Ekonomi
Ilmu Ekonomi merupakan ilmu pengetahuan yang berhubungan dengan alokasi sumberdaya. Sumberdaya: Sumber daya alam Sumber daya manusia Sumber daya teknologi Sumber daya pembiayaan
Ekonomi Teknik
Ekonomi teknik merupakan suatu evaluasi sistematis terhadap keuntungan ekonomi dari setiap solusi permasalahan enjiniring(1). Ekonomi teknik merupakan aplikasi dari evaluasi desain dan alternatif solusi enjiniring. Peranan ekonomi teknik adalah untuk meninjau kesesuaian dari proyek yang diberikan, memperkirakan nilainya dan menilai dari sudutpandang enjiniring(2).
1 Lecture Notes by Randolph Kirchain, Engineering Economics: Comparing Financial Characteristics of Design Options. Massachusetts Institute of Technology, Department of Materials Science & Engineering 2 ASTM E833, Definitions of Terms Relating to Building Economics,American Society for Testing and Materials, West Conshohocken, PA (1999).
Masalah
Simple problem, merupakan masalah yang solusinya tidak memerlukan terlalu banyak pertimbangan dan analisis karena masalah itu bukanlah sesuatu yang terlalu penting. Intermediate problem, merupakan masalah yang solusinya memerlukan pertimbangan dan analisis pada suatu bidang tertentu. Complex problem, merupakan masalah rumit yang solusinya memerlukan pertimbangan dan analisis pada berbagai bidang ilmu.
1. Pengenalan Masalah
Masalah bisa muncul dari luar organisasi bisnis/perusahaan : misal peraturan baru. dan/atau dari dalam perusahaan misal kesalahan produksi. Mengetahui masalah saja tidak cukup, perlu dikenali, siapa yang bisa melakukan sesuatu terhadap masalah tsb Seringkali masalah dikenali oleh sekelompok pekerja atau pada area/fungsi tertentu, tapi kurang dikenali oleh orang akan mengawali proses pengambilan keputusan
2. Definisikan Sasaran/Tujuan
Tidak selaluharus besar dan menyeluruh/umum seperti menghasilkan laba; bisa sempit, terbatas, spesifik: Memproduksi 300 mobil dalam 2 minggu, melunasi cicilan mobil di bulan Juni 2013 Setiap hal yang bisa menghambat pencapaian sasaran/tujuan adalah masalah
Akuntan
Melihat ke masa lalu
NOW
Ahli Ektek
Melihat ke masa datang
Manajer Teknik
10
4. Identifikasi Pilihan/Alternatip
Cari semua pilihan yang mungkin ( possible alternatives ), pilhan konvensional dan innovatip. brainstorming akan sangat membantu. Buat daftar pilihan yang praktis maupun tidak praktis. Buang pilihan yng tidak layak: misal tidak memenuhi kaidah2 ilmiah, melanggar hukum/etika, material tidak bisa diperoleh, target waktu tidak bisa dipenuhi. Pilihan yang layak dapat dianalisa lebih lanjut. Dua alternatip sering diabaikan: do-nothing alternative dan feasible but unglamorous alternatives.
6. Pembuatan Model
Semua element dipadukan: tujuan/sasaran, data relevan, pilihan2 layak, kriteria keputusan. Hubungan bisa sederhana atau rumit. Bisa model fisik atau matematis Analisa ekonomi : model matematis
Investasi
Investasi atau penanaman modal adalah menyangkut penggunaan sumber-sumber yang diharapkan akan memberikan imbalan (pengembalian) yang menguntungkan di masa yang akan datang. (Suratman, 2001:6) Faktor yang terlibat dalam investasi : Waktu Resiko Secara umum Investasi dibedakan menjadi dua jenis ; Investasi finansial Investasi nyata
Parameter Ekonomi :
laju pengembalian modal (rate of return), ekivalensi nilai bersih sekarang (net present value), indeks keuntungan (profitability index), berapa lama investasi akan kembali (payback period), ekivalensi nilai arus kas tahunan (uniform annual cash-flow), ratio pendapatan terhadap biaya (benefitcost ratio).
