Disruptive technologies. Revolutionary products. Innovative services. Unpredictable change. Ever-shifting markets. Today's complex, entropic and volatile business environment poses a daunting challenge for organisations like the South African Post Office: how to create - and sustain - strategic advantage and customer value in the midst of such entropy (chaos). Most organisations respond to this challenge with more entropy-inducing mechanisms - endlessly elaborate rules, laborious processes and convoluted business, functional and technical systems to guide their strategic planning and decision-making. But this bogs organisations down, hindering business growth instead of spurring it; and ultimately restricting the organisation's ability to navigate shifting market terrain. The last few years have seen the Post Office grappling with such issues. In search of a muchneeded turnaround it has found itself engaging in, amongst others, initiatives such as the socalled strategic management partnerships than have left it worse off than it was in the first place. From an Information Management (lM) point of view, ill conceived Information Technology (IT) strategies were pursued which instead of bringing measurable value and benefits have turned out to be nothing more than mere exercises in "fire fighting". All the above issues have, if nothing else, highlighted the difficulty of doing business in the new economy, an economy that is fundamentally characterised by unpredictability, volatile markets, and disruptive technologies. Whilst this may, on the surface, point to limited value of using traditional business methods and strategies, this is in fact not so. Others may argue that the traditional business model is fast losing sustainability; this could not be further from the truth. As will be evidently demonstrated in this report, "brick" and "click" business models can be successfully implemented side by side in a complimentary manner, resulting in better competitiveness for the Post Office. Indeed, there has to be shifts in speed of thinking and planning, but the fundamentals of business remain to a large extent the same. This research looks at the Post Office's IT function in detail and provides specific competitive Information Management Strategies (lMS's) the aims of which are to enable the Post Office to effect a human-centered - instead of an IT-centered - approach to using technology in helping the organisation to navigate entropic environments and to realise its larger strategic turnaround goals and objectives. However, as is mostly the case, the proof of the proverbial pudding is still in the tasting as strategy is both hard thinking and doing. / Thesis(MBA)-University of Natal, 2003.

The dissertation begins with the explanation of the framework of the dissertation, discusses the background of the study, the motivation and value of the study. The problem statement and study objectives are defined as well as the research methodology. In line with the objectives of the study, various capital structure theories are examined the importance of the weighted average cost of capital is analyzed and the specific components that make up the weighted average cost of capital namely, the cost of equity and cost of debt are explored. Further more the signaling and agency costs theories are also extensively discussed and many other concepts and theories of significance to capital structure management. The corporate profile of Aspen Pharmacare is discussed as well as the industry within which the company operates, the strategic alliances and agreements entered into, in line with the company's growth strategy. The company's financial statements are analysed so as to compute the gearing level. The dissertation concludes by saying that the gearing ratio needs to be looked at in comparison to the company peers in the industry, so as to best establish the norm of the industry, and that, it is only then that a conclusive statement can be made as to whether the company gearing strategy is appropriate or not. / Thesis (MBA)-University of Natal, 2003.

