A founder population of lion (Panthera Leo) was introduced into a 70 km² privately-owned, wildlife reserve in the Waterberg area of South Africa. The lion and prey species' populations were monitored between 2001 and 2004. In this period, 452 kills were recorded at a mean kill rate of one kill every 2.43 days. The lions killed 11 common prey species. Eland, warthog, kudu, wildebeest and zebra comprised 75 % of the lion's diet. The lions consumed an average of 8 % of the available common prey species population per annum. Initially, the mean ungulate population growth rate was 30.9 %, but this rate declined to -0.8 % during the study period. Significantly more animals were killed in open habitats than in closed habitats. The loss in game value for the study period was over one million Rand. A formula was compiled to quantify the cost versus return aspects of introducing lion. / Nature Conservation / M. Tech. (Nature Conservation)

A founder population of lion (Panthera Leo) was introduced into a 70 km² privately-owned, wildlife reserve in the Waterberg area of South Africa. The lion and prey species' populations were monitored between 2001 and 2004. In this period, 452 kills were recorded at a mean kill rate of one kill every 2.43 days. The lions killed 11 common prey species. Eland, warthog, kudu, wildebeest and zebra comprised 75 % of the lion's diet. The lions consumed an average of 8 % of the available common prey species population per annum. Initially, the mean ungulate population growth rate was 30.9 %, but this rate declined to -0.8 % during the study period. Significantly more animals were killed in open habitats than in closed habitats. The loss in game value for the study period was over one million Rand. A formula was compiled to quantify the cost versus return aspects of introducing lion. / Nature Conservation / M. Tech. (Nature Conservation)

Submitted by Ruy Rey Chaves (ruyrchaves@gmail.com) on 2018-07-17T16:42:09Z No. of bitstreams: 1 Finanças_Dissertação_Chaves_Final.pdf: 8946276 bytes, checksum: 9333c5a0543cc682623a7bce8a672b1c (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-07-20T19:41:49Z (GMT) No. of bitstreams: 1 Finanças_Dissertação_Chaves_Final.pdf: 8946276 bytes, checksum: 9333c5a0543cc682623a7bce8a672b1c (MD5) / Approved for entry into archive by Raphael Xavier (raphael.xavier@fgv.br) on 2018-07-20T19:51:26Z (GMT) No. of bitstreams: 1 Finanças_Dissertação_Chaves_Final.pdf: 8946276 bytes, checksum: 9333c5a0543cc682623a7bce8a672b1c (MD5) / Made available in DSpace on 2018-07-20T19:51:26Z (GMT). No. of bitstreams: 1 Finanças_Dissertação_Chaves_Final.pdf: 8946276 bytes, checksum: 9333c5a0543cc682623a7bce8a672b1c (MD5) Previous issue date: 2018-06-28 / A questão de quanto um investidor está disposto a pagar por um terreno parte do estudo de viabilidade econômico-financeira de um possível empreendimento imobiliário naquele local, que é, tradicionalmente, analisado pelos métodos de valor presente líquido (VPL) e taxa interna de retorno (TIR). No entanto, nesses métodos de análise, não se fornece ao investidor a noção exata da volatilidade do seu retorno quanto a possíveis mudanças de planos por parte do incorporador e mudanças no mercado, que podem ocorrer entre a compra do terreno e a venda das unidades imobiliárias prontas. Com este trabalho, propôs-se olhar para o investimento no desenvolvimento de um empreendimento imobiliário, levando-se em consideração o prêmio da opção de se desenvolver um projeto de incorporação em um terreno após sua aquisição. O objetivo foi mostrar que ao considerar, na análise de viabilidade financeira, a volatilidade da probabilidade de venda das unidades imobiliárias, o retorno do investidor não é o mesmo que o previsto em uma análise de viabilidade padrão de mercado e que existe um valor de investimento para determinada faixa de risco que o investidor esteja disposto a assumir ao financiar o projeto. Calculou-se, portanto, o valor do prêmio da opção de realizar um empreendimento imobiliário a partir da variação da probabilidade de venda dos imóveis lançados em um caso real de incorporação. Os resultados são muito significantes para a tomada de decisão do investidor. A modelagem mostra que existia um prêmio de opção de quase duas vezes o valor que foi pago pelo terreno do empreendimento, no cenário econômico em questão, no entanto, revela que o investimento que prometia taxa de retorno de 31% a.a. de acordo com a análise de viabilidade do incorporador, pagaria somente 19% a.a. A dissertação propõe uma maior qualidade de informação ao investidor fornecendo os limites inferior e superior desta taxa de retorno esperada, para um intervalo de confiança de 95% e, também, demonstra a existência de um preço ótimo de venda da unidade imobiliária, nem sempre conhecido pelo incorporador, e sua relação com a volatilidade do resultado do empreendimento. A metodologia demonstra que a maximização do resultado pode não coincidir com o melhor cenário de risco para o investidor. / The question of how much an investor is willing to pay for a land is part of an economicfinancial study of a potential real estate venture in that location, which is traditionally analyzed by its net present value (NPV) and internal rate of return (IRR). However, in these methods of analysis, investors are not given an accurate notion of the volatility of their return on possible changes of plans by the