Thesis (M.Com. (Finance))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Economic and Business Sciences, 2017 / This dissertation investigates the inclusion of volatility into the asset allocation decision, first as an asset class, and second as a tool for dynamic equity allocation. An examination on whether volatility exposure as an asset class has the necessary characteristics to form part of the broader investment universe is conducted. This is accomplished by comparing the risk-return characteristics of three naked option-selling strategies, a bull put spread strategy and a VIX futures strategy with the S&P 500 Index. Each volatility strategy is also included as part of a 30/30/40 volatility/equity/bond portfolio and compared to a traditional 60/40 equity/bond portfolio. Historically, the results indicate that all individual volatility strategies generated superior Sharpe ratios and exhibited less severe drawdowns than the S&P 500 Index, particularly during the 2008 Global Financial Crisis. Additionally, all volatility blended portfolios experienced better tail-risk profiles than the 60/40 equity/bond portfolio, with the naked option-selling strategies also generating similar returns as the 60/40 portfolio both over the full sample period as well during the period of recovery following the 2008 Global Financial Crisis. The results suggest that the returns associated with option-selling strategies are consistent, and have resulted in strong long-run risk-adjusted performance, qualifying short volatility exposure attained through option-selling strategies as an asset class. It however remains unclear whether the VIX futures strategy qualifies as an asset class given that it aims to exploit a market anomaly in the form of potentially non-priced volatility clustering in the S&P 500 Index. While the strategy generated considerable outperformance from 2004 to 2009, it underperformed from 2009 to 2016 suggesting that much of the non-priced volatility clustering has since been traded away. Drawing on the evidence of volatility clustering in equity markets, a managed volatility trading rule that regulates portfolio exposure between cash and equity based on how high the prevailing volatility level was relative to historical volatility levels is developed. Although transaction costs were not accounted for, the results indicated that the managed volatility trading rule has historically generated considerably superior Sharpe ratios than equity in developed and developing markets. In conclusion, volatility exposure attained through option-selling strategies has proven to be an attractive asset class, and historical evidence suggests that its inclusion into a traditional 60/40 equity/bond portfolio is likely to reduce the risk of future risk-adjusted underperformance relative to what had been achieved in the past. Additionally, the managed volatility trading rule remains an attractive alternative to investors who are precluded from investing in volatility as an asset class. / GR2018

A dissertation presented to the Higher Degrees Committee of the Cape Peninsula University of Technology in fulfilment of the requirements for the degree of Master of Technology: Construction Management, 2012 / This study investigated the underlying causes of rework in construction projects and the impact on overall project performance so that effective containment and reduction strategies can be developed. The objectives of the study were as follows: (i) to determine the influence different project types have on the causes of rework in construction projects; (ii) to determine the impact of rework on organisational and project performance; (iii) to determine the influence various project types have on rework costs (direct and indirect) in construction projects; (iv) to determine the influence various procurement methods have on total rework costs in construction projects; (v) to design and develop rework reduction and containment strategies. The research was motivated by several international and local studies demonstrating a lack of concern for the root causes of rework and the potential impact on cost, overall project performance, and the ‘value-addedness’ to the completed project. The research approach adopted included an exploratory and main study targeting purposively selected construction professionals and stakeholders in the Cape Peninsula metropolitan area of the Western Cape Province. The exploratory case study was carried out at the initial stage of the study to gain more insight into the causes and impact of rework on overall project performance. Specifically, data was collected by means of observation of physical works, semi-structured interviews with relevant parties directly involved in site operation and the analysis of site instruction record documents. The main study obtained data from 78 construction professionals and stakeholders via questionnaire survey, a survey conducted among design consultants and contractors in the general building category ranging from grade 3 to 9 who are registered with Construction Industry Development Board (CIDB). Descriptive, inferential statistics and probability distribution functions were used to analyse the data. The findings revealed that changes initiated by the client, changes initiated by the design team due to errors and omissions, poor coordination, and finally, integration among the design team were the major contributing factors to rework. Moreover, non-compliance with specifications, setting-out errors, low labour skills, and emphasis on time and cost aggravated the occurrence of rework on site. The study revealed that while there is no significant difference between the causes of rework and various project types, rework can and often does make a significant contribution to any project’s cost overrun. The total mean cost of rework as a percentage of the original contract value for new build project and refurbishment/renovation projects was 4.89% and 6.28% respectively. However, rework costs do not differ relative to project type or procurement method. Furthermore, the study revealed that cost overruns, time overruns and design team dissatisfaction all impacted on project performance. The findings indicate that designrelated rework can be minimised by implementing the following strategies: team building, involvement of subcontractors and suppliers, and design for construction. Moreover, involvement of subcontractors during construction, and the implementation of quality control and site quality management systems could also lead to reduction in rework during the construction phase. Furthermore, the probabilistic analysis of rework occurrence was determined in the projects selected; this analysis predicts the occurrence of rework so that a quantitative risk assessment could be undertaken prior to the commencement of construction. The research concludes by recommending that design and construction firms must develop organisational measurement systems for recording rework occurrence and its associated costs. It is by determining the frequency and costs of rework that effective strategies for its containment and reduction can be identified.

