05. Graduate School of Business
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Item Open Access AN EFFECTIVE AGRICULTURAL STRUCTURE DEVELOPMENT OF AGRO-INDUSTRIAL HOLDING THESIS PROJECTS(Nazarbayev University Graduate School of Business, 2016-11) Li, DmitriyKazakhstan is an agro industrial country and one of the largest grain powers in the world. The area of grain crops is more than eighteen million hectares including twelve million hectares for wheat crops, which provide approximately six thousands tons of gross harvest annually. Another six million hectares are for crops such as corn, rice, oats, barley, buckwheat, cotton, sunflower, fruits, and vegetables...Item Restricted AN ANALYSIS OF CREDIT DECISIONS FOR CONSUMER LOANS ON AN ONLINE PLATFORM USING TRADITIONAL AND MACHINE LEARNING TECHNIQUES(Nazarbayev University, Graduate School of Business, 2022-12-21) Kuandykova, SymbatThis paper is aimed to analyse the secondary bank credit scoring mechanism using the historical data of the existing loan applications of the borrowers through traditional logistic regression and machine learning techniques. The historical data include the four-month long loan application by the clients and consists of the data of borrower’s age, sex, region, mobile model, loan overdue information, whether the borrower has a tax debt and whether the bank has refused to provide a loan to a specific client or not. In this paper, the different methodologies and the importance of machine learning in credit scoring nowadays is discussed first. Then, the description of the data and the methodology used is presented. The results include the logistic regression analysis of the variables and the check on the significance of the variable in decision-making in credit scoring. Lastly, using logistic regression and machine learning (xgboost), I was able to identify which of the strategies are better in determining the area under the curve.Item Restricted AN ASSESSMENT OF TRIANGULAR ARBITRAGE OPPORTUNITIES BETWEEN CRYPTOCURRENCY AND FIAT CURRENCY EXCHANGES. PREDICTORS AND FINANCIAL RATIONALE(Nazarbayev University, Graduate School of Business, 2021-12-21) Almen, Anar; Zhaipanov, Dosmukhamed; Dauletkhanuly, YeldosThis study assesses the eventual existence of triangular arbitrages between crypto and fiat currencies and analyzes economic factors which might contribute to the appearance of such opportunities. In particular, the authors look at core alphas of arbitrage based on crypto to fiat exchanges in two different crypto open source exchanges. By examining the existence of any statistically significant alphas, we find that this opportunity exists and might be exploitable for the US based exchange, Coinmarketcap. Similarly, triangular arbitrage exists, but are much smaller in the Coingecko exchange. This finding demonstrates the existence of discrepancies between exchanges. Furthermore, regression analyses indicate that Bitcoin is more sensitive to commodity prices changes as compared to Ethereum. In addition, we find that google searches related to cryptocurrencies are a strong predictor of arbitrage opportunities in triangular sets including Ethereum. In contrast, google trend aggregator data had almost no effect on Bitcoin containing exchange triplets. Additionally, proximity to the market plays a significant role in determining impact of central bank monthly T-bill rate on quotation volatility and subsequent arbitrage opportunities.Item Restricted ASTANA HUB COMMERCIALIZATION PROJECT(Nazarbayev University, Graduate School of Business, 2022-12-14) Aubakir, Ablaikhan; Kalmuratova, Aigerim; Nurzhaubayeva, Aishabibi; Adilkhan, ArslanThis paper examines alternatives and recommendations for the commercialization of the international IT technopark "Astana Hub". Astana Hub established in 2018 operates on the basis of government funding and provides its services on a free-of-charge basis. To become a self-sustainable organization, the technopark plans gradual commercialization via the provision of paid services. Investigating data from interviews with heads of Astana Hub structural units, materials on Astana Hub services and products, financial statements, and essentially study on commercialization models of similar technoparks around the world, this study demonstrates that Astana Hub possesses the necessary resources and services for commercialization. The analysis showed that Astana Hub's currently available products ensure several commercialization options. The most viable options could be the adjustment of the current revenue generation model, switching the business incubation program's compensation from Revenue Sharing to an Equity Stake model, and establishing a syndicate investing initiative with Astana Hub's partners. The paper provides recommendations for commercialization model and key measures for its successful implementation.Item Open Access BECOMING THE MARKET LEADER IN EXECUTIVE PROGRAMS IN KAZAKHSTAN: PROSPECTS AND CHALLENGES.