developer and changes in the market that may occur between the purchase of the land and the sale of the real estate units. This work was proposed to look at the investment in the development of a real estate project taking into consideration the value of the option to develop the project in a land after its acquisition. The goal was to show that when considering, in the financial viability analysis, the volatility of the probability of sale of real estate units, the return of the investor is not the same as predicted in a standard financial analysis and that there is an investment value for a certain risk range that the investor is willing to assume when financing the project. The value of the option for realizing a real estate project was then calculated based on the variation in the probability of sale of real estate units in a real case scenario. The results are very significant for the decision-making of the investor. The model shows that there was an option premium of almost twice the value that was paid for the land of the development, in the economic scenario studied, however, reveals that the investment that promised a rate of return of 31% pa. according to the financial viability analysis of the developer, would pay only 19% pa. The dissertation proposes a higher quality of information to the investor by delivering the upper and lower limits of this expected rate of return, with a 95% confidence interval, and also demonstrates the existence of an optimum sale price for the real estate unit, not always known by the developer, and its relation to the volatility of the project result. The methodology demonstrates that the maximization of the result may not coincide with the best risk scenario for the investor.

Submitted by Michel Bucci Peroni (peronimichel@gmail.com) on 2018-06-15T11:34:42Z No. of bitstreams: 1 Trabalho Aplicado_Michel Bucci Peroni_15_06.pdf: 5531820 bytes, checksum: 8ac0893b9df6f4ac5552a41b8dae5f4b (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-06-15T17:16:20Z (GMT) No. of bitstreams: 1 Trabalho Aplicado_Michel Bucci Peroni_15_06.pdf: 5531820 bytes, checksum: 8ac0893b9df6f4ac5552a41b8dae5f4b (MD5) / Approved for entry into archive by Isabele Garcia (isabele.garcia@fgv.br) on 2018-06-15T20:44:01Z (GMT) No. of bitstreams: 1 Trabalho Aplicado_Michel Bucci Peroni_15_06.pdf: 5531820 bytes, checksum: 8ac0893b9df6f4ac5552a41b8dae5f4b (MD5) / Made available in DSpace on 2018-06-15T20:44:01Z (GMT). No. of bitstreams: 1 Trabalho Aplicado_Michel Bucci Peroni_15_06.pdf: 5531820 bytes, checksum: 8ac0893b9df6f4ac5552a41b8dae5f4b (MD5) Previous issue date: 2018 / O presente trabalho tem como objetivo avaliar os elementos-chave que contribuem para a viabilidade econômico-financeira e identificar as principais barreiras para implantação de um sistema de geração distribuída de energia solar fotovoltaica no setor comercial. Trata-se de um estudo de caso com triangulação de dados a partir de dois supermercados localizados no interior de Minas Gerais. Foram realizadas entrevistas com diferentes stakeholders com objetivo de ampliar a visão acerca das barreiras existentes no setor de energia solar fotovoltaica. Os resultados demonstram, a partir dos estudos de casos, que o investimento é viável e um dos fatores que mais contribui para a viabilidade econômico-financeira é o preço da tarifa de energia elétrica. Conclui-se que a geração de energia solar fotovoltaica tem se tornado cada vez mais competitiva, em parte pela redução nos custos dos módulos fotovoltaicos e pelo preço da tarifa de energia praticadas pelas concessionárias. Aliada ao grande potencial solar existente no Brasil e considerando que, para o setor varejista, a energia elétrica é a segunda maior despesa, subindo quase 40% desde 2014, além das expectativas de retomada do crescimento econômico do País, a geração distribuída de energia solar fotovoltaica é uma alternativa que pode contribuir para mitigar problemas ambientais, reduzindo a emissão dos gases de efeito estufa e também o impacto nas mudanças climáticas. / This study aims to evaluate the key elements that contribute to economic-financial viability and to identify the main barriers to implement a system of distributed generation of photovoltaic solar energy in the commercial sector. It is a case study with triangulation of data from two supermarkets located in the interior of Minas Gerais State, in Brazil. Interviews have been conducted with different stakeholders aiming to broaden the comprehension of the existing barriers in photovoltaic solar energy sector. Results from the case studies show that investment is viable and one of the factors that contributes most to the economic-financial viability is the price of electricity rate. The conclusion is that generation of photovoltaic solar energy has become increasingly competitive, partially due to reduction in costs of photovoltaic modules and price of energy rate charged by concessionaires. Combined with the great solar potential in Brazil and considering that, for the retail sector, electricity is the second largest expenditure, rising almost 40% since 2014, in addition to the expectations of a resumption of the country's economic growth, distributed generation of photovoltaic solar energy is an alternative that can contribute to mitigate environmental problems, reducing both emission of greenhouse gases and impact on climate change.

