Full Text Available
Note: Clicking the button above will open the full text document at the original institutional repository in a new window.
Exploring real options in the capital budgeting of investments within physical asset management
Thesis (MScEng)--Stellenbosch University, 2012.
Saved in:
| Main Author: | |
|---|---|
| Other Authors: | |
| Format: | Thesis |
| Language: | en_ZA |
| Published: |
Stellenbosch : Stellenbosch University
2012
|
| Subjects: | |
| Tags: |
No Tags, Be the first to tag this record!
|
| _version_ | 1867613902331707392 |
|---|---|
| access_status_str | Open Access |
| author | Campher, Cedric Abraham |
| author2 | Vlok, P. J. |
| author_browse | Campher, Cedric Abraham Vlok, P. J. |
| author_facet | Vlok, P. J. Campher, Cedric Abraham |
| author_sort | Campher, Cedric Abraham |
| collection | Thesis |
| dc_rights_str_mv | Stellenbosch University |
| description | Thesis (MScEng)--Stellenbosch University, 2012. |
| format | Thesis |
| id | oai:scholar.sun.ac.za:10019.1/71935 |
| institution | Stellenbosch University (South Africa) |
| language | en_ZA |
| last_indexed | 2026-06-10T12:43:31.605Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from SUNScholar — Stellenbosch University Repository |
| publishDate | 2012 |
| publishDateRange | 2012 |
| publishDateSort | 2012 |
| publisher | Stellenbosch : Stellenbosch University |
| publisherStr | Stellenbosch : Stellenbosch University |
| record_format | dspace |
| source_str | SUNScholar — Stellenbosch University Repository |
| spelling | oai:scholar.sun.ac.za:10019.1/71935 Exploring real options in the capital budgeting of investments within physical asset management Campher, Cedric Abraham Vlok, P. J. Schutte, C. S. L. Stellenbosch University. Faculty of Engineering. Dept. of Industrial Engineering. Capital budgeting Real options Physical assets -- Management Dissertations -- Industrial engineering Theses -- Industrial engineering 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. 2012-12-04T11:58:34Z 2012-12-12T08:17:02Z 2012-12-04T11:58:34Z 2012-12-12T08:17:02Z 2012-12 Thesis http://hdl.handle.net/10019.1/71935 en_ZA Stellenbosch University 162 p. : ill. application/pdf Stellenbosch : Stellenbosch University |
| spellingShingle | Capital budgeting Real options Physical assets -- Management Dissertations -- Industrial engineering Theses -- Industrial engineering Campher, Cedric Abraham Exploring real options in the capital budgeting of investments within physical asset management |
| title | Exploring real options in the capital budgeting of investments within physical asset management |
| title_full | Exploring real options in the capital budgeting of investments within physical asset management |
| title_fullStr | Exploring real options in the capital budgeting of investments within physical asset management |
| title_full_unstemmed | Exploring real options in the capital budgeting of investments within physical asset management |
| title_short | Exploring real options in the capital budgeting of investments within physical asset management |
| title_sort | exploring real options in the capital budgeting of investments within physical asset management |
| topic | Capital budgeting Real options Physical assets -- Management Dissertations -- Industrial engineering Theses -- Industrial engineering |
| url | http://hdl.handle.net/10019.1/71935 |
| work_keys_str_mv | AT camphercedricabraham exploringrealoptionsinthecapitalbudgetingofinvestmentswithinphysicalassetmanagement |