Subjective decision making can lead to results that are difficult to justify in cases where the outcome is unfavourable. This is the case in the wind energy industry where wind independent power producers (IPPs) assess new market entry opportunities. Decision analyses methods can assist decision makers when faced with difficult choices such as which market to enter. Multi Criteria Decision Analyses or MCDA is one of the most preferred of many different decision analyses methods. MCDA ranks a set of criteria in order of importance and then, based on the results, ranks alternatives. There are many MCDA methods available and the most often used include the analytical hierarchy process (AHP), multi-attribute utility theory (MAUT), preference ranking organization method for enrichment evaluation (PROMETHEE), elimination and choice translating reality (ELECTRE) and technique for order preference by similarity to ideal solution (TOPSIS). In this study a combination of MCDA methods are used to rank Sub-Saharan African countries based on preference for new market entry for wind IPPs. Nineteen different criteria were identified through a thorough literature review that were included in the analyses. The nineteen criteria were categorised into economic, technical, political and social criteria. The study was divided into two phases. In the first phase an industry expert survey was concluded and resulting from this survey the AHP was used to rank the criteria in order of importance. In the second phase PROMETHEE was used to rank seven Sub-Saharan African countries from most to least favourable for IPP market entry. The expert survey and AHP showed that political and economic criteria are considerably more important than technical and social criteria. Governments have the ability to change both the economic and political landscape and should do so if they want to attract wind IPPs. On the other hand, technical and social criteria are more difficult for governments to change but these do not have as significant impact on market attractiveness. The PROMETHEE model ranked South Africa as the most favourable market for wind IPPs to enter followed by Ethiopia, Namibia, Kenya, Mozambique, Nigeria and lastly Zambia. The top two countries both have very strong natural wind resources and South Africa is the only country with incentives specifically and exclusively for on grid renewable energy. The least favourable two countries, namely Nigeria and Zambia, have almost no wind resource and a weak economic environment. Future research can use MCDA methods, such as AHP and PROMETHEE, to assist in the evaluation of different market entry opportunities. These methods can also be adapted to investigate opportunities at country level i.e. analyse and compare different states/provinces with each other.

The literature shows that Random Forest is a suitable technique to predict a target variable for a household with completely unseen characteristics. The models produced in this paper show that the characteristics of a household can be used to predict the Type of Dwelling, the Tenure and the Number of Bedrooms to varying degrees of accuracy. While none of the sets of models produced indicate a high degree of predictive accuracy relative to hurdle rates, the paper does demonstrate the value that the Random Forest technique offers in moving closer to an understanding of the complex nature of housing demand. A key finding is that the Census variables available for the models are not discriminatory enough to enable the high degree of accuracy expected from a predictive model.

This research investigates the factors that impact on South African Real Estate Investment Trusts (REITs) listed on the JSE trading at a discount or premium to their net asset value (NAV), known as the NAV spread. Globally, REITs have become an increasingly popular means for investing in real estate representing 41% of the global listed property industry and reaching a total market capitalisation of US$ 1.3 trillion as at June 2017 (EPRA, 2017). In South Africa, as at November 2017, there were 31 SA REITs listed on the JSE, representing a market capitalisation of over R422 billion (PropertyWheel, 2017). There are broadly two approaches to understanding and explaining the NAV spread, namely, the rational approach and the irrational approach (Morri et al., 2005; Mueller and Pfnuer, 2013). Factors under each approach were identified and discussed in the literature review. A quantitative research methodology was adopted in which 12 REITs were investigated between 1 July 2012 and 30 June 2017. A regression analysis using a linear mixed effects model was carried out in order to test whether the factors identified in the literature impacted on the NAV spread of SA REITs. Five rational and four irrational factors were regressed against two versions of NAV discount, namely, using a Traditional NAV Discount formula and an Unlevered NAV Discount formula which accounts for the effect of debt on the discount. Model diagnostics were carried out on two regressions and an outlying observation was found for each NAV Discount formula and hence each model was run twice, namely, the regression was run with the Traditional NAV Discount formula using the full set of observations (Model 1) and with one outlying observation removed (Model 2). Thereafter the regression was run with the Unlevered NAV Discount formula using the full set of observations (Model 3) and with one outlying observation removed (Model 4). The results of the regression analysis found only one factor, Dividend Yield (DY), to have a statistically significant impact on REITs trading at a discount or premium to their NAV in all four models employed. Sector Average Discount (SAD) was found to be statistically significant in Models 2, 3 and 4. Size (SIZE) was found to be statistically significant in Models 1 and 2. Return on Equity (ROE) was found to be statistically significant in Models 3 and 4. Consumer Confidence Index (CCI) was found to be statistically significant in Model 4. The SA Property Index (SAPI) was found to be marginally statistically significant in Model 1. Based on the model diagnostics Models 2 and 4 showed a better fit with the regression model and hence were the preferred models. The statistically significant variables in Model 2 were DY, SIZE and SAD; and in Model 4 were DY, SAD, ROE and CCI. This suggests that both rational factors (DY, ROE and SIZE) and irrational factors (SAD, CCI and SAPI) impact on South African REITs trading at a discount or premium to their NAV, however, the factors are dependent on whether debt is accounted for or not in the NAV Discount Formula. The results also suggest that the factors are partly influenced by the outlying observations, as was the case for SAD, CCI and SAPI.

