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.

El presente trabajo de investigación ofrece una propuesta de un plan de gestión de mantenimiento, para optimizar el valor de los activos de maquinaria pesada que se utiliza en proyectos de infraestructura vial, dentro de los lineamientos de la Norma ISO 55001:2014; caso de estudio: empresa constructora CHC INGENIEROS SA. Se utiliza la metodología de elaboración de planes de mantenimiento de Gica Ingenieros, cumpliendo los requerimientos de la ISO 55001:2014, basados en valor, alineamiento, liderazgo y aseguramiento según la ISO 55000:2014, a fin de lograr el balance entre costo, riesgo y desempeño. La metodología se basa en la mejora continua, la gestión basada en procesos y el ciclo PHVA. La estructura del plan contiene cinco ejes: (1) revisión del contexto estratégico y liderazgo de la organización, (2) establecimiento de la gestión estratégica para la gestión del mantenimiento, (3) diagnóstico y planificación del mantenimiento, (4) planificación y control operativo del mantenimiento y (5) control, auditorías, revisión por la dirección y mejoras del mantenimiento. La metodología verifica y valida el plan por juicio experto a través del Proceso de Análisis Jerárquico, comparaciones pareadas, escala de Saaty y escala de Likert. El análisis financiero de la propuesta nos indica un VAN de $74,400.40, TIR de 64.03%, Payback de 1,3 años y un análisis de sensibilidad que nos indica los resultados del proyecto en 729 posibles escenarios si las variables del proyecto son afectadas en 10%. De la investigación, a nivel técnico y financiero la propuesta es rentable para la organización, permitiendo al portafolio de activos analizados entregar valor. / This research paper proposes a proposal for a maintenance management plan, to optimize the value of heavy machinery assets used in road infrastructure projects, within the guidelines of ISO 55001:2014; case study: construction company CHC INGENIEROS SA., with the objective of increasing the value of the assets. Gica Engineers maintenance plan development methodology is used, complying with the requirements of ISO 55001:2014, based on value, alignment, leadership and assurance according to ISO 55000:2014, in order to achieve a balance between cost, risk and performance. The methodology is based on continuous improvement, process-based management and the PHVA cycle. The plan structure contains five axes: (1) review of the strategic context and leadership of the organization, (2) establishment of strategic management for maintenance management, (3) maintenance diagnosis and planning, (4) operational planning and control of maintenance and (5) control, audits, management review and maintenance improvements. The methodology verifies and validates the plan by expert judgment through the Hierarchical Analysis Process, paired comparisons, Saaty scale and Likert scale. The financial analysis of the proposal indicates an NPV of $74,400.40, an IRR of 64.03%, a Payback of 1, 3 years and a sensitivity analysis that indicates the results of the project in 729 possible scenarios if the variables of the project are affected in 10%. From research, to technical and financial level the proposal is profitable for the organization, allowing the portfolio of assets analyzed to deliver value. / Trabajo de investigación

No description available.

Financial sector of an economy plays an important role in its economic development and prosperity of the country. Banking industry serves as the backbone of the financial sector that accumulates saving from surplus economic units in the form of deposits and provides it to deficit economic units in the form of advances. Banking industry provides support to economy and industries in specific in the time of recessions and economic crisis. But when banks are at the heart of economic recession or banks are the cause of financial crisis like the recent past financial crisis 2007-09, it makes the situation worst for economic recovery. So it is of great importance to keenly observe the performance of the banks and their compliance with the regulatory requirements.   Performance of the banks is measured at two levels, one is at the management and regulatory level of the banks and another is at external rating agencies. Purpose of regulatory and supervisory rating systems is to measure the bank performance at internal level and its compliance with regulatory requirements to keep the bank on right track. These ratings are highly confidential and are only available to the bank management.  External credit rating agencies examine and evaluate the banks and issue ratings for the general public and investors in particulars. It is of great importance that both these ratings present the same results about the condition of the banks to provide clear information to investors and management. In past several banks suffer from bankruptcy that was the failure of both internal rating systems and credit rating agencies.   CAMELS is the supervisory and regulatory rating system implemented by State Bank of Pakistan. It takes into account six important components of a bank when it evaluates performance of the bank. These components are Capital, Assets, Management, Earning, Liquidity and Sensitivity to market risk. Ratings is assigned to theses components on the scale of 1 to 5 and that is a base for composite rating that also ranged from 1 to 5. PACRA rating agency is the dominant credit rating agency of Pakistan that performs ratings for most banks and industries in the country. In our research we examine the similarities in the results generated by CAMELS rating system and PACRA rating agency. For that purpose we sample seventeen commercial banks of Pakistan Banking industry.   We observed that results generated by sample banks do not show any similarities with each other. This might be an indication of the banks that went on to bankruptcy in past three to four years or a future threat to financial sector of Pakistan.

