Thesis (MScEng)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: This study explores the implementation of an integrated capital budgeting visual mapping framework comprised of both Discounted Cash Flow (DCF) and Real Options Analysis (ROA) techniques. Physical asset investment decisions are based largely on rigid discounted cash flow tools which provide untimely and incomplete decisional criteria. While literature outlines the wide spread use of traditional DCF techniques, it very openly reveals large limitations, including its static inflexibility and slow to evolve framework. ROA is a more recent valuation tool based on stock option theory. It brings into account added value found in the flexibility of managerial decision making and uncertain conditions. This study implements a combined DCF and ROA capital budgeting tool within a Physical Asset Management (PAM) environment. The validity of the framework is realised through an industry relevant case study presented by a South African mining company. / AFRIKAANSE OPSOMMING: Hierdie tesis ondersoek die toepassing van ’n geïntegreerde visuele kapitaalbegrotingafbeeldingsraamwerk wat uit verdiskonteerde kontantvloei en reële opsie–analise bestaan. Fisiese batebeleggingsbesluite is dikwels gebaseer op rigiede kapitaalbegrotingstegnieke wat onvolledige besluitnemingsmaatstawwe aanbied. Terwyl literatuur die wydverspreide uiteensetting van verdiskonteerde kontantvloei openbaar, is daar nog steeds baie beperkings, soos die onbuigsaamheid en die stadige ontwikkelingstempo van verdiskonteerde kontantvloei– analise. Reële opsie–analise is ’n meer onlangse waardasiemetode wat op aandelemarkfinansies gebaseer is. Reële opsies word addisionele waarde bygevoeg deur die onsekerheid en buigsaamheid van fisiese batebeleggings. Hierde tesis implimenteer ’n gekombineerde verdiskonteerde kontantvloei en reële–opsie kapitaalbegrotingmetode binne ’n fisiese batebestuur omgewing. Die geldigheid van die gekombineerde metode is getoets met behulp van ’n gevallstudie beskikbaar gestel deur ’n Suid Afrikaanse myn.

abstract: This study is an initial step in exploring how urban design typologies can help inform community asset research to broaden the definition of physical assets. Asset based community development research identifies specific types of physical assets such as streets, structures, housing or vacant lots. This research argues that a comprehensive look at physical assets is needed, taking into consideration urban typologies such as paths, landmarks, views and districts as well as the spatial relationships that influence their significance. Community asset literature and conditions specific to the Sunnyslope community in Phoenix, Arizona suggest that differences in ethnicity such as spatial segregation, and socio-economic status exist. However, the literature does not address how these differences in ethnicity might influence residents' perceptions of physical assets. This study explores the questions - How do perceptions of physical assets vary among women of different ethnicities? What, if any, are the reasons behind these ethnic differences in perception? The research applied a survey instrument with open-ended and close-ended questions, and a map to mark frequently used routes. Assets identified by recoding open-ended responses were statistically analyzed for frequencies. The most frequently mentioned assets were analyzed by GIS for spatial relationships. Women of White and Latino ethnicities frequently chose individual buildings and locations as physical assets over paths, views, districts and landmarks. White women identified urban typologies as physical assets. In contrast, Latino women identified no significant urban typologies as assets. The inclusion of urban typologies confirmed and expanded upon physical assets previously identified by other asset-based studies on the community of Sunnyslope. Notable differences in ethnicity were found in the perception of physical assets of economic significance, assets for use and assets of visual appeal. Besides ethnicity, age and proximity to assets also influenced asset perception of White and Latino women. Community organizations need to take into consideration the ethnic differences in perception of physical assets, in the context of culture, spatial segregation and differing family structures. The inclusion of urban typologies helped highlight the differences in ethnicities for physical assets of visual appeal, and the use of leisure and recreation facilities. / Dissertation/Thesis / Ph.D. Environmental Design and Planning 2011

