SciELO - Scientific Electronic Library Online

 
vol.17 número2The non-consumptive value of selected marine species at Table Mountain National Park: an exploratory studyEffects of transaction costs on mushroom producers' choice of marketing channels: implications for access to agricultural markets in Swaziland índice de autoresíndice de assuntospesquisa de artigos
Home Pagelista alfabética de periódicos  

Serviços Personalizados

Artigo

Indicadores

Links relacionados

  • Em processo de indexaçãoCitado por Google
  • Em processo de indexaçãoSimilares em Google

Compartilhar


South African Journal of Economic and Management Sciences

versão On-line ISSN 2222-3436
versão impressa ISSN 1015-8812

Resumo

CAMPHER, CA  e  VLOK, PJ. Building a scenario based active mapping investment tool within a physical asset management framework. S. Afr. j. econ. manag. sci. [online]. 2014, vol.17, n.2, pp.194-206. ISSN 2222-3436.

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 widespread use of traditional DCF techniques, it nevertheless reveals extensive 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.

Palavras-chave : capital budgeting; real options; black-scholes; option mapping; asset management.

        · texto em Inglês     · Inglês ( pdf )

 

Creative Commons License Todo o conteúdo deste periódico, exceto onde está identificado, está licenciado sob uma Licença Creative Commons