(Nazarbayev University Graduate School of Business, 2016-11) Stambekova, AnelThe general outlook of the Executive education market in Kazakhstan is positive: more people are investing in education and career development. However, due to economic instability in the country, people now are more concerned about obtaining value for money. In other words, their criteria for choosing an educational program will be the quality of education they are getting for the price they are paying.Item Restricted BEELINE KAZAKHSTAN IOT SOLUTION FOR AUTOINSURERS(Nazarbayev University, Graduate School of Business, 2019-12-10) Makatova, Aisulu; Zhanguttinova, Assem; Akhmet, Aibek; Mamyrbayev, UalikhanThis paper intends to help Beeline Kazakhstan in expanding its portfolio of Internet of Things solutions to businesses in Kazakhstan. First part of the report compares alternatives on the market of IoT and evaluates the Connected Cars for usage-based insurance market as a chosen opportunity. The second part of the report delivers an analysis of the commercial viability of the project, outlines the value proposition to stakeholders and offers market entry strategies. The main issue associated with the project is the initial costliness of the offered solution through third-party partners that reduces the project’s commercial viability. The final recommendation for the company includes communicating value created to car drivers and insurance companies, giving data-driven recommendations for the product, price, place and promotion and offering additional ways to monetize offered solutions.Item Restricted BUSINESS CYCLE AND GAS PRICES(Nazarbayev University Graduate School of Business, 2023) Kabkenova, ShahizadaThe theory of storage is essential for the prediction of spot and forward price changes. The research analyzes the theory through a stable energy source - natural gas. The hypothesis of the theory of storage implies that during low inventory, the current price is more volatile than future prices, while during high inventory periods, prices change equally. Moreover, spot prices greatly affect futures during high inventory periods. The theory also observes the negative relationship between inventory and the business cycle. This means that during business cycle peaks, inventory is low which causes an increase in prices. Current research observed the direct and indirect test of inventory to support the storage theory. The results for natural gas in the analysis of both approaches of inventory support the theory, while the business cycle has a minor effect on the prediction of prices..Item Restricted BUSINESS PLAN FOR “SHEKSIZ ALEM” PROJECT BY “GREEN TAL LLC” COMPANY AND IMPROVEMENT OF ITS MANAGERIAL EFFECTIVENESS THROUGH MOTIVATION OF EMPLOYEES(Nazarbayev University, Graduate School of Business, 2019-12-10) Sarsenbayeva, Aigul; Kussainova, Assel; Shalakhmetova, Zarina; Kulzhanova, ZhanarThis practicum project aims at providing “Green TAL” LLC company (referred further as Green TAL) with a research on profitability of an expansion project and developing a business plan, as well as at resolving some existing issues with regard to motivation of employees and improving management relationship with employees. “Green TAL LLC” is a unique and a pioneer company in the area of social entrepreneurship in Astana that sets as its main task as to create jobs for disabled and disadvantaged people. The company was established in 2015. It went through certain transformations and currently is looking for an expansion as well as on improvement of its managerial effectiveness. Expansion project represents a plan on construction of a new detached site, at present Green TAL is located in a daytime healthcentre for mentally disabled people. This site will include workshops, mushroom incubator, a dormitory for freshmen, a training centre and a canteen. Workshops will be expanded. This will be achieved through training and employment of people from vulnerable social groups (people with disabilities, graduates from orphanages, single mothers, ex-convicts) with potential employment in total of about 110 people. The business plan that our team has developed quantifies profitability of the new expansion project. To assess project’s profitability, as well its ability to meet its operation expenditures, we use the concept of net present value (NPV). It was found out that NPV of the project is 7.7 mln KZT. However this withstands only in case Green TAL will be able to find sufficient number of orders. Therefore proper marketing strategy should be developed and implemented. To ensure profitability we also recommend for Green TAL to order market research about its products and hire