Thesis (MScEng)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Physical Asset Management (PAM) is becoming a greater concern for companies in industry today. The widely accepted British Standards Institutes’ specification for optimized management of physical assets and infrastructure is PAS55. According to PAS55, PAM is the “systematic and co-ordinated activities and practices through which an organization optimally manages its physical assets, and their associated performance, risks and expenditures over their life cycle for the purpose of achieving its organizational strategic plan”. One key performance area of PAM is Asset Care Plans (ACP). These plans are maintenance strategies which improve or ensure acceptable asset reliability and performance during its useful life. Maintenance strategies such as Condition Based Maintenance (CBM) acts upon Condition Monitoring (CM) data, disregarding the previous failure histories of an asset. Other maintenance strategies, such as Usage Based Maintenance (UBM), is based on previous failure histories, and does not consider CM data. Regression models make use of both CM data and previous failure histories to develop a model which represents the underlying failure behaviour of the asset under study. These models can be of high value in ACP development due to the fact that Residual Useful Life (RUL) can be estimated and/or the long term life cycle cost can be optimized. The objective of this thesis was to model historical failure data and CM data well enough so that RUL or optimized preventive maintenance instant estimations can be made. These estimates were used in decision models to develop maintenance schedules, i.e. ACPs. Several regression models were evaluated to determine the most suitable model to achieve the objectives of this thesis. The model found to be most suitable for this research project was the Proportional Hazards Model (PHM). A comprehensive investigation on the PHM was undertaken focussing on the mathematics and the practical implementation thereof. Data obtained from the South African mining industry was modelled with the Weibull PHM. It was found that the developed model produced estimates which were accurate representations of reality. These findings provide an exciting basis for the development of futureWeibull PHMs that could result in huge maintenance cost savings and reduced failure occurrences. / AFRIKAANSE OPSOMMING: Fisiese Bate Bestuur (FBB) is besig om ’n groter bekommernis vir maatskappye in die bedryf te word. Die Britse Standaarde Instituut se spesifikasie vir optimale bestuur van fisiese bates en infrastruktuur is PAS55. Volgens PAS55 is FBB die “sistematiese en gekoördineerde aktiwiteite en praktyke wat deur ’n organisasie optimaal sy fisiese bates, hul verwante prestasie, risiko’s en uitgawes vir die doel van die bereiking van sy organisatoriese strategiese plan beheer oor hul volle lewensiklus te bestuur”. Een Sleutel Fokus Area (SFA) van FBB is Bate Versorgings Plan (BVP) ontwikkeling. Hierdie is onderhouds strategieë wat bate betroubaarheid verbeter of verseker tydens die volle bruikbare lewe van die bate. Een onderhoud strategie is Toestands Gebasseeerde Onderhoud (TGO) wat besluite baseer op Toestand Monitering (TM) informasie maar neem nie die vorige falingsgeskiedenis van die bate in ag nie. Ander onderhoud strategieë soos Gebruik Gebasseerde Onderhoud (GGO) is gebaseer op historiese falingsdata maar neem nie TM inligting in ag nie. Regressiemodelle neem beide TM data en historiese falings geskiedenis data in ag ten einde die onderliggende falings gedrag van die gegewe bate te verteenwoordig. Hierdie modelle kan baie nuttig wees vir BVP ontwikkeling te danke aan die feit dat Bruikbare Oorblywende Lewe (BOL) geskat kan word en/of die langtermyn lewenssilus koste geoptimeer kan word. Die doelwit van hierdie tesis was om historiese falingsdata en TT data goed genoeg te modelleer sodat BOL of optimale langtermyn lewensiklus kostes bepaal kan word om opgeneem te word in BVP ontwikkeling. Hierdie bepalings word dan gebruik in besluitnemings modelle wat gebruik kan word om onderhoud skedules op te stel, d.w.s. om ’n BVP te ontwikkel. Verskeie regressiemodelle was geëvalueer om die regte model te vind waarmee die doel van hierdie tesis te bereik kan word. Die mees geskikte model vir die navorsingsprojek was die Proporsionele Gevaarkoers Model (PGM). ’n Omvattende ondersoek oor die PGM is onderneem wat fokus op die wiskunde en die praktiese implementering daarvan. Data is van die Suid-Afrikaanse mynbedryf verkry en is gemodelleer met behulp van die Weibull PGM. Dit was bevind dat die ontwikkelde model resultate geproduseer het wat ’n akkurate verteenwoordinging van realiteit is. Hierdie bevindinge bied ’n opwindende basis vir die ontwikkeling van toekomstige Weibull Proporsionele Gevaarkoers Modelle wat kan lei tot groot onderhoudskoste besparings en minder onverwagte falings.

