Exploring real options in the capital budgeting of investments within physical asset management

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dc.contributor.advisorVlok, P. J.en_ZA
dc.contributor.advisorSchutte, C. S. L.en_ZA
dc.contributor.authorCampher, Cedric Abrahamen_ZA
dc.contributor.otherStellenbosch University. Faculty of Engineering. Dept. of Industrial Engineering.en_ZA
dc.date.accessioned2012-12-04T11:58:34Zen_ZA
dc.date.accessioned2012-12-12T08:17:02Z
dc.date.available2012-12-04T11:58:34Zen_ZA
dc.date.available2012-12-12T08:17:02Z
dc.date.issued2012-12en_ZA
dc.descriptionThesis (MScEng)--Stellenbosch University, 2012.en_ZA
dc.description.abstractENGLISH 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.en_ZA
dc.description.abstractAFRIKAANSE 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.af
dc.format.extent162 p. : ill.
dc.identifier.urihttp://hdl.handle.net/10019.1/71935
dc.language.isoen_ZA
dc.publisherStellenbosch : Stellenbosch Universityen_ZA
dc.rights.holderStellenbosch Universityen_ZA
dc.subjectCapital budgetingen_ZA
dc.subjectReal optionsen_ZA
dc.subjectPhysical assets -- Managementen_ZA
dc.subjectDissertations -- Industrial engineeringen_ZA
dc.subjectTheses -- Industrial engineeringen_ZA
dc.titleExploring real options in the capital budgeting of investments within physical asset managementen_ZA
dc.typeThesis
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