Submitted by Joel de Lima Pereira Castro Junior (joelpcastro@uol.com.br) on 2016-07-08T18:38:02Z No. of bitstreams: 1 HumbertoPazzini.pdf: 5110177 bytes, checksum: f4f94373b2555aaa3342d8098210b5b2 (MD5) / Approved for entry into archive by Biblioteca de Administração e Ciências Contábeis (bac@ndc.uff.br) on 2016-07-22T15:10:54Z (GMT) No. of bitstreams: 1 HumbertoPazzini.pdf: 5110177 bytes, checksum: f4f94373b2555aaa3342d8098210b5b2 (MD5) / Made available in DSpace on 2016-07-22T15:10:54Z (GMT). No. of bitstreams: 1 HumbertoPazzini.pdf: 5110177 bytes, checksum: f4f94373b2555aaa3342d8098210b5b2 (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Ministério Público Federal. Procuradoria Regional da República. 3a Região. São Paulo, SP / O Porto de Paranaguá é o maior porto graneleiro da América Latina e um grande gerador de resíduos sólidos, em especial o de soja, o que acarreta problemas ambientais, como poluição, mau cheiro e atração de fauna sinantrópica nociva. O presente trabalho teve como objetivo realizar uma análise de viabilidade financeira, complementada por simulações de risco da implantação e da operação de uma usina produtora de biodiesel, a partir de resíduos de soja do Porto de Paranaguá, visando suprir parte da demanda por combustíveis e, consequentemente, reduzir problemas e desperdícios ocasionados pelo descarte inadequado desta oleaginosa. A análise financeira foi realizada mediante os métodos tradicionais de avaliação de investimentos; para análise de risco, utilizou-se a técnica de simulação de Monte Carlo. A taxa mínima de atratividade (TMA) considerada no estudo de caso foi de 7,25% ao ano. A partir da análise financeira, estima-se a obtenção dos seguintes resultados: payback no 5º ano; valor presente líquido (VPL) de R$ 1.089.537,56 e taxa de retorno interna (TIR) de 27% ao ano. O resultado das simulações indicou para a variável de saída (VPL) valor médio de R$ 296.303,13. Como resultado final, a simulação mostra que haveria 45,8%, 18,8 ou 11,1% de chances de o investimento não oferecer o retorno mínimo esperado pelo empresário, dependendo da situação adotada. Ressalta-se a importância das técnicas de simulação na geração de informações imprescindíveis para a tomada de decisões. / The Port of Paranaguá is the largest grain port in Latin America and a major generator of solid waste, especially soybean, which causes environmental problems such as pollution, odor and noxious synanthropic fauna attracting. The present study had a objective to accomplish an analysis of financial viability, complemented by simulations of risk of a deployment and operation of a plant producing biodiesel from soybean residues of the Port of Paranaguá, in order to supply part of the demand for fuels and consequently reduce waste and problems caused by inappropriate disposal of this oilseed. The financial analysis was accomplished by the methods of evaluation of projects and, for the risk analysis was used the technique of Monte Carlo’ simulation. The minimum rate of attractively (MRA) considered in the case studied was 7.25%. From the financial analysis, the following data were obtained: payback in the 5th; liquid present value (LPV) of R$ 1.089.537, 56 and rate of internal returns (RIR) of 27% per year. The result of the simulations, indicated for the exit variables, LPV medium values of R$296.303,13. As a final result, the simulation shows that there would be 45.8%, 18,8% or 11,1% chance the investment will not provide the minimum return expected by the entrepreneur, depending on the situation adopted. As result, the process of simulation techniques in the generation of information has extreme importance for taking decisions.