specialist on marketing and sales, technical consultations/audit. Given the NPV and social benefit of the project, we conclude that the project should be undertaken and it will be attractive to the local government and potential investors/donors. After ensuring allocation by local authorities a land for construction of the site, Green TAL should start approaching potential investors/donors and launch negotiation process with them. For the purposes of conducting research on how to improve managerial effectiveness we had developed a questionnaire on motivation of employees and their feelings towards management. Then based on this questionnaire we conducted face-to-face interviews with 24 employees in all existing workshops. As a result of the interview sessions we concluded that most of employees, especially mentally disabled, satisfied with the current situation. Financial benefit is not their main motivator. They look for stability, sense of belonging to a community, self dependence and capability in earning money, sense of being needed, learning new skills, and fair treatment as equals not disabled. Thus in order to enhance employee motivation we recommend conducting on a regular basis team building events and trainings including on basic literacy, and provide face-to-face sessions with psychologists, especially for those with alcohol addiction, and workshops on creativity. In order to ensure good quality of work, to use encouragement and stimulation, including financial, rather than financial punishment.Item Restricted BUSINESS STRATEGY FOR THE TREEPLE STARTUP EXPANSION IN KAZAKHSTAN(Nazarbayev University, Graduate School of Business, 2023-11-23) Asselya, Bizhanova; Gulnaz, Dyussupzhanova; Madina, Balashova; Nazerke, KarebayevaThis report presents an analysis of the Treeple company, a travel marketplace based in Kazakhstan, as the part of a practicum project conducted by the Master of Business Administration students of Nazarbayev University Graduate School of Business. Treeple is a travel marketplace platform established in early 2023 in Kazakhstan. It operates as a service connecting local tour operators with potential customers. It is a seed-stage startup that faces challenges such as low brand awareness, high customer acquisition cost, low retention rate and operational difficulties. The project focuses on the expansion strategy of Treeple in Kazakhstan. The aim of the project is to identify possible strategic directions for development and increase profitability. Firstly, we analyzed the tourism industry in Kazakhstan. It allowed us to identify the current state of local tourism. We conducted the survey among foreigners and citizens to identify the general attitude and trends in local tourism. Secondly, we analyzed the company’s internal processes and competitors. We also conducted interviews with Treeple partners to know the Treeple’s share in their revenue and to identify tour operators' needs. The CEO of the company had an idea to offer products like customized CRM for tour operators, white label websites, data analytics about travel trends, connection of tour operators with service providers, and quality verification. Based on the interviews, we identified the lack of interest for such kinds of products. We calculated the income statement and NPV of the company by using the data given by the CEO of the company. We calculated the average customer acquisition cost and average customer lifetime value. Finally, as a result, we developed recommendations and classified them into categories such as commission, marketing, value creation for customers, operations, and additional revenue streams. The new NPV calculation was developed based on our recommendations.Item Restricted BUSSINES PARK IN ATYRAU(Nazarbayev University Graduate School of Business, 2016-11) Amangaleyev, SerikThis thesis presents a Business Park project (hereinafter referred to as BP) located in Atyrau, Kazakhstan. The objective of BP is to create a plan for a new business in Kazakhstan.BP will provide comprehensive support for client operating in production and construction that deal with explosive materials (oil and gas production and refining, coal, etc.). Our support will be provided in four main areas: - Creation of an Educational Center for training and certification of electrical and instrumentation personnel; - Conducting inspections of explosion-proof equipment; - Providing consultations by highly qualified specialists; - Operation of a service center for repair and overhaul of explosion-proof equipment.Item Restricted CARBON FOOTPRINT IN THE INDUSTRY OF EURASIAN RESOURCE GROUP (ERG) REC AND DEVELOPMENT OF ITS STRATEGY MODEL(Nazarbayev University, Graduate School of Business, 2022-12-14) Abbas, Syed Muhammad; Atti, Daystar Selorm; Dana, KanafinaThis paper sheds light on potential solutions