Oil and gas companies in Alberta, Canada lose millions of dollars per year due to ineffective management of retired assets. Ineffective management of inactive oil and gas assets in Alberta has led to over 80,000 inactive wells, highlighting the practice of prolonged deferment of asset end-of-life costs. Using the corporate sustainability model and asset management concept model as frameworks, this multiple case study was conducted to explore the strategies that asset managers in small- and medium-sized oil and gas companies used to manage retired assets effectively to increase organizational sustainability. The population for the study included 3 business leaders of small- and medium-sized oil and gas companies in Alberta who implemented effective strategies to manage their retired assets. Data were collected through semistructured interviews with the leaders and review of artifacts including firm documents and websites. Data were compiled, disassembled into fragments, reassembled into a sequence of groups, clarified, and interpreted for meaning. Methodological triangulation and member checking validated the interpretations. Data analysis resulted in 7 themes: responsible leadership commitment, adoption and communication of corporate social responsibility philosophy, regulatory compliance, asset management software tools, dedicated inactive assets and reclamation champion/team, annual budget/long-term planning, and performance measurement/reporting. The findings may contribute to positive social change by providing insights for small- and medium-sized oil and gas business leaders on strategies for managing inactive assets and for fostering an environmental culture among employees that has beneficial impacts on their families and communities.

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.

Prohibée il y a deux siècles, l'assurance sur la vie est devenue le soutien principal de l'économie. Au carrefour de plusieurs domaines juridiques, son examen doit englober la famille du souscripteur et du bénéficiaire. Bien que, le plus souvent, le code des assurances ne tienne pas compte des rapports de famille, les règles relatives aux couples, aux héritiers et créanciers jouent. De même que s’appliquent le droit fiscal et celui des incapacités. De nos jours, l'assurance vie a un rôle clé dans le conseil patrimonial et la planification successorale. Différents types de contrats sur la vie humaine coexistent. De nouveaux contrats, comme les assurances en cas de vie, rentes et contrats en unités de compte, sont des véhicules d’épargne. Cette évolution a complètement renouvelé le marché. Deux catégories se dégagent. D'abord, les contrats de prévoyance sont destinés à fournir une somme au décès de l’assuré, comme les assurances temporaires décès et vie entière. Ensuite, les contrats de placement ont pour objectif principal la constitution d'un capital en payant une ou plusieurs primes ; ils sont l'activité centrale des assureurs. Cette étude vise à identifier l’influence de la variété des contrats sur le droit familial. Les articles L. 132-12 à 17 du code des assurances furent conçus pour les contrats en cas de décès. Il y a une contradiction flagrante dans l’application de ces règles aux nouveaux contrats, qui sont de purs outils d’épargne. Il était nécessaire d'analyser comment le code civil compense l'inadéquation du code des assurances. Des propositions ont été formulées pour adapter le régime juridique de l'assurance sur la vie à la grande diversité des contrats. / Prohibited two centuries ago, life insurance is now the mainstay of the Frencheconomy. At the crossroad of several legal areas, the study of life insuranceshould consider both the policy holder’s and the beneficiary’s families. Despite the fact that the French Insurance Code ignores, more often than not, familyrelationships, the legal rules applied to couples, heirs and creditors areinterfering with insurance law. So too do tax law and legal incapacities.Nowadays, life insurance plays a key-role in assets management and estateplanning. Several types of contracts are in use. New types of contracts, suchas universal life, annuities and unit-linked insurance plan, are savings vehicles.This evolution has completely renewed the life insurance market. Twocategories emerge among Life-based contracts. First, there are protection policies, which are designed to provide a benefit at the insured's death, such as term life and permanent life insurance. Investment policies are the second type. Their main objective is to facilitate the growth of a capital by paying single or flexible premiums ; they are the core activity of insurers. This study aims to assess the impact of this diverse range of contracts on family law. Articles L. 132-12 to 17 of the Insurance code were originally enacted to regulate term and permanent life insurance. It is a contradiction in terms to apply these provisions to the new types of contracts, which are pure savings vehicles. It was necessary to critically analyse how the Civil Code fills in the gaps left by the Insurance Code. Suggestions are made to adjust the legal regime to the wide diversity of life insurance contracts.