The objective of the study is to establish a perspective of risk management by doing an assessment of current risk management practices, especially in the aftermath of the 2008/2009 global financial crisis. Risk management, as a component of corporate governance, was analysed by addressing the following: - The nature of value-creating assets in business; - The primary challenges for risk management over the next three years; - The changing approaches towards risk management; - The role of legislation and external stakeholders; - The role of risk management in strategic planning; - The cost of risk management; and - The benefits of improved risk management capabilities. A survey was conducted in the form of a questionnaire in order to obtain primary information from business owners on the current role of risk management in their organisations as well as their view on the role of risk management going forward. Businesses operating in the Port Elizabeth and surrounding area with an existing relationship with Absa Business Banking Services participated in the study. Quantitative techniques were used to analyse the data that were obtained from the sample group. The study revealed that the role of risk management in enterprises is evolving into an integrated, enterprise wide risk management function that can be utilised as a source of competitive advantage, from both a funding perspective for Banks and a business perspective for business owners. Capitalising on risk management as a competitive advantage will ultimately lead to long term sustainability and profitability of South African business enterprises and the South African Banking system.

Die verkeerdelike posisionering van risikobestuur binne organisasies kan die rapporteringskanaal van die risikobestuurder beinvloed. Daar is ook merkbare verskille ten opsigte van risikobeheer aktiwiteite (bv. Sekuriteit en Beroepsgesondheid en-Veiligheid, ens.) Die term "risikobestuurder" word dikwels gebruik vir verskeie posbenamings, byvoorbeeld geboue- of fasilitiete bestuurder, en skep nie alleen verwarring nie, maar bevorder ook nie eenheidsdenke binne die organisasie nie. Risikobestuur het topbestuurstatus binne die organisasie, maar het ook sekere unieke probleme - soos vertragings in besluitnemings- en kommunikasieprosesse. Die oplossing le in die opgradering van die risikobestuurder se posvlak tot die van topbestuurslid waar risikobestuursaangeleenthede op hoer vlak aangespreek kan word. / Police Practice / M.A. (Polisiekunde)

M.Com. (Business Management) / Please refer to full text to view abstract

M.Com. / Participative management has been hailed as the strategic choice to overcoming problems at the workplace. It has become a buzzword for management in the 1980s, and yet has not become entrenched far enough in South Africa to say that participative management practice is, and has been a success ...