AD is regarded as a sustainable technology that could assist the UK Government meet internationally agreed GHG emission targets by 2050. However, the mature status of the technology is based on expensive systems that rely on high energy feedstock to be profitable. Meanwhile, the natural biodegradation of cow slurry is a recognised contributor to climate change despite having a relatively low CH4 potential because of the large volumes produced. Economic mixing is essential to the cost-effectiveness of farm AD but techniques applied are not always appropriate as slurry is a shear thinning thixotropic Herschel-Bulkley fluid and therefore challenging to mix. The apparent viscosity of slurry and the shear stress induced was most influenced by solids content (exponential change) followed by temperature (linear). Most shear thinning occurred before a rising shear rate of 20s-1 was achieved with the fluid acting near-Newtonian above. Thixotropic recovery occurred within 1 hour of resting. Rheological values were also much higher than previously reported. Highest CH4 production occurred in the first 10 days of the batch process using a range of mixing regimes with different shear rates and rest periods. During fed-batch operations, changing shear rate had a minimal effect on CH4 production using a 30-day HRT whereas shorter rest periods increased production. Specific CH4 production rate was highest when feeding and mixing coincided. However, when HRT was reduced (OLR increased) the CH4 produced by all mixed regimes significantly increased with highest values being achieved using high intensity mixing rested for short periods. Lower HRTs also requires smaller digesters. Parasitic mixing energy invariably had the most influence on net energy production. Signs of instability were evident after 20 days using the low HRT. Significant microbial adaptation was also observed as the experiments progressed. The research outcomes demonstrate that mixing regime and HRT can be managed to maximise net energy production whilst reducing capital expenditure.

The potential for aquaculture development to make up for an annual 400,000mt shortfall in domestic fish supply was investigated. This involved an overview of the sector to determine its trends and operations and identifying strengths and constraints, a financial viability assessment of the sector, based on mode and levels of operation of existing farms, an assessment of the market and trade for cultured fish with a focus on Oreochromis niloticus, and finally, a GIS approach to update and reassess the potential for aquaculture development in Ghana. Data were obtained from both primary and secondary sources, the former, via fish farmer, dealers and consumer questionnaire surveys. Results of the study showed that interests in fish farming continue to grow with an overall annual average growth rate of 16% since 2000. The existing farms, 1300 in number were however very small with a mean farm size of 0.36ha and a median 0.06ha of which commercial farms accounted for less than 3%. Based on sizes, mode of operation and levels of input and output, five subsistence farm types were identified. Mean production from these pond-based farms ranged from 1436kg/ha/yr- to 4,423kg/ha/yr while that of a medium sized intensive commercial pond farm was 45,999kg/ha/yr. Commercial farming accounted for about 75% of 2006 aquaculture production. The main strength identified was the growing interest in both commercial and non-commercial fish farming and the main constraints were lack of quality seed, low levels of technical support and of knowledge in fish farming practices among non-commercial farmers. Net profits of commercial farms ranged from GH¢ 3,341 (US$3480)/ha/yr to GH¢ 51,444 (US$ 53,587)/ha/yr with payback from 1 to 4yrs, IRR at 35% to 105% and NPV from GH¢ 5,898 to GH¢ 236,412. By contrast, only two of the five non-commercial farm types made positive net returns ranging, from GH¢158 to GH¢1100/ha/yr, with minimum payback period of 14yrs, NPVs of less than 1 and the best IRR being just 4%, when initial capital requirements are full costed. Uncosted family labour inputs and negligible land opportunity costs improved viabilities for two farm types, where net returns/ha/yr increased by more than 50%, minimum payback dropped to 2 years, NPV from GH¢ 4839 to GH¢ 9330 and minimum IRR of 45%. Main constraints identified as affecting the profitability of subsistence farming were the relatively low prices of fish and the low levels of output which could be improved through better farming practices. From the market survey, a huge market potential for tilapia was identified with a current supply deficit of 41,000mt. The most preferred sizes by consumers and with potentially good market price for traders were those weighing at least 200g. For dealers, trading in cultured fish was found to be more profitable than trading wild capture tilapia because of lower wholesaler prices, gross profit margins were GH¢ 0.49/kg and GH¢ 0.25/kg respectively. Preference for tilapia was influenced by taste, availability, and its perceived health benefit. A key constraint to the sector was poor post-harvest handling and preservation of the fish resulting in shorter shelf life. From the GIS study, 2% (3,692 km2) of available land area was identified as very suitable for subsistence and about 0.2% (313.8km2) for commercial farming. A further 97.4% and 84.0% were identified as suitable for subsistence and commercial farming respectively. Areas with potential for cage culture were also identified, which were largely in the southern and mid-sections of the country. The overall conclusions are that based on natural resource requirements, market potential and financial viability, Ghana has the potential to totally make up the shortfall in domestic fish supply through aquaculture production. The current 400,000mt shortfall in domestic fish production can be achieved by 2020 by increasing overall aquaculture production by 60% per annum.