to an ever-growing problem of Carbon Dioxide CO2 emissions due to their adverse effects on the climate and business activities. The case in the picture is Eurasian Resources Group (ERG) - one of the top industrial enterprises in Kazakhstan. It was founded in December 1995 as one of the world's largest and most diversified businesses in mining and processing natural resources. It has fully integrated energy, transportation, and marketing operations. As of 2021, the group’s collective emissions stood at 31.5 million tonnes of CO2. Since ERG exports its products to the outside world, mainly European Countries, its business is widely affected by the laws and regulations of the importing countries. One such regulation is the Carbon Border Adjustment Mechanism by European Parliament which drew guidelines from the Paris Agreement supervised by the United Nations. As the scrutiny and regulations increase on carbon emissions, countries and jurisdictions are popping up with the penalizing mechanism known as Carbon Pricing or Tax. Many European countries have applied Carbon taxes that range from 1-114 Euros per tonne of CO2. To avoid these taxes, ERG needs to develop ways to reduce its emissions that would allow it to grow further by saving these carbon expenses. There can be several approaches to emissions reduction. For example, the largest source of emissions is the energy generated by coal-fired power plants. If somehow that source is replaced with green energy (Solar, Wind, Hydro, Biofuels), a significant chunk of emissions would disappear. However, due to a lack of infrastructure, it is not now possible to 2 eliminate fossil fuel-based energy. We have looked at alternative ways to reduce emissions and persisted in implementing carbon capture technologies to mitigate the problem for ERG. Over the last decade, several mega players in the industry have increasingly adopted Carbon Capture. To conduct this research, we got secondary data from the ERG and interviewed companies that provide services in the carbon capture space. Three companies were brought to initial and ongoing discussions through email and video conferencing based on the requirements, compatibility, and technical feasibility. The companies are named CO2 Capsol, Carbon Clean, and CO2 Solutions by Saipem. So far, we have received initial pricing from CO2 Capsol and are awaiting responses from Carbon Clean and CO2 Solutions by Saipem. Once we get an answer from all the inquired companies, then after comparing in terms of price, capacity, efficiency, and other technical metrics, ERG will be able to achieve its long-term strategic vision of reducing carbon emissions by using the expertise of the above-mentioned top companies in the carbon capture sphere. It will also help ERG to boost its Environmental, Social, and Governance (ESG) scores, allowing it further get investments and strengthen stakeholders’ support. As it is a work in progress, the study and communication between the companies will materialize into an effective solution in the coming years.Item Restricted CENTRAL BANK TEXT SHOCKS, MONETARY SURPRISES, AND INFLATION EXPECTATIONS IN KAZAKHSTAN(Nazarbayev University Graduate School of Business, 2023) Zholdas, Sanzhar; Sharif, AneliyaThis paper explores whether press releases of the National Bank of Kazakhstan (NBK) contain valuable information and what is its effect on market expectations. We modified the method of Romer and Romer (2004) by including the word sentiments from the press releases to the ridge regression. The residuals of that ridge regression are considered as monetary policy shocks. We were able to increase the fit of the ridge regression, which means that press releases include information beyond those incorporated by the forecasts of the NBK only. In addition, we found that impulse response functions show that the effect of monetary policy shocks on the macroeconomic variables is not significant, although in line with the theory. To examine the effect of press releases on the market expectations we used TFIDF text analysis (Handlan, 2022) and the month forward yields on government bonds. We found that the effect of English language press releases is not significant while that of the Russian language press releases is significant. The model seems to have a better fit with Russian language press releases overall. These findings suggest that the NBK audience is more receptive to communication in Russian rather than in English.Item Restricted COAL PHASE-OUT TRANSITION IN KAZAKHSTAN. RECOMMENDATIONS AND SUGGESTIONS BASED ON WORLDWIDE EXPERIENCE(Nazarbayev University, Graduate School of Business, 2021-12-13) Issatay, Dariko; Zhumabekov, Darkhan; Baimyrza, Zhuldyzay; Ussenov, YessetThe long-standing partnership between ADB and Kazakhstan includes also the energy sector. ADB provided various