elke respondent het die geleentheid gehad om die risiko's te evalueer en aan te dui of dit 'n hoë, medium of lae impak het op die bereiking van doelwitte. Die opname het bevind dat sommige nie-fisiese fisiko's baie prominent uitgestaan het as hoë risiko's, terwyl die fisiese risiko's meestal as medium tot lae risiko's beskou is. MIV/VIGS en beroepsbeserings is die enigste twee fisiese risiko's wat onder die top tien risiko's verskyn het volgens die resultate van die opname. Gevolgtrekkings uit die opname sowel as vorige navorsing dui aan dat drie van die top vyf risiko's soortgelyk is. Die moontlikheid bestaan ook dat besigheidsleiers en professionele adviseurs nie altyd vertroud is met menslike risiko's ten opsigte van die besigheid nie. Die potensiaal vir toekomstige opnames en navorsing is enorm, en die potensiaal van organisasies om meer effektief en doeltreffend te word, hang grootliks af van die vermoë om risiko's volgens risikobestuurbeginsels te identifiseer, te bereken, te evalueer en te bestuur. 'n Basiese risikobestuursproses word in die afdeling met aanbevelings verduidelik, tesame met 'n verskeidenheid van voorkomingstrategieë en -voorstelle.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: This study concerns itself with two issues, (i) quality concerns about the MBA and (ii) increasing importance of knowledge management, especially tacit knowledge in the business world. The MBA course of study was established as a measure to prepare individuals aspiring to be managers for leadership positions and was originally targeted at the cream of employees. There are several expectations placed on employees when they are sent by their employers to do an MBA. Among these expectations are that employees are expected to tap into the experience of fellow students while on the program, improve their leadership and management skills, get exposure to knowledge on other fields and to acquire practical business solutions. It is said, though, that the MBA study programme is currently not meeting the desired expectations of the business world, which has, hence, led to the devaluation of this programme as a premier business education course. Conversely, knowledge management has gained significant importance in the recent past, owing to the subsequent empowerment of individuals and organisations to then create a competitive advantage over their rivals. In particular, it has been found that the increasing of tacit knowledge is most crucial for success in this regard. Tacit knowledge resides in the minds of individuals and is acquired after many years through both professional and general life experiences. This valuable knowledge, which is hard to capture, is lost whenever experienced employees leave an organisation, for anyone of various reasons, which may include retirement, change of jobs and/or restructuring . Organisations are, therefore, faced with the challenge of capturing tacit knowledge and then creating an environment where this is freely shared with others within that organisation, to reap the reward and beat any rivals. The objective of this study is to shed more light on tacit knowledge sharing within the MBA study programme and reveal how this action will address concerns relating to the quality of MBA training. In this regard, in this research study an attempt will be made to discover ways of harnessing the tacit knowledge found among the students, to then better the quality of the MBA and increase the value of this study programme. The results of this study did indicate that tacit knowledge is shared among the students in the MBA programme and that it is valuable to the students; that industry related knowledge and professional experience, closely followed by general life experiences, are the most valuable kinds of knowledge gained from fellow students. The sharing of such knowledge usually occurs during group/syndicate activities, with one's fellow students providing the greatest source of the knowledge that one gains. Tacit knowledge is shared equally across the different subject groupings in the MBA study programme, despite prior MBA tacit knowledge being most useful in LeadershiplHR and Strategy courses than in any other. The MBA environment is generally supportive of tacit knowledge sharing. However, a minority of students, mostly women, owing to other students' negative attitudes, find the environment intimidating. Students who participate in the MBA programme possess sufficient prior MBA work experience and higher education qualifications, indicating a wealth of tacit knowledge. The results suggest that business schools must continue to target students who are adequately experienced and who possess higher education qualifications as they are the individuals who possess a wealth of tacit knowledge, which proves to be valuable to all concerned . Additionally, after the value of tacit knowledge in the MBA has been recognised , activities that enhance its sharing are encouraged. The breadth of student experience is crucial to tacit knowledge sharing and, as such, calls for the student recruitment process at business schools to be adjusted accordingly. In addition there is need for the undesirable behaviour of certain students to be kept in check, that valuable tacit knowledge sharing is not missed as a result of intimidation. It is worthwhile noting that, through attraction of students with adequate prior work