Ao longo dos últimos 20 anos, o modelo de concessão de serviço público no Brasil, tem evoluído consideravelmente, com destaque para o setor elétrico, e especialmente o segmento de transmissão de energia elétrica. O arcabouço normativo vigente tem buscado garantir a prestação adequada do serviço mediante a avaliação de desempenho do serviço prestado, por empresas públicas ou privadas, numa visão da qualidade do produto e da continuidade ou disponibilidade do serviço para o usuário. Concomitantemente, surgiu e desenvolveu-se rápida e globalmente, o conceito de sustentabilidade, no qual o desenvolvimento sustentável deve satisfazer as necessidades da geração atual, sem que se comprometam as necessidades das gerações futuras (World Comission on Environment and Development WCED), compreendendo essencialmente as três dimensões econômica, social e ambiental (conceito de Triple Bottom Line 3BL), permitindo a captura do impacto das atividades das empresas e organizações por meio de indicadores definidos para cada uma das três dimensões. Ainda, nesse contexto, desenvolveu-se as novas técnicas de planejamento estratégico e de gestão de desempenho, baseados em indicadores, com destaque para a Teoria das Partes Interessadas (Stakeholders). Adicionalmente, os diversos métodos de avaliação econômica e de demonstração contábil das empresas também realizaram um movimento de convergência internacional, principalmente, para aplicação de análise de risco e de avaliação do valor adicionado, com uso do fluxo de caixa dos benefícios esperados, incluído o período da perpetuidade ou valor residual/terminal; e de padrões contábeis internacionais (a IFRIC 12), que altera a estrutura de composição do ativo, uma vez que a norma não permite o reconhecimento da infraestrutura relacionada à concessão no ativo imobilizado das concessionárias, prática atualmente comum no Brasil. Nesse contexto, o presente trabalho propõe a formulação de um novo indicador para a prestação do serviço público de transmissão de energia elétrica, a partir das informações sistematizadas nos Procedimentos de Rede do Operador Nacional do Sistema Elétrico (ONS) referentes aos diversos indicadores de desempenho apurados para a operação e manutenção da transmissão de energia elétrica, visando facilitar o acompanhamento da gestão dos ativos físicos, quanto aos requisitos contratuais de atualidade e conservação do serviço adequado, mediante a avaliação da perda ou ganho na expectativa de vida útil dos componentes ou das funções de transmissão, a partir de uma idade determinada, ou seja, indicador de longevidade dos ativos físicos da concessão de transmissão de energia elétrica. Além disso, este mesmo indicador de longevidade pode ser usado na avaliação do valor de perpetuidade (estimativa do valor terminal) de empresas, quer pelo método tradicional de projeção dos fluxos de caixa descontado da perpetuidade ou pela simples abordagem comparativa da expectativa de vida útil ao final do período de concessão dos prestadores do serviço público. / Over the past 20 years, the model of public service concessions in Brazil, has evolved considerably, especially in the electricity sector, and the transmission segment of electricity. The existing regulatory framework has sought to ensure the proper provision of the service through the performance evaluation of the service provided by public or private, in view of product quality and continuity of service or availability to the user. Concomitantly, emerged and developed rapidly and globally, the concept of sustainability, in which \"sustainable development should meet the needs of present generation without compromising the needs of future generations\" (World Commission on Environment and Development - WCED) comprising essentially three economic, social and environmental (concept of Triple Bottom Line - 3BL), allowing you to capture the impact of corporate activities and organizations by means of indicators defined for each of the three dimensions. Still, in this context, new techniques of strategic planning and performance management were developed, based on indicators, notably the Theory of Stakeholders. Additionally, the various methods of economic evaluation and financial statement of companies have also made a movement of international convergence, especially for application of risk analysis and assessment of value added, using the cash flow of the expected benefits, including the period perpetuity or the residual value or terminal value, and international accounting standards (IFRIC 12), which alters the structure of asset composition, since the standard does not permit the recognition of infrastructure related to the granting of fixed assets in utilities, currently common