technical assistance grants and advisory support services mostly in the power sector. To date none of Kazakhstan’s development partners have worked and been working with the government in addressing the issues related to the current and future challenges in the coal industry. This study aims to inform the Government of Kazakhstan (GOK) and policy makers about the magnitude of not only existing but also upcoming challenges that coal sector will inevitably face. From the positive side - GOK and other stakeholders do recognize better on the need to move faster with the transition from coal. However, there are not much of discussions on the potential policy options. This study set out with the objective to provide an overview of the overall situation in the coal industry of the Republic of Kazakhstan, with a focus on how to effectively manage the gradual transition away from coal. The main part of this study is aimed at examining the transition path from coal in selected group of countries such as Australia, France, Germany, Indonesia, People’s Republic of China and the United Kingdom that may be useful from Kazakhstan perspective. The effects of falling production, worker redundancies, and mine closure have been felt by many communities in both high- and low-income nations. What can be learned from these situations is the subject of this research. It presents the most recent evidence on technological development for more efficient uses of coal. It also touched upon critical socioeconomic and legislative issues that will arise once the transition goes fully underway. Based on the analysis and research the study attempts arriving to various sector development suggestions, quantify their costs and benefits. Although many of these suggestions might not be realistic to implement in a short period of span, nonetheless the study argues that at least a few short-terms measures in moving forward with transition and out from coal [if adopted] could lay down an important first.Item Embargo COMBINING EDUCATIONAL CENTER YES (YOUR ENGLISH SCHOOL) AND COFFEE SHOP “BARISTA” IN CO-WORKING SPACE(Nazarbayev University, Graduate School of Business, 2023-11-23) Dinara, Mussayeva; Saltanat, Sanakbek; Abylay, Adambayev; Assylkhan, KorzhumbayevThe research paper provides a specific overview of an unique educational co-working space approach, combining “Your English School” (YES) educational center and “Barista” coffee shop. Our collaborative workspace solution includes the identification of the number and type of courses and the pricing policy that ensures the project's growth and sustainability. Informed with SWOT, Marketing research, and Net Present Value (NPV) analysis, the strategy involves introducing preparation courses for enrollment to Nazarbayev Intellectual Schools (NIS), Republican Physics and Mathematics School (RPMS), and Bilim Innovation Lyceum (BIL) schools, responding to a notable demand from market dynamics and customer preferences. We're recommending a pricing approach, initially aiming for 100,000 KZT per month per course. Justified by positive Net Present Value (NPV) over a five-year projection period, there's also a suggestion to lease a 500 sq.m. office space, requiring an initial investment of 50 million KZT. The breakeven calculation indicates that YES Educational Center needs to deliver 4,104 courses at an average price of 74,216 KZT per course to cover costs and reach the breakeven point. Given the established business and operational processes of the "Barista" coffee shop, the proposal suggests that a Coworking educational center should offer a dedicated facility to the “Barista” coffee shop by providing a rented space specifically designed for catering purposes. Moreover, this will help avoid complexity between mixing the two business lines in terms of profits and losses tracking. To further broaden the scope of the business, it is advised to explore the potential of renting out underutilized spaces and venturing into training courses for enrollment to domestic and international universities. The main objective is not just to maintain competitiveness but to build a strong base for continuous growth and success while maintaining financial feasibility. The research paper introduces a balanced scorecard and strategy map, aligning objectives with specific measures and targets across financial, customer, internal process, and learning and growth perspectives. Moreover, the paper provides a comprehensive Implementation Plan for establishing an educational co-working space. The proposed actions are tailored to meet the evolving demands of the education market, positioning the project for long-term success and community impact.Item Restricted CONNECTED HOME: SNOW MELTING ANALYSIS FOR THE CITY OF ASTANA(Nazarbayev University, Graduate School of Business, 