experience, a higher quality tacit knowledge would be tapped, thereby meeting part of the requirements of the business world for a high quality MBA study programme. In Chapter 1 a general presentation of this subject is presented, and the approach and rationale of the study are explained. In Chapters 2 & 3 an overview of literature relevant to the topic of tacit knowledge management, as well as that of MBA training , is presented. In Chapter 4 the methodology and data gathered are discussed. In Chapter 5 the summary and conclusions of this study are presented and suggestions for future research areas are made. / AFRIKAANSE OPSOMMING: Hierdie studie handel oor twee sake, naamlik (i) vrae oor die gehalte van die MBA en (ii) die feit dat kennisbestuur al hoe belangriker word, veral ten opsigte van algemene kennis in die besigheidswereld. Die MBA-studiekursus het tot stand gekom om mense wat bestuurders wil wees voor te berei vir leierskapsposisies. Die kursus was oorspronklik gemik op net die beste werknemers. Daar was verskeie verwagtinge ten opsigte van werknemers wat deur hul werkgewers aangesê is om 'n MBA te loop. Daar was die verwagting dat werknemers tydens die kursus uit die ervaring van hul medestudente sou leer, dat hulle hul leierskaps- en bestuursvaardighede sou verbeter, dat hulle blootstelling aan kundigheid uit ander velde sou kry, en dat hulle praktiese oplossings vir besigheidsprobleme sou vind. Daar word beweer dat die MBA-studieprogram nie tans meer aan die verwagtinge uit die besigheidswerêld valdoen nie, en daartoe lei dat die program nie meer as een van die voorste besigheidsopleidingskursusse beskou word nie. Voorts is kennisbestuur deesdae baie belangriker, aangesien sekere persone onlangs bemagtig is, en maatskappye graag 'n mededingende voordeel oor hul konkurrente wil behou. Die feit dat algemene kennis aan die toeneem is, is veral ook belangrik vir suksesvolle kennisbestuur. Algemene kennis is kundigheid wat mense opdoen na baie jare se besigheids- en algemene lewenservaring. Die kennis is waardevol, maar dit is moeilik om vas te lê, en daarom gaan sulke kennis verlore wanneer ervare werknemers 'n maatskappy verlaat, ongeag of dit vanweë aftrede, bedanking of afdanking is. Maatskappye sukkel dus om algemene kennis te behou. Die uitdaging is om 'n omgewing te skep waarin sulke kennis vryelik met ander mense binne die maatskappy gedeel word. Dit is vir die maatskappy voordelig wanneer algemene kennis gedeel word, want dit gee die maatskappy 'n voorsprong oor sy konkurrente. Die doelwit van hierdie studie is om lig te werp op die manier waarop algemene kennis in die MBA-studieprogram gedeel word en te bepaal in watter mate kennisdeling mense se siening oor die gehalte van MBA-opleiding kan verbeter. Die doel van hierdie navorsingstudie is dus om maniere te vind waarop die algemene kennis wat studente het, te benut op 'n wyse wat die gehalte van die MBA verbeter en die waarde daarvan verhoog. Die uitslag van hierdie studie dui aan dat algemene kennis wel deur studente in die MBA-program met mekaar gedeel word en dat dit vir studente nuttig is, dat veral bedryfsverwante kennis en besigheidservaring, maar ook algemene lewenservaring, die waardevolste soort kennis is wat van medestudente verkry word . Sulke kennis word gewoonlik tydens groeps- of sindikeringsaktiwiteite gedeel, en die meeste kennis wat tydens so 'n sessie verkry word, kom trouens van medestudente. Dieselfde hoeveelheid algemene kennis word in al die MBA-studieprogram se vakgroeperings gedeel, hoewel algemene kennis oor die MBA self in die leierskaps-/mensehulpbron- en strategiekursusse belangriker is as in die ander. Die deling van algemene kennis word deur die MBA-omgewing aangehelp. 'n Klein groep studente, veral vroue, beleef die omgewing egter as intimiderend, as gevolg van ander studente se negatiewe houdings. Aangesien studente wat aan die MBA-program deelneem, voldoende MBA-verwante werkservaring en hoëronderwys-kwalifikasies het, kan 'n mens aanneem dat hulle oor heelwat algemene kennis beskik. Die uitslag dui daarop dat sakeskole steeds op studente moet fokus wat voldoende ervaring het en wat oor hoëronderwys-kwalifikasies beskik, aangesien hulle heelwat algemene kennis het, wat vir alle betrokkenes nuttig is. En wanneer sakeskole eers besef watter waarde algemene kennis vir die MBA het, moedig hulle gewoonlik aktiwiteite aan wat die deling van algemene kennis bevorder. As studente nie aan 'n verskeidenheid ervarings blootgestel word nie, sal die deling van algemene kennis daaronder ly, en dit moet in gedagte gehou word wanneer sakeskole oor die werwing van studente besluit. Die ongewenste gedrag van sekere studente moet ook in toom gehou word sodat intimidasie nie daartoe lei dat algemene kennis nie gedeel word nie. Wanneer sakeskole studente werf wat oor voldoende werkervaring beskik, word daar maar algemene kennis gedeel, en dit laat die program voldoen aan die vereistes wat die sakewereld stel vir 'n MBA-studieprogram van gehalte. In hoofstuk 1 word die onderwerp omskryf, en die redes en veronderstellings van die studie word uiteengesit. Hoofstuk 2 en 3 bevat 'n literatuuroorsig oor kennisbestuur van algemene kennis en oor MBA-opleiding. Hoofstuk 4 is 'n bespreking van die metodologie en data wat in die studie versamel is. Hoofstuk 5 beval 'n opsomming en gevolgtrekking van die studie, en voorstelle word gemaak vir toekomstige navorsing.

