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.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/71935 |
| Date | 12 1900 |
| Creators | Campher, Cedric Abraham |
| Contributors | Vlok, P. J., Schutte, C. S. L., Stellenbosch University. Faculty of Engineering. Dept. of Industrial Engineering. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | en_ZA |
| Detected Language | English |
| Type | Thesis |
| Format | 162 p. : ill. |
| Rights | Stellenbosch University |
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