Financial management practices in successful small and medium enterprises (SMEs)

Although the success of small, medium and micro enterprises (SMEs) is extremely important for the South African economy, their failure rate is amongst the highest in the world; some researchers estimate as high as 90 percent. Research has shown that the lack of financial management skills and application of financial management practices are some of the biggest factors contributing to SME failure. However, it is not clear from the literature which of these skills and practices are more important than others. This study aims to fill this gap by determining which financial management skills are relevant for successful SMEs. A survey was done on a sample of owner-managers of successful SMEs who had been asked, firstly, whether they performed different financial management practices and, secondly, how frequently they performed these in their companies. The study concludes that practices regarding working capital as well as profitability are much more relevant than those regarding a balance sheet or strategic finance. Similarly, financial practices related to cash flow and decision making are more relevant than those related to planning or analysing. It may be true, due to the high risk and volatile environment of SMEs, as well as the challenges that are often underestimated, that financial practices which academics regard as important are not always implemented by these companies. This study contributes to the existing body of knowledge as it determines the relative relevance and frequency of use of financial management practices by successful SMEs.http://www.sajesbm.co.zaam2016Financial Managemen

Decadal and multi-decadal variability of Labrador Sea Water in the north-western North Atlantic Ocean derived from tracer distributions: Heat budget, ventilation, and advection

Time series of profiles of potential temperature, salinity, dissolved oxygen, and planetary potential vorticity at intermediate depths in the Labrador Sea, the Irminger Sea, and the Iceland Basin have been constructed by combining the hydrographic sections crossing the sub-arctic gyre of the North Atlantic Ocean from the coast of Labrador to Europe, occupied nearly annually since 1990, and historic hydrographic data from the preceding years since 1950. The temperature data of the last 60 years mainly reflect a multi-decadal variability, with a characteristic time scale of about 50 years. With the use of a highly simplified heat budget model it was shown that this long-term temperature variability in the Labrador Sea mainly reflects the long-term variation of the net heat flux to the atmosphere. However, the analysis of the data on dissolved oxygen and planetary potential vorticity show that convective ventilation events, during which successive classes of Labrador Sea Water (LSW) are formed, occurring on decadal or shorter time scales. These convective ventilation events have performed the role of vertical mixing in the heat budget model, homogenising the properties of the intermediate layers (e.g. temperature) for significant periods of time. Both the long-term and the near-decadal temperature signals at a pressure of 1500 dbar are connected with successive deep LSW classes, emphasising the leading role of Labrador Sea convection in running the variability of the intermediate depth layers of the North Atlantic. These signals are advected to the neighbouring Irminger Sea and Iceland Basin. Advection time scales, estimated from the 60 year time series, are slightly shorter or of the same order as most earlier estimates, which were mainly based on the feature tracking of the spreading of the LSW(94) class formed in the period 1989-1994 in the Labrador Sea

Scientific drilling projects in ancient lakes: integrating geological and biological histories

Sedimentary sequences in ancient or long-lived lakes can reach several thousands of meters in thickness and often provide an unrivalled perspective of the lake's regional climatic, environmental, and biological history. Over the last few years, deep drilling projects in ancient lakes became increasingly multi- and interdisciplinary, as, among others, seismological, sedimentological, biogeochemical, climatic, environmental, paleontological, and evolutionary information can be obtained from sediment cores. However, these multi- and interdisciplinary projects pose several challenges. The scientists involved typically approach problems from different scientific perspectives and backgrounds, and setting up the program requires clear communication and the alignment of interests. One of the most challenging tasks, besides the actual drilling operation, is to link diverse datasets with varying resolution, data quality, and age uncertainties to answer interdisciplinary questions synthetically and coherently. These problems are especially relevant when secondary data, i.e., datasets obtained independently of the drilling operation, are incorporated in analyses. Nonetheless, the inclusion of secondary information, such as isotopic data from fossils found in outcrops or genetic data from extant species, may help to achieve synthetic answers. Recent technological and methodological advances in paleolimnology are likely to increase the possibilities of integrating secondary information, e.g., through molecular dating of molecular phylogenies. Some of the new approaches have started to revolutionize scientific drilling in ancient lakes, but at the same time, they also add a new layer of complexity to the generation and analysis of sediment core data. The enhanced opportunities presented by new scientific approaches to study the paleolimnological history of these lakes, therefore, come at the expense of higher logistic, communication, and analytical efforts. Here we review types of data that can be obtained in ancient lake drilling projects and the analytical approaches that can be applied to empirically and statistically link diverse datasets for creating an integrative perspective on geological and biological data. In doing so, we highlight strengths and potential weaknesses of new methods and analyses, and provide recommendations for future interdisciplinary deep drilling projects

Continuous maintenance and the future – Foundations and technological challenges

High value and long life products require continuous maintenance throughout their life cycle to achieve required performance with optimum through-life cost. This paper presents foundations and technologies required to offer the maintenance service. Component and system level degradation science, assessment and modelling along with life cycle ‘big data’ analytics are the two most important knowledge and skill base required for the continuous maintenance. Advanced computing and visualisation technologies will improve efficiency of the maintenance and reduce through-life cost of the product. Future of continuous maintenance within the Industry 4.0 context also identifies the role of IoT, standards and cyber security

Transformation of the Labrador Sea water in the subpolar North Atlantic

Development, spreading and decay of the thermohaline properties of two Labrador Sea Water (LSW) classes are described. During the development phase, a specific LSW class repeatedly mixed by winter convection in the Labrador Sea becomes colder, denser, thicker and deeper. Once convection weakens, the LSW class becomes isolated from the upper layer and starts to decay, rapidly losing its volume while retaining the same density due to isopycnal mixing with the neighbouring warm saline intermediate waters. A similar pattern in temperature, salinity and density is seen in the other basins with different time lags from about two years in the Irminger Sea to ten years in the northern Iceland Basin and Rockall Trough regions. The influence of LSW on the thermohaline properties of other North Atlantic water masses is also discussed