Thesis (MBA)--Stellenbosch University, 2007. / ENGLISH ABSTRACT: Restructuring is a fact of modem day life and has a huge impact on the employees of organisations who follow such strategies. It is critical that the change process as well as the surviving employees are managed effectively to ensure a committed and productive workforce. The purpose of the research study was the measure employee perception on the change process and the current environment in the organisation. Background to the organisation was provided to give perspective to the reader. Led by literature a unique questionnaire using a five-point scale was developed to measure employee perception in terms of the change process and current conditions in the organisation. The final questionnaire consisted of 59 items and was analysed according to different aspects of the change process and working environment identified. The arithmetic mean and standard deviation were determined for questions, the aspect identified as well as different demographic groups. The results showed that employees have a positive perception on the need for change, have confidence in the abilities of top management and are positive about the organisation's future prosperity. Employees are divided on the subject of loyalty towards the organisation. Results further show that employees have a negative perception on how the organisation managed the change process and the surviving employees, feel negative about their current working environment, have a negative attitude and commitment towards the organisation, feel insecure about their jobs and do not believe that the organisation is assisting them in their career development. It was lastly found that the majority of employees have not developed an internal drive to take responsibility for their won career development. Conclusions were made based on the results, focus areas were identified and recommendations were made on possible interventions to address the problems identified. / AFRIKAANSE OPSOMMING: Herstrukturering is deel van die hedendaagse lewe en het 'n massiewe invloed op die lewens van werknemers wat vir organisasies werk wat die besiheidsstrategie volg. Dit is krities dat die veranderingsproses en die oorblywende werknemers effektief bestuur word om 'n toegewyde en produktiewe werksmag te verseker. Die doel van die studie was om werknemer persepsie te meet ten opsigte van die herstrukturerings proses sowel as die huidige omstandighede in die organisasie. Agtergrond tot die organisasie was verskaf om perspektief by die leser te wek. Gegewe die literatuur, is 'n unieke vraelys met 'n vyf-punt skaal opgestel om werknemerpersepsie te meet in terme van die herstruktureringsproses en die huidige omstandighede in die organisasie. Die finale vraelys van 59 vrae is geanaliseer volgens verskillende aspekte van die herstruktureringsproses en werksomstandighede wat geïndetifiseer is. Die wiskundige gemiddeld en standaard afwyking van vrae en aspekte is bepaal sowel as vir verskillende demografiese groepe. Die resultate toon dat werknemers positief is oor die behoefte vir verandering, vertroue in topbestuur het en positief is oor die organisasie se finansiele vooruitsigte in die toekoms. Werknemers is verdeeld op die onderwerp van lojaliteit teenoor die organisasie. Resultate wys verder dat werknemers 'n negatiewe persepsie het oor die wyse waarop die organisasie die hersrtruktureringsproses en oorblywende werknemers bestuur is, voel negatief oor hulle werksomstandighede, het 'n negatiewe houding teenoor die organisasie, voel onseker oor hulle werk en glo nie die organisasie ondersteun werknemers in hulle loopbaanbeplanning nie. Dit is laastens bevind dat die meerderheid van werknemers nog nie 'n interne dryf ontwikkel het om verantwoordelikheid te neem vir hulle eie loopbaan ontwikkeling nie. Gevolgtrekkings was gebaseer op die resultate behaal, fokus areas is geïdentifiseer en aanbevelings is gemaak op moontlike stappe om die geïdentifiseerde probleme op te los.