practice in Brazil. In this context, this paper proposes the formulation of a new indicator for the provision of public electric power transmission, from the systematic information in the Grid Procedures of the Operador Nacional do Sistema Elétrico (ONS) for the different performance indicators established for the operation and maintenance of electric power transmission, to facilitate monitoring of the management of physical assets, the contractual requirements of current conservation and appropriate service, by assessing the loss or gain in life expectancy of the components or the functions transmission, from a certain age, ie, an indicator of longevity of the physical assets of the granting of electric power transmission. Furthermore, this same indicator of longevity can be used in assessing the value of perpetuity (estimated terminal value) of companies or by the traditional method of projection of cash flows discounted perpetuity or for the simple approach of comparative life expectancy of the end of the concession of public service providers.

Ao longo dos últimos 20 anos, o modelo de concessão de serviço público no Brasil, tem evoluído consideravelmente, com destaque para o setor elétrico, e especialmente o segmento de transmissão de energia elétrica. O arcabouço normativo vigente tem buscado garantir a prestação adequada do serviço mediante a avaliação de desempenho do serviço prestado, por empresas públicas ou privadas, numa visão da qualidade do produto e da continuidade ou disponibilidade do serviço para o usuário. Concomitantemente, surgiu e desenvolveu-se rápida e globalmente, o conceito de sustentabilidade, no qual o desenvolvimento sustentável deve satisfazer as necessidades da geração atual, sem que se comprometam as necessidades das gerações futuras (World Comission on Environment and Development WCED), compreendendo essencialmente as três dimensões econômica, social e ambiental (conceito de Triple Bottom Line 3BL), permitindo a captura do impacto das atividades das empresas e organizações por meio de indicadores definidos para cada uma das três dimensões. Ainda, nesse contexto, desenvolveu-se as novas técnicas de planejamento estratégico e de gestão de desempenho, baseados em indicadores, com destaque para a Teoria das Partes Interessadas (Stakeholders). Adicionalmente, os diversos métodos de avaliação econômica e de demonstração contábil das empresas também realizaram um movimento de convergência internacional, principalmente, para aplicação de análise de risco e de avaliação do valor adicionado, com uso do fluxo de caixa dos benefícios esperados, incluído o período da perpetuidade ou valor residual/terminal; e de padrões contábeis internacionais (a IFRIC 12), que altera a estrutura de composição do ativo, uma vez que a norma não permite o reconhecimento da infraestrutura relacionada à concessão no ativo imobilizado das concessionárias, prática atualmente comum no Brasil. Nesse contexto, o presente trabalho propõe a formulação de um novo indicador para a prestação do serviço público de transmissão de energia elétrica, a partir das informações sistematizadas nos Procedimentos de Rede do Operador Nacional do Sistema Elétrico (ONS) referentes aos diversos indicadores de desempenho apurados para a operação e manutenção da transmissão de energia elétrica, visando facilitar o acompanhamento da gestão dos ativos físicos, quanto aos requisitos contratuais de atualidade e conservação do serviço adequado, mediante a avaliação da perda ou ganho na expectativa de vida útil dos componentes ou das funções de transmissão, a partir de uma idade determinada, ou seja, indicador de longevidade dos ativos físicos da concessão de transmissão de energia elétrica. Além disso, este mesmo indicador de longevidade pode ser usado na avaliação do valor de perpetuidade (estimativa do valor terminal) de empresas, quer pelo método tradicional de projeção dos fluxos de caixa descontado da perpetuidade ou pela simples abordagem comparativa da expectativa de vida útil ao final do período de concessão dos prestadores do serviço público. / Over the past 20 years, the model of public service concessions in Brazil, has evolved considerably, especially in the electricity sector, and the transmission segment of electricity. The existing regulatory framework has sought to ensure the proper provision of the service through the performance evaluation of the service provided by public or private, in view of product quality and continuity of service or availability to the user. Concomitantly, emerged and developed rapidly and globally, the concept of sustainability, in which \"sustainable development should meet the needs of present generation without compromising the needs of