2022-12-14) Savig, Josiah Stuart; Kamzabek, Dana; Orynbassarova, NazymWith the unpredictability of weather conditions increasing in recent decades, colder densely populated areas around the world are struggling to keep up with the demand to keep their cities clean, businesses operating, and citizens safe during periods of heavy snowfall. Many developed urban centers rely on a system of hauling snow outside city limits, though many have been incorporating or switching entirely to snow melting machines to better meet residents’ needs. Through data provided by Connected Home and BI Group and our own research and analysis, we have found that the implementation of certain snow melting machines may prove to be both economically and ecologically beneficial, along with alleviating street traffic congestion.Item Restricted COSMETICS PRODUCTION UNDER OEM&ODM LICENSE(Nazarbayev University, Graduate School of Business, 2019-12-10) Gabdulina, Botagoz; Medeubekova, Lazzat; Umurzakova, Madina; Kuttybayeva, UbaidaAna Global (hereinafter – the Company, Ana Global) is a company that has created a brand concept consisting of skincare products in South Korea. Now the founder of the Company intends to open the production factory in Kazakhstan focused on B2B business. Goal: The Company is going to run a high quality licensed cosmetic and beauty care product manufacturing company whose services will be provided for the best Korean cosmetic companies, and end products will be sold in Kazakhstan. The target clients are not limited by Korean companies only. After successful implementation of the project and following a positive reputation on the new market, the Company expects further interest from the side of European, Russian, and other brands whose products are in demand on the Kazakh market. The Company intends to build a business that will be listed amongst the top 20 cosmetic and beauty care brands in the CIS. The following business plan explains the Company’s potential market, value proposition, and competitiveness of the project. The financial part provides a detailed view of its sales and profit forecasts as well as financial indicators of the project. Our evaluation of business will include strategy analysis and financial plans.Item Restricted CREATION OF ASSESSMENT CENTER FOR QNP COMPANY(Nazarbayev University, Graduate School of Business, 2023-11-23) Elmira, Bakytkhanova; Aigerim, Samarkhanova; Nazar, Ulpa; Aryslan, AitbayevThis practicum project explores the unique needs of "Qazaq National Product" LLP, a specialized industrial safety consulting company in Kazakhstan. The company has specified key outcomes, including the development of a competency model and enhancements to the regulations governing the employee performance evaluation system, all based on this model. The company's strategic objective includes the establishment of an assessment center to enhance candidate selection, assess employee potential, and build a robust talent pool. The research methodology involved an in-depth analysis of internal standards, extensive stakeholder consultations, and empirical data gathering to pinpoint pivotal competencies critical to success in industrial safety consulting. The proposed competency model offers a strategic framework for identifying high-potential employees and establishing a robust talent pipeline. The practicum project incorporates two distinct methodologies, Psychological Capital (PsyCap) and the International Project Management Association (IPMA), to assess employee competencies. PsyCap focuses on positive psychological attributes contributing to employee well-being and performance, while IPMA emphasizes project management competencies aligning with the company's project-oriented structure. Surveys were designed to assess project managers, covering job satisfaction, leadership, and PsyCap. The strategic analysis tools, including SWOT analysis, Porter's Five Forces, and the 7S framework, provide insights into the company's internal and external factors. The SWOT analysis identified strengths such as technical expertise and financial support, weaknesses like underdeveloped incentive systems, opportunities in developing a project management system, and threats related to changes in the CIS markets. The research question focuses on evaluating the effectiveness of the current assessment center at QNP Education, aiming to improve the employee performance evaluation system based on the developed competency model. The methodology utilizes Psychological Capital and IPMA, with three surveys designed for project managers. IPMA's "Eye of Competence" model categorizes competencies into People, Practice, and Perspective, providing a comprehensive framework for assessment. The situation analysis delves into the history and structure of Qazaq National Product, its mission, and the specific