由於近年來國內金融環境丕變，「微利時代」來臨，在面對金融控股公司跨業平台整合行銷的競爭環境時，銀行組織也為此因應經營策略之改變而面臨調整，手續費收入也變成銀行獲利的另一項重要來源。也因為金融控股公司跨業銷售平台之建立，銀行貴賓理財服務便成為「財富管理」銀行極重要的一環，共同基金也躍居金融百貨化重要的金融商品，對於共同基金之商品屬性與各理財投資人行為之關聯性研究，則成為金融整合性行銷成功之關鍵要項。 本論文採用問卷調查法為工具，進行探索性研究。藉由對銀行貴賓理財客戶之問卷，瞭解其個人理財屬性及與商品屬性之關聯程度，用以對客戶之市場區隔、目標市場選擇，並提供業者制定行銷策略之參考。本研究透過問卷方式以理財投資人個人基本資料背景，了解每一不同理財投資人對購買共同基金的資訊來源、購買動機、選擇種類考慮要素與基金型態、及對理財專櫃認同度等看法與傾向。 經由本研究分析後發現以下主要結論： 1、影響購買共同基金的資訊來源，無論整體投資人或區分不同背景交叉 分析結果，主要以經由銀行行員介紹為主。 2、決定購買共同基金的動機，無論整體投資人或區分不同背景交叉分析 結果，主要為因存款利率太低，希望能有較高收益之替代性金融商 品。 3、選擇基金種類考慮因素，銀行顧客無論整體投資人或區分不同背景交 叉分析結果，主要多選擇風險較小的全球型基金，其次則為選擇以按 月固定配息的基金商品。 4、認為投資所得高低與經濟景氣同步關係程度，普遍多認為具有很大關 係，尤其教育程度愈高者愈能認同投資收益與景氣狀況具有關聯性。 5、購買共同基金投資型態優先順序，銀行之理財客戶，較多願選擇債券 型基金；女性投資人較偏重於債券型基金，男性投資人則略偏重於股 票型基金；年輕投資人有較高比率會選擇股票型基金外，隨著年齡增 加，購買債券型基金的比率相對提高。 6、銀行設立理財專櫃對個人理財投資影響性，多持有非常正面影響之看 法；年齡愈大的投資人，財富能力愈大，其愈需要理財專櫃的服務方 式；所得愈高者或家庭投資理財金額愈高者，對理財專櫃的需求亦愈 大。 7、購買理財商品時，可以討論及研究的對象，以銀行理財專員為最主要 諮詢對象；經由交叉分析結果，女性客戶多較願意與銀行理財專員保 持良好互動關係，做投資決策時會尋求銀行理財專員討論。

Les rapports entretenus par le droit de l’Union européenne et le droit français de la propriété publique sont équivoques. Alors que l’article 345 TFUE témoigne, a priori, de la neutralité du droit de l’Union européenne quant aux régimes de propriété nationaux, le premier possède des incidences tangibles sur le second. La présente thèse s’applique d’abord à en démontrer les ressorts théoriques : compte tenu de l’emprise systémique et de la prééminence des règles concurrentielles, la portée de l’article 345 TFUE se révèle presque nulle. À cela s’ajoute une mutation conceptuelle des notions de propriété et de biens publics : redéfinissant et rompant le lien entre appropriation publique, intérêt général et satisfaction de l’utilité publique, le droit de l’Union européenne substitue une vision renouvelée de la propriété publique, englobant l’ensemble des biens contrôlés par les personnes publiques et ayant une valeur patrimoniale. À la neutralisation conceptuelle succède un infléchissement matériel de la propriété publique. Même si la réception en droit français est parfois incertaine ou insuffisante, l’application des règles de concurrence ou du droit des aides d’État altére les régimes d’acquistion, de gestion ou de cession des biens publics. Favorisant la fragmentation et la privatisation du droit de la propriété publique, le droit de l’Union européenne semble aussi en mesure de remettre en cause les privilèges d’insaisissabilité et d’incessibilité à vil prix. Accélérant la décomposition de la propriété publique, son influence n’en constitue pas moins une opportunité, celle-ci étant susceptible de permettre une refondation cohérente de l’édifice français. / Interactions between European Union law and French law can be confusing when it comes to public property. Although it a priori testifies of the neutrality with which the European Union law deals with public property regulations at national scale, article 345 TFUE actually has tangible impacts on them. This thesis first looks to demonstrate the theoretical aspects behind it: given the pre-eminence and systemic influence of competition rules, the reach of article 345 TFUE turns to be almost void. In addition to this arises a conceptual mutation in the notions of property right and public ownership: as it redefines and breaks the link between public appropriation, general interest and the satisfaction of public affectation, the European Union law brings a renewed vision of public property which encompasses all the assets controlled by a public-law person and having a heritage value. To the conceptual neutralization succeeds a substantive inflection of public property. Although its reception under French law is sometimes uncertain or insufficient, the application of competition or State aid rules alters the acquisition, operation and disposal schemes for publicly-owned assets. Since it fosters the fragmentation and privatization of the public property law, it appears that the European Union law is also able to question the privileges of unseizability and the principle according to which a publicly-owned asset cannot be sold at a price lower than its market value. Accelerating the decomposition of public property, its influence remains nonetheless an opportunity as it could lead to a comprehensive re-founding of the French edifice.