Facilities Management (FM) has and continues to evolve strongly as a strategic function in many organisation. Many organisations have also recognised the importance of human capital for the success of their operations. This is why the concept of Employee Value Proposition (EVP) is growing in popularity and is becoming one of the main focuses especially in human capital management spheres. Whilst there are many factors that contribute to the EVP, strategic FM has not been one of the focus areas. Although strategic FM has had a focus on user satisfaction as well as the usability of facilities, the focus of research to date has not necessarily been directed to EVP. Hence, this study explores the impact of strategic FM on employee value proposition. It explores this through quantitative and qualitative research means in a chosen case study of an organisation where strategic FM has been and still in the process of being implemented. The research establishes employee’s opinions on the importance of their work environment; whether their workspace support their effectiveness; whether their workspace provides flexibility for collaborations and teamwork; and other factors related to employee satisfaction. The findings of the study indicate that strategic FM does have an impact on employee value proposition. There are also indications that employees believe that FM services play a role in employee satisfaction which may lead to employee retention as well as employee recruitment which are two of the identified factors of employee value proposition.

There is a global challenge and demand in the current century to develop buildings that conserve and preserve the environment; implementing green building features and initiatives (GBFIs) is one way to achieve this. The success of implementing GBFIs requires inclusive participation of the stakeholders in the property market. A multiple case study analysis was conducted on the Zambian Property market, involving three buildings that had different GBFIs. A total of six interviews were conducted across the three cases with relevant stakeholders, namely Facilities managers, tenants, project architect and regulatory body representative. Interviewees were asked questions pertaining to their company’s participation in the development of green building, the benefits of GBFIs, the perception of GBFIs, the relationships among stakeholders as well as the impact of GBFIs in the property market. The findings revealed that there were different approaches to implementing GBFIs. However, a lack of knowledge by some stakeholders on green features and their benefits was noted. This lack of knowledge was a product of inadequate education and poor integration of stakeholders in implementing GBFIs in the Zambian property market. It is important to note that there are vigorous efforts by stakeholders including the government in contributing to conserving the environment in the Zambian property industry. This is evident in the formulation of green building guidelines and environmental impact assessment guidelines for the construction industry.

The construction and Civil Engineering industry is characterized by high risks, but equally high returns. The dynamics and complexities of this industry and its cycles, make it an extremely volatile and difficult industry to operate within. This is evident in the number of construction companies currently struggling to remain solvent, have gone into business rescue, and filed for bankruptcy. This industry has historically struggled to position itself effectively to deal with a down turning macro-economic environment - When it is good, it is very good, but when it is bad, it is very bad. Typically, there have been two differing strategies – Specialisation and Diversification. Specialisation, on the one hand, enables contractors to fine-tune their skill set and gear their businesses accordingly, to enhance their competitive edge. However, the result is concentration risk. Diversification however, enables contractors to become more risk-averse, and thereby less sensitive to the extremes of the cyclical nature that the construction industry is characterised by. The application of portfolio theory to a portfolio of construction projects was investigated, advancing the existing research done by Kangari and Riggs. Whilst most research has been limited to listed construction company performance, this analysis differentiates itself as it focusses on the intrinsic performance of actual construction projects (assets), which together form a portfolio. The theory is motivated by the concept that in order to value the stock, one must value the business. Construction companies should pay more careful attention to the selection of their projects. Critically, they should avoid becoming heavily invested in one type of construction, but rather to find a balance that will provide diversified risk benefits. Becoming more diversified can be achieved by investing in different types of construction projects - reducing specific risk. However, the most diversified position can only be achieved when investing outside the field of construction completely, and thereby reducing not only specific risks, but systematic risks too. This enhances sustainability in a way that the construction industry has not yet experienced.