The use of proxies in the CAPM model to determine assets expected return has implications for portfolio management. An inefficient proxy can result in the lowering of beta estimates due to a weak regression relationship resulting in the misallocation of capital. For the CAPM equation to be satisfied would require that the proxy should at least have an alpha that centred on zero over a period of time. This would allow the linearity of the model to hold and we would advocate a passive portfolio strategy. If the proxy were mean variance inefficient would indicate that alpha values are present in asset returns that can allow us to rebalance portfolios using optimisation techniques. We test the hypothesis that alpha averages around zero using the market model by regressing Industrial and Gold index excess returns on the market premium. When tested from the SA investor perspective we find that the alpha of the ALSI regression is not zero for the Gold Index but centred on zero for the Industrial Index. The implications are that SA investors would get a fair return holding the ALSI index instead of trade in industrial shares. The result warrants a passive strategy. However, portfolio optimisation demonstrates that a higher return can be achieved by rebalancing the portfolio The regression using the Gold index produced a negative alpha implying that investors should actively sell Gold shares from their portfolios. The ALSI was not an adequate proxy of risk to the SA investor for gold shares. Overall the ALSI is inefficient since it has a nonlinear relationship to one sector of the lSE. Portfolio analysis and rebalancing is required to attain an optimal return. The Markowitz model recommends that all SA investment capital should be fully weighted in the Industrial index only. Introducing an international investment proxied by the Dow Jones significantly improved the returns to SA investors. This is evident in the improved Sharpe ratio achieved by the rand adjusted Dow Jones available to the SA investor. In the absence of exchange restrictions the model recommends that 87% of local investors assets should be moved abroad under the present investment conditions. When tested from the US investor's perspective using dollar returns the data estimates achieved from the regression analysis were: The alpha value of the Industrial index is non-zero and the Gold index alpha centres on zero. The results are a reversal of the Rand tests of the SA investor. Gold shares priced fairly in dollar terms as opposed to Industrial shares. Currency effects of Rand depreciation priced into the dollar return of Industrial shares led to their non-participation in the US investors' portfolio. Due to trade of gold in dollars, the gold shares were priced to provide a fair return to the dollar-adjusted ALSI as opposed to the rand denominated test. Overall, the ALSI was inefficient due to the Industrial sector pricing in dollars resulting in abnormal alpha values over time. Currency depreciation resulted in the distortion ofthe CAPM relationship between the INDI and ALSI. The US investor's domestic index, the Dow Jones was found to lie on the efficiency frontier for tests using the ALSI and the INDI. There was no reason to invest in SA, but if the US investor did chose to invest in SA shares then gold had the lowest beta and the lowest correlation to the Dow Jones. The beta values of the SA indices were all significant and the alpha values were negative when regressed against the Dow Jones. The implication of this would be to invest as much as possible in the international index portfolio as possible. Regression Statistics ALSIXS I:\DIXS GOLDIXS P-values ntercept a 1.18E-05 0.001992 1.51 E-OS DOWJONES 9.87E-15 1.32E-11 5.27E-05. Coefficients intercept a -0.09833 -0.07281 -0.15206 DOWJONES 1.082276 0.985812 0.831916. The Dow Jones introduces a significant diversification benefit to the SA investor's portfolio by increasing returns significantly per unit of risk. The Markowitz model recommends that 87% of SA investor's portfolio should be in the Dow Jones and 13% in the Industrial index. Due to independent pricing of the gold and industrial sectors, the former by international markets in dollars and the latter in rands in SA, a dichotomy is created in the local market. From an SA investor's point of view the CAPM would not capture the correct return of gold shares. It would overstate the expected return since beta of the SA market premium will not include dollar returns. The ALSI is an incorrect proxy for the SA investor analysing gold shares. The Gold sector is only correctly priced from the US investor's perspective once the ALSI is dollar adjusted. The industrial index can use CAPM analysis reliably with the ALSI as market proxy but higher returns are achievable through portfolio rebalancing. Active portfolio management is recommended. Nevertheless, this will not produce results significantly different to the CAPM once standard errors of the mean are accounted for. The results found currency depreciation of the Rand as a major factor contributing to the exodus of SA capital. The dollar had an expected mean return of 12,6% p.a. This substantially increased the rand adjusted Sharpe ratio of the international portfolio compared to its dollar return. The increased Sharpe ratio of the rand denominated international portfolio resulted in a substantial shift of the optimal portfolios weighting away from the domestic portfolio and towards the Dow Jones. International investors optimal portfolios were similarly impeded due to the depreciating currency. / Thesis (MBA)-University of Natal, Durban, 2001.

Today, the only certainty is uncertainty. The rate of change is continuing on a steep curve upward, information is growing in volume constantly, and the complexity of the marketplace is increasing exponentially. In order to survive, decision-makers need to anticipate and accommodate developments in the world outside, to sustain and exceed their core competitive advantage. The question is how do they go about doing this? The answer lies in competitive intelligence! Competitive Intelligence is a systematic process involving planning, gathering, analysing and disseminating information on external environment for opportunities or developments that have the potential to affect a company's competitive situation. Research reveals that competitive intelligence (Cl) has evolved from an informal into a formal discipline. While many still confuse it with just being competitor information, it has proven to expand much further into a meaningful and value-added input in the strategic decision-making process. Decisionmakers need to be equipped with the proper tools before they start the strategic planning process. The purpose of this research study is to explore the impact of competitive intelligence practices on strategic decision-making. It aims to identify the best way forward in making competitive intelligence more credible within organisations. The accelerating speed and complexity of change in the business environment places a heightened premium on timely, rigorous understanding of developing threats and opportunities. Consequently, the success of competitive advantage within organisations increasingly depends on aggressive and systematic competitive intelligence efforts to support and enable strategic decision-making. The study presents an holistic competitive intelligence framework, taking theoretical, best practices and a case study approach, enabling any organisation to successfully adapt Cl processes and structures in any given situation. / Thesis (MBA)-University of Natal, 2003.