future generations\" (World Commission on Environment and Development - WCED) comprising essentially three economic, social and environmental (concept of Triple Bottom Line - 3BL), allowing you to capture the impact of corporate activities and organizations by means of indicators defined for each of the three dimensions. Still, in this context, new techniques of strategic planning and performance management were developed, based on indicators, notably the Theory of Stakeholders. Additionally, the various methods of economic evaluation and financial statement of companies have also made a movement of international convergence, especially for application of risk analysis and assessment of value added, using the cash flow of the expected benefits, including the period perpetuity or the residual value or terminal value, and international accounting standards (IFRIC 12), which alters the structure of asset composition, since the standard does not permit the recognition of infrastructure related to the granting of fixed assets in utilities, currently common practice in Brazil. In this context, this paper proposes the formulation of a new indicator for the provision of public electric power transmission, from the systematic information in the Grid Procedures of the Operador Nacional do Sistema Elétrico (ONS) for the different performance indicators established for the operation and maintenance of electric power transmission, to facilitate monitoring of the management of physical assets, the contractual requirements of current conservation and appropriate service, by assessing the loss or gain in life expectancy of the components or the functions transmission, from a certain age, ie, an indicator of longevity of the physical assets of the granting of electric power transmission. Furthermore, this same indicator of longevity can be used in assessing the value of perpetuity (estimated terminal value) of companies or by the traditional method of projection of cash flows discounted perpetuity or for the simple approach of comparative life expectancy of the end of the concession of public service providers.

Marine fish stocks are under serious threat of depletion due to increasing numbers of resource users with competing interests, resulting in degradation and the decline of fish catch. Using qualitative and quantitative techniques such as in-depth interviews, focus group discussions, household surveys and remote sensing and GIS, this study addresses: (1) the complex and inter-related nature of resource dependency, (2) the role of assets in determining survival strategies of households in artisanal fishing communities in Ponnani, India, (3) how asset degradation impacts resource-dependent households, (4) how households develop survival strategies, and (5) considers access to social, political, physical, human and financial assets. Information is organized using the Sustainable Livelihoods Framework (SLF) with modifications to suite the local complexities. Results show that households - engaged in diverse activities, including fishing, fish processing/marketing/culture and daily labour - evolved property rights of natural resources over generations. The Pathemari cargo business’s limited knowledge of fisheries compared to artisanal fishers, and the government led modernization resulted in resource degradation. Therefore, artisanal fishers living in coastal wards threatened by intense erosion, abandoned traditional occupations in pursuit of livelihood security. Results from image analysis and derived thematic maps indicate increased erosion of 0.35 sq km shoreline coinciding with government development initiatives. To improve livelihood options, the results indicate that 50% surveyed accessed political assets such as fishers’ cooperatives and only 20% accessed financial assets such as government sponsored schemes and loans. In-depth interviews and focus group discussions revealed many limiting factors of access, specifically marginalization and lack of financial assets: only 6% surveyed could raise enough money to migrate. With changes in technology, from harvesting to processing, gender roles are being radically altered. Women are losing jobs and income. Politically, the study revealed that local participation helped governing bodies prioritize on housing, roads, water and sanitation. Analysis of the information through the modified SLF suggests three strategies to enhance the asset base of coastal poor: strengthening grassroots organizations; transforming state relations; and developing new alternatives to conventional coastal development practice. Finally, the study suggests resource management policies to improve the households’ livelihood options and well-being.