The primary purpose of this study is to investigate the presence of client's influences on property valuer behaviour in South Africa. The study aims to investigate the existence of these influences, the variables of these influences and the possible consequences for the valuation industry. International literature reveals that this phenomenon is prevalent in a number of countries. This study aims to uncover this phenomenon in South Africa. Registered South African valuers are targeted by survey questionnaires to extract the relevant data necessary to support this claim. The response rate is a broad representation and sufficient data is gathered for the research purposes. Furthermore, prominent valuation companies and valuers are interviewed in order to elaborate and support the data extracted from the survey questionnaire. The study indicates that client influence on valuers exists in South Africa and that a majority (54%) of practising valuers have adjusted their valuations after client interaction. The concern is that this prevalence of influence will be detrimental to the valuation industry in South Africa. This study aims to promote awareness of these influences, and recommendations are made to curb this phenomenon.

The Discounted Cash Flow method of property valuation is a fairly new method and research in other English speaking countries indicated a trend towards the use of the DCF method in preference to the Capitalization method despite an initial hesitance due to the perceived complexity of the method. The aim of this study was therefore to form an understanding if similar perception of complexity exists in South Africa and how these perception influence the perceptions and preference of use of the DCF method of valuation by valuation professionals within the South African context. The research was guided by three specific research questions which probed valuers' methodology preference, valuers' education, and difficulties experienced in accessing data needed for DCF valuation input variables. A mixed method research approach was adopted using questionnaire and document surveys to gather data from valuation professionals, lecturers of valuation education programs accredited with the SACPVP, and the curricula of these programs. The results indicate a general low preference for the use of the DCF method of valuation while the Capitalisation method is indicated as the most preferred method. This low preference was found to be the result of a high degree of difficulty experienced in accessing data needed for DCF valuation input variables. It was also found that the level of valuation education increases the acceptance and preference for the use of the DCF method.

This thesis investigates the perception of public sector property management professionals on the differences between public and private sector management in South Africa. The main objective of the research is to ascertain if private sector property performance measures are appropriate and sufficient in scope to be used in the public sector. A two-fold quantitative-descriptive survey method was used together with an analysis of the public property management literature. The research established that property management between the two sectors is different mainly due to their different objectives of property ownership, the private sector being profit driven while the public sector is social service delivery oriented. Property composition is also different as the public sector property portfolios are diverse as they include assets that have both financial and non-financial objectives. The study concludes that private sector property performance measures are appropriate for use in the public sector as they address financial issues. However, these measures are insufficient as they tend to ignore non-financial variables that contribute to service delivery which is one of the main reasons for the public sector's existence. Therefore an appropriate and sufficient public sector property performance regime should include both financial and non-financial variables, which can be presented by a service balanced scorecard (SBS) which measures public property's contribution to service delivery.

Includes bibliographical references / The purpose of this mini dissertation is to review the adequacy of Built-Together Program loan funds for the large-scale delivery of adequate housing for low-income groups and to assess the performance of the loan scheme using the concept Balance Scorecard as an assessment tool. The research method employ s interview and survey methods to collect data. Data was collected and analyzed from a n administrator and beneficiary perspective to understand the workings and the main characteristics of the program. The primary beneficiaries of the Built-Together Program are the vulnerable in society and comprise primarily of women and single parents. It is therefore critical that the efficiency and sustainability of the loan scheme be improved to ensure that the needy in society continue to benefit. One of the major findings of the research is that the Built-Together Program is inadequate to deliver the most basic low-income house. It is therefore not surprising to hear and read about the dissatisfaction about the Built Together Program expressed by the Namibian Government, local and regional councils and beneficiaries in the local media. The research recommended that the authorities review the Program and bring it in line with the critical successes requirements for national housing policies and strategies.