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27 May 2022 | Story Leonie Bolleurs | Photo Charl Devenish
Prof Tomas Vetrik
Prof Tomas Vetrik, Professor in the Department of Mathematics and Applied Mathematics, recently delivered his inaugural lecture on the UFS Bloemfontein Campus.

Prof Tomas Vetrik, Professor in the Department of Mathematics and Applied Mathematics at the University of the Free State (UFS), recently delivered his inaugural lecture on the Bloemfontein Campus.

His research area is graph theory, and he mainly focuses on the degree-diameter problem, graph indices, and metric dimension of graphs.

Research focus

According to Prof Vetrik, mathematics was always his favourite subject in school. He also excelled in maths at university and decided to enrol for a course on graph theory while working on his master’s degree. “I liked it, so I also chose topics from graph theory for my PhD thesis,” he says.

In 2014, at the age of 32, he was appointed Associate Professor at the UFS, after postdoctoral research at the University of KwaZulu-Natal and working at the University of Pretoria. An NRF-rated researcher, he has published close to 75 research papers, a third of that as a single author in some of the most well-known journals in his area. Moreover, he was also research supervisor of three PhD and three master’s students.

International collaborations

In the eight years since his appointment at the UFS, Prof Vetrik has made research visits to universities from 14 different countries that have invited him for research collaborations. 

“I am often overseas. I like working from different places. It is interesting to me, and it helps me to be productive,” says Prof Vetrik, explaining some of the inspiration behind his mathematical ideas.

In the next two years, he would like to study more general mathematical problems beyond his current research area.

He says he is addicted to his research. “It overshadows all my other interests.” 

On the rare occasion when he is not working on his research, Prof Vetrik states that he has to keep himself busy. Unable to relax and do nothing, he likes to do sports of some kind or to travel. 

“I am a simple person. I do not even have a TV at home. I use an old-fashioned mobile phone that cannot access the internet,” he says.


News Archive

Producers to save thousands with routine marketing strategies, says UFS researcher
2014-09-01

 

Photo: en.wikipedia.org

Using derivative markets as a marketing strategy can be complicated for farmers. The producers tend to use high risk strategies which include the selling of the crop on the cash market after harvest; whilst the high market risks require innovative strategies including the use of futures and options as traded on the South African Futures Exchange (SAFEX).

Using these innovative strategies are mostly due to a lack of interest and knowledge of the market. The purpose of the research conducted by Dr Dirk Strydom and Manfred Venter from the Department of Agricultural Economics at the University of the Free State (UFS) is to examine whether the adoption of a basic routine strategy is better than adopting no strategy at all.

The research illustrates that by using a Stochastic Efficiency with Respect to a Function (SERF) and Cumulative Distribution Function (CDF) that the use of five basic routine marketing strategies can be more rewarding. These basic strategies are:
• Put (plant time)
• Twelve-segment pricing
• Three-segment pricing
• Put (pollination)(Critical Moment in production/marketing process), and
• Pricing during pollination phase.

These strategies can be adopted by farmers without an in-depth understanding of the market and market-signals. Farmers can save as much as R1.6 million per year on a 2000ha farm with an average yield.

The results obtained from the research illustrate that each strategy is different for each crop. Very important is that the hedging strategies are better than no hedging strategy at all.

This research can also be applicable to the procurement side of the supply chain.

Maize milling firms use complex procurement strategies to procure their raw materials, or sometimes no strategy at all. In this research, basic routine price hedging strategies were analysed as part of the procurement of white maize over a ten-year period ranging from 2002–2012. Part of the pricing strategies used to procure white maize over the period of ten years were a call and min/max strategy. These strategies were compared to the baseline spot market. The data was obtained from the Johannesburg Stock Exchange’s Agricultural Products Division better known as SAFEX.

The results obtained from the research prove that by using basic routine price-hedging strategies to procure white maize, it is more beneficial to do so than by procuring from the spot market (a difference of more than R100 mil).

Thus, it can be concluded that it is not always necessary to use a complex method of sourcing white maize through SAFEX, to be efficient. By implementing a basic routine price hedging strategy year on year it can be better than procuring from the spot market.

Understanding the Maize Maze by Dr Dirk Strydom and Manfred Venter (pdf) - The Dairy Mail


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