A dissertation submitted to the Faculty of Science, University of the Witwatersrand, Johannesburg, in fulfilment of the requirements for the degree of Master of Science. 01 December 2016. / Pressure on water as a resource is increasingly becoming inherent and unavoidable as economies continue to expand globally. The challenges experienced in water resource management inspired the need to understand institutional frameworks holistically. This lead to the primary purpose of this study: to explore perspectives of governance in sustainable policy development. The study intended to increase understandings of the strengths and weaknesses within governance structures in relation to contextual institutional operations and mandates. A comparative analysis of various governmental tiers in South Africa, with particular interest in Gauteng, was examined. Within Gauteng, the study focussed on district and local municipalities. Respondents comprised of participants operating at national, provincial and local level; and included institutions associated with water resource management. The participants were selected using a purposive sampling technique: snowball sampling. In assessing the identified institutions, data was gathered through the use of a questionnaire and interview questions. Together with content analysis, data was used to supplement the Institutional Analysis and Development framework; which provided a platform to incorporate actors into the research enhancing the researchers understanding of actors involved in the policy arena, including their features and functions. Areas contributing to institutional fragmentation and poor institutional linkages were indicated as management functionality in terms of the top-down management approach. This includes management styles, lack of funds, capacity and skills relevant to the implementation of IWRM. Emphasis on the development of the NWRS2 was noted to be a major driver of sustainable water resource management, rather than the IWRM. Control and coordination of cooperative governance is strongly emphatic of management functionality. Overall, key findings highlight the importance placed toward economic development, moreover than social and environmental development. Integration of institutional structures is highly recommended for successful policy implementation. / MT2017

This research report is a completed Catchment Diagnostic Framework (CDF) for the Klip River catchment (Johannesburg) for the period October 1998 to September 1999. The framework consists of a catchment description and a diagnostic index which provide a simple and representative view of the catchment and its characteristics and assist in identifying problem areas. GIS maps, graphs and tables are used to provide a background of the catchment. The Diagnostic Index is based on a set of Indicators that are calculated and then scored according to a rating system allowing for the calculation of an overall value for the catchment. The indicators and description cover resource conditions, socioeconomics, water quantity, water quality and management. Using this CDF it was found that the Klip River catchment is highly altered due to mining, urban, industrial and agricultural development. All of these have impacts on the beneficial use of the Klip River itself and on the downstream users of the Vaal Barrage. / AC 2016

Thesis (MPA.) --University of Limpopo, 2011 / The research report seeks to investigate and analyse the performance of the Vhembe FET College as compared to the national objectives for Human Resources Management and the formulation of a meaningful policy and practice of effective human resources development practice Design/methodology/approach:The research report is based on an in-depth literature of review of human resources development (HRD) and primary sources data.Primary data generated from self-completeing questionaire and interview schedule tools covering small distinct group of fifty employees selected from three campuses and the central office of Vhembe FET College.Findings:Amongst others,it was found that Vhembe FET College indeed has human capacity challenges which manifest by at least four major issues.These pertain to the level of the personnel's awareness and knowledge about the college's human resources development function,selection of personnel for human resources training courses,the relevance of the HRD training courses to the nature of specific job performance,and the quality of post-training support system.Pratical implications:Addressing the human resource capacity challenges has enormous strategic and financial resource implications for policy makers in transition and developing economies,due to their over-reliance on external donors for funding.:Originality/value:The research report provides an answer to the need to develop processes which is linked to a national strategy of training college lectures and ensuring that there is a coherent framework of lecturere development.Of much value is that the results were from the perspective of the selected employees whose day-to-day inputs are critical for efficiency and effectiveness of college management and planning.

D. Tech. Civil Engineering / Construction contracts have provisional clauses to control financial risks, but studies have shown that cost overruns are still common, which require the inclusion of additional management techniques to improve cost estimates. The research investigated, analysed and identified the shortcomings that exist within the current mechanisms to manage financial risk. A new risk ranking model that can be used to eliminate construction cost overruns in South Africa was developed. The study sought the views from a variety of construction professionals, based on knowledge and experiences within their own organisations, to explore new mechanisms to limit the risk impact of persistent cost overruns.