This research investigated the impact of Mortgage Originators on the South African financial industry. Mortgage Originators, although an established industry in most western countries is a relatively new concept to South Africa. The study investigates the initial phase of this new industry in comparison to the trends established in countries such as Australia and USA. As this new concept has resulted in financial institutions making drastic changes, it was imperative that the first part of the research concentrated on the theory of strategy. Recent developments in strategy were discussed with strategic models and the development of strategic planning. This formed the framework for the next discussion on international trends and the current South African mortgage origination situation. A comparison between the Australian, USA and South African markets show similar trends in the start-up phase of the mortgage origination industry.A gap analysis was conducted and the findings have led to recommendations to South African financial institutions on how deal with the new mortgage origination concept. The conclusion drawn from the study clearly show that some organisations have ample resources but lack aspirations, on the other hand there are organisations that are driven by high aspiration but have meagre resource bases. On the one hand, strategic intent envisions a desired leadership position and establishes the criterion the organisation will use to chart its progress. The concept also encompasses an active management process that includes focusing the organisations attention on the essence of winning; motivating people by communicating the value of the target; leaving room for individual and team contributions; sustaining enthusiasm by providing new operational definitions as circumstances change and using intent to consistently guide resource allocations. Industry analysis is the key to strategy. The rule breakers know that it is increasingly difficult to define precisely where an industry begins and ends. You should focus on your direct competitors. The rule breakers know that rivalry is not as simple as it used to be. For many companies today it is harder to distinguish competitors from collaborators from suppliers from buyers. In Strategy it is you against the world. Today's smart leaders understand that it's difficult to know where the boundaries of the firm begin and end. / Thesis (MBA)-University of Natal, 2002.

This study attempts to investigate the perceived problems and constraints facing small Indian owned businesses in the 'downtown' area of Pietermaritzburg. An attempt was further made to profile businesses in the area, to investigate the specific problems and constraints facing them, and to look at problems on the basis of business sector and type of business. Further, the study aimed to provide information to marketers in the area and to make recommendations from a management point of view. The problems facing SMME's were broadly divided into internal problems, external problems and those facing the firm at industry level. Internal problems are those over which the owner-manager has control and external problems are those over which the owner-manager has no control. The main problem facing SMME's at industry level appears to be competition from similar businesses. The profile of businesses in downtown Pietermaritzburg is as follows: • Owners • Retail businesses • Family owned • Sole proprietors • Male co-owners • Approximately 72% of the businesses in the sample exist for a period of longer than 10 years. The internal problems faced by the businesses include: • 24% have no business experience • Businesses do not offer credit facilities • 32% experience problems in recruiting skilled staff • Location is by far a major constraint in the business The external problems do not seem to be having a serious! very strong negative impact, however the common external problems faced by these businesses include • Business cycle • Exchange rates • Changes in distribution patterns • Social Cultural factors • Rentals Crime however appears to have the most serious negative impact on the businesses in this area. Medical practices in the area surprisingly do not appear to have stock control systems in place. Operating costs were high for clothing businesses and general dealers. Location appears to be a problem for general dealers, jewelers, medical practices and clothing businesses. Crime appears to be a problem especially for jewelers, medical practices, and general dealers. General dealers, hairdressers and clothing businesses are affected by competition from similar businesses. Clothing businesses are negatively impacted by changes in distribution patterns. There does not seem to be much difference between retail, service and other businesses with respect to internal and external problems. There also does not seem to be much difference between owners, managers and partners with respect to internal and external problems. / Thesis (M.B.A.)-University of Natal, Pietermaritzburg, 2003.