Prinsip Dasar Ekonomi Teknik Principle 1: A nearby dollar is worth more than a distant dollar ( moneys time value = konsep nilai waktu uang , bunga ) Principle 2: All it counts is the differences among alternatives Principle 3: Marginal revenue must exceed marginal cost Principle 4: Additional risk is not taken without the expected additional return
Chapter 3
Interest and Equivalence
Simple Interest
Interest that is computed only on the original sum or principal Total interest earned = I = P i n , where:
P = present sum of money, or principal (example: $1000) i = interest rate (10% interest is a .10 interest rate) n = number of periods (years) (example: n = 2 years)
I = $1000 x .10/period x 2 periods = $200
Compound Interest
Compound Interest is used and is computed on the original unpaid debt and the unpaid interest. Year 1 interest = $1000 (.10) = $100
Year 2 principal is, therefore: $1000 + $100 = $1100
Year 2 interest = $1100 (.10) = $110 Total interest earned is: $100 + $110 = $210 This is $10 more than with simple interest
n 1 2 3 10 20 30 40
Effective Interest
If there are more than one compounding periods during the year, then the compounding makes the true interest rate slightly higher. This higher rate is called the effective interest rate or Annual Percentage Rate (APR) ieff = (1 + i)m 1 or ieff = (1 + r/m)m 1 Example: r = 12, m = 12 ieff = (1 + .12/12)12 1 = (1.01)12 1 = .1268 or 12.68%
Declines
Constant
Equal installments
Declines at increasing rate Compound and pay at Compounds at end of loan increasing rate until end of loan
End of loan
Balance
5000 4000 3000 2000 1000
P
1000 1000 1000 1000 1000
i
500 400 300 200 100
Payment
1500 1400 1300 1200 1100 6500
Balance
5000 5000 5000 5000 5000
i
500 500 500 500
Payment
500 500 500 500 500 7500
5000
500
Balance
5000.00 4181.00 3280.10 2289.11 1199.02
P
819.00 900.90 990.99 1090.09 1199.10
i
500.00 418.10 328.01 228.91 119.90
Payment
1319 1319 1319 1319 1319 6595
Balance
5000 5500 6050 6655 7320.50
P
0 0 0 0 0
i
500 550 605 665.50 732.05
Payment
0 0 0 0 8052.55 8052.55
Equivalence
When an organization is indifferent as to whether it has a present sum of money now or, with interest the assurance of some other sum of money in the future, or a series of future sums of money, we say that the present sum of money is equivalent to the future sum or series of future sums.
Each of the four repayment plans are equivalent because each repays $5000 at the same 10% interest rate.
To further illustrate this concept, given the choice of these two plans which would you choose?
Year Plan 1 Plan 2
1
2 3 4 5 Total
$1400
1320 1240 1160 1080 $6200
$400
400 400 400 5400 $7000
To make a choice the cash flows must be altered so a comparison may be made.
Technique of Equivalence
Determine a single equivalent value at a point in time for plan 1. Determine a single equivalent value at a point in time for plan 2.
Both at the same interest rate
Judge the relative attractiveness of the two alternatives from the comparable equivalent values. You will learn a number of methods for finding comparable equivalent values.
Interest Formulas
To understand equivalence the underlying interest formulas must be analyzed. We will start with Single Payment interest formulas. Notation:
i = Interest rate per interest period. n = Number of interest periods. P = Present sum of money (Present worth, PV). F = Future sum of money (Future worth, FV).
If you know any three of the above variables you can find the fourth one.
For example, given F, P, and n, find the interest rate (i) or ROR
Principal outstanding over time (P) Amount repaid (F) at n future periods from now We know F, P, and n and want to find the interest rate that makes them equivalent: If F = P (1 + i)n Then i = (F/P)1/n - 1 This value of i is the Rate Of Return or ROR for investing the amount P to earn the future sum F
Functional notation: F=P(F/P, i, n) F = 5000(F/P, 6%, 10) F =P(F/P) which is dimensionally correct. Find the factor values in the tables in the back of the text.
Using the Functional Notation and Tables to Find the Factor Values
F = 5000(F/P, 6%, 10) To use the tables:
Step 1: Find the page with the 6% table Step 2: Find the F/P column Step 3: Go down the F/P column to n = 10
Example: P=F(P/F, i, n)
F = $1000, i = 0.10, n = 5, P = ?
Using notation: P = F(P/F, 10%, 5) = $1000(.6209) = $620.90
A = P(A/P, i, n)
51
F = A(F/A, i, n)
Example 4-1
At 5%/year
Year Cash in Cash out
500 1 1
500 2 2
500 3 3
500 4 4
500 5 5
1
2 3 4 5
$500
$500 $500 $500 $500
Cash Out
A = F(A/F, i, n)
Example 4-6
F = $100(F/A, 15%, 3) = $347.25 F = $347.25(F/P, 15%, 2) = $459.24
Year 1 2 3 4 5 Cash flow $100 $100 $100 $0 F
Example 4-7 Finding the Present Value (P) for each cash flow is sometimes the easiest way to find the equivalent P.
Year 0 1 2 3 4
Cash flow P 0 $ 20 $ 30 $ 20
Arithmetic Gradient
A uniform increasing amount. The first cash flow is always equal to zero. G = the difference between each cash amount.
G = $10
Example 4-8: Use P/G factor to find present value of the pure gradient portion of the cash flow
AG = G(A/G, i, n)
See Example 4-9: Notice that the uniform series portion of the cash flow was subtracted to separate the pure gradient.