challenges it faced, leading to the collaboration with the Nazarbayev University Graduate School of Business for consultancy on the creation of an assessment center. The practicum project proposes a research question focused on evaluating the effectiveness of the current assessment center implemented by QNP Education for identifying core competencies in employees. The findings indicate the integration of PsyCap and IPMA in the competency model, aligning with best practices in assessing psychological attributes and project management competencies. The recommended methodology involves using an integrated approach that combines continuous competency review, enhanced data analytics, and phased 360-degree feedback implementation. This comprehensive strategy is designed to enhance the assessment center's effectiveness and align with the organization's strategic goals. The measures of effectiveness are categorized into the customer, internal, innovation and learning, and financial perspectives of the Balanced Scorecard. They highlight the impact of assessment centers on employee competence, customer satisfaction, talent management, employee development, training, and cost efficiency.Item Restricted CRUSHED STONE INDUSTRY: SYSTEMATIC PROBLEMS IN PRODUCTION(Nazarbayev University Graduate School of Business, 2016-11) Sarsenov, GibratProduction of construction materials in Kazakhstan plays a significant role in the development of the country. Building materials of industry products takes up to more than 4% in the total volume of industrial production of the Republic of Kazakhstan. Moreover, Kazakhstan has sufficient reserves of various raw materials for release of building materials. However, today the domestic industry of building materials can meet only part of the needs of the building complex of the country. One of the main materials that are used for construction, reconstruction and road repair, is crushed stone. Production (sale) of crushed stone refers to the industry of non-mineral building materials. The crushed stone usually produced by mining a suitable rock deposit and breaking the removed rock down to the desired size using crushers. It is also obtained by crushing boulders and gravel sediments of sand and gravel deposits...Item Open Access Decision-making in organizations under uncertainty based on cognitive model: The NU experience.(Nazarbayev University Graduate School of Business, 2016-11) Mgbere, ChinwiProfessional experience shows top, middle and low-level management must be ready to make decision at their respective levels instead of demonstrating an attitude of avoidance, falling into a reactive mode and losing holistic understanding of the bigger picture. This leads to information and decision-making going up and down the hierarchical ladder resulting in critical loss in duration. It is imperative that sustainable strategy receives paramount attention considering the constraints in financial and human resources, uncertainty and complexity in an organisations' environment. Sustainable decision making is achievable through interaction and influence between decision makers (stakeholders) during project implementation. Projects stand to benefit from this interaction through exchange of knowledge and motivators, given that a competent project manager with high cognitive potential is involved. The goal of this thesis is to develop a decision-making model where decision making leaders create conditions that allow teams to manage themselves effectively and enhance team performance at their best.Item Restricted DID PENSION FUND WITHDRAWALS CREATE A HOUSING BUBBLE IN KAZAKHSTAN?(Nazarbayev University, Graduate School of Business, 2021-12-21) Mashrapova, Ainur; Baitlessov, Ruslan; Yskak, MadinaThis paper investigates how pension fund withdrawal acceptance from 1st January of 2021 for enhancement of living conditions of citizens in Kazakhstan influenced housing pricing in primary and secondary markets. We used panel data for 16 different cities in order to capture the influence on the regional level as well as on the national. We applied Fixed Effects Linear Model (FELM) to estimate the effects of pension fund withdrawals (PFW) on housing prices. Also, it was aimed to detect the existence of bubbles on the housing market of Kazakhstan during the period from January 2014 till September 2021. For this purpose, we applied the Generalized Supremum Augmented Dickey-Fuller Test (GSADF), developed by Philips et al (2015) and widely used in recent academic literature for the identification of bubbles for different asset types. Our results show that there is a housing bubble in the secondary and primary housing markets of Kazakhstan. Moreover, the PFW policy increased the housing prices in major cities and influenced the creation of the housing bubble in Nur-Sultan and Almaty.