Product managers typically have job descriptions listing their duties and responsibilities. These itemized lists identify the requirements of the job and are used to measure the product managers' success. They provide the what of the job, but they don't always include the how. ( Gorchels, 2003, p1) The objectives of the research was: - To determine best practices for product managers to perform their roles in the pharmaceutical industry - To evaluate current beliefs and practices of product managers regarding their roles and responsibilities in the pharmaceutical industry. - To establish ways to improve poor practices and provide guidance to product managers in the pharmaceutical industry. The study was conducted amongst product managers in a leading pharmaceutical company. The findings indicated that there some problems were experienced in the company .It was also evident that while there were some good practices in the division, poor methods of practice were also being conducted by the product managers. Implementing the recommendations proposed may enable the product managers to successfully perform their relevant roles and effectively execute their responsibilities within the pharmaceutical industry. / Thesis (MBA)-University of Natal, 2003.

For the purposes of this study I have adopted a case study approach, based on a Multinational company in the UK, with business units geographically spread throughout the world, including South Africa. I intend to provide a detailed analysis of all aspects of the Capital Budgeting process. The dissertation will cover the follow ing areas : • The capital appraisal techniques used to evaluate capital projects. • The determination of a cost of capital. • Adjustments to the cost of capital in a multinational context. The approach in this study will be to divide Capital Budgeting into the three specific areas as detailed above, discuss the theory associated with the subject, analyse empirical research on the topic and critically evaluate the findings of the practices at the Multinational chosen for this study. Due to confidentiality reasons I shall refer to the company as "PLC" for the purposes of this study. 1.3. Objectives of the Study The objective of the study is to evaluate the capital investment appraisal process of "PLC", in the light of theoretical and empirical literature on the subject, leading either to suggestions for improvement or acknowledging the merit of the current practice. It is expected that "PLC" utilises sophisticated methods for investment appraisal but does allow room for improvement. / Thesis (MBA)-University of Natal, Durban, 2001.

This thesis was undertaken with the intention of applying forecasting with time series analysis, in a manufacturing context. This involved two phases: the updating of existing forecasting techniques, and the application of these techniques to a manufacturing firm. The existing techniques, developed mainly by Brown in the 1960's, had to be adapted for computer application, to allow fast and objective computation of forecasts. This required an investigation into the derivation of each algebraic model, previously computed by hand, and translating those intuitive steps into routine ones. Furthermore, the revision of each forecast in the light of new data had to be dealt with mechanically. As for the application, the data supplied by the client, a large South African manufacturing firm, did not permit a successful application. This concerned both the manner in which the data were recorded (inconsistent time intervals), and the volume of data readily accessible. This then led the thesis in an unanticipated direction to overcome these difficulties. To do this objectively, it became necessary to generate test data with known characteristics, then to study how many data were required to recover those characteristics. Generating data required an investigation into random number generation, real data consisting of both true changes as well as a percentage of random fluctuations. A random data series was, therefore, added to the series with known characteristics. Such characteristics are unknown for genuine data, such as those supplied by the client. Empirical experimentation with the generated data, led to the determination of the number of data required to recover coefficients of various complexity. This number was found to be contrary to the statements made by Brown on this topic, significantly more data being required than was previously thought. Finally, an attempt was made to select an appropriate model for the client's data, based on the knowledge gained from investigating generated data. / Thesis (M.Soc.Sc.)-University of Natal, Durban, 1998.

Unlike any technology before it, the Internet has almost overnight achieved a broad level of global awareness, both for businesses and individuals. Global e-commerce will reach approximately $1.3 trillion by 2003. Current market research data supports that the most rapid growth to come, both for B2C and B2B segments will occur outside of the United States. B2B e-business revenues will dominate, with over 85% of transactions occurring between businesses. To support the unique demands of designing and building e-Business sites, professional services companies are exploding, and are forecasting to generate well over $60 billion in just the next few years. According to most market observers, most companies severely underestimate the challenges of building and maintaining the global e-business. Whether a dot.com, Global 1000 or a small enterprise, effectively building robust e-business architecture that is able to address the global challenge requires a strategic outlook. The ability to grasp not only complex interrelationships between the various systems and platforms, but more importantly, the impact of using technology to help meet customer needs in any corner of the globe is required. Because ultimately the real benefit of the Internet is to closely connect company to customer, wherever each may be. Therefore for industry and organisations to embark upon e-business strategy to effectively meet the needs of customers and at the same time reach operational efficiency within their supply chains and add insurmountable value should be the goal of all organisations. / Thesis (MBA)-University of Natal, Durban, 2000.