Name Here Name Here Name Here Name Here Name Here
Programmer Programmer Programmer Programmer Programmer
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Capital Budgeting
Kelompok 1
Pengertian
Penganggaran Modal
1. 2. 3.
Keputusan penganggaran Penganggaran modal yang Pengeluaran modal
modal akan berpengaruh efektif akan menaikkan sangatlah penting.
pada jangka waktu yang ketepatan waktu dan
lama sehingga perusahaan kualitas dari penambahan
kehilangan fleksibilitasnya. aktiva.
KLASIFIKASI PROYEK
Klasifikasi Proyek, terdiri dari:
Replacement: Perawatan Bisnis
Mengganti peralatan yang rusak. Proyek Keamanan atau Lingkungan
Lain-lain:
Ekspansi: Ke Produk atau Pasar yang
Bangunan kantor, tempat parkir,
Baru pesawat terbang perusahaan.
TAHAP-TAHAP
PENGANGGARAN MODAL
Tahap-Tahap Penganggaran Modal, yaitu:
Dengan mengetahui risiko dari proyek,
manajemen harus menentukan biaya
Biaya proyek harus ditentukan.
1 4 modal (cost of capital) yang tepat untuk
mendiskon aliran kas proyek
Manajemen harus
Dengan menggunakan nilai
memperkirakan aliran kas yang
waktu uang, aliran kas masuk
diharapkan dari proyek, 2 5 yang diharapkan digunakan
termasuk nilai akhir aktiva.
untuk memperkirakan nilai
aktiva.
1 3
Keputusan penganggaran
Keputusan penganggaran Digunakan tiga metode modal lebih menggunakan
modal merepresentasikan dalam menilai investasi, aliran kas setelah pajak
keputusan investasi jangka yakni: payback method, dan depresiasi.
panjang. internal rate of return, dan
net present value.
METODE2 KEPUTUSAN
PENGANGGARAN MODAL
Chart Layout
Payback period
Profitability Index
PAYBACK PERIOD (Periode
Pengembalian)
Chart Layout
Periode waktu yang menunjukkan berapa lama dana yang diinvestasikan akan
bisa kembali Contoh:
Tahun Projeck A Projeck B
1 5.000 1.500
2 5.000 2.000
3 2.000 2.500
4 - 2.000
5 - 2.000
Rumus:
Payback = tahun sebelum balik modal +biaya yang belum balik
pada awal tahun/aliran kas pada tahun tsb
• Proyek A payback period = 2 tahun Proyek B payback period = 3.8 tahun
• Makin pendek payback period makin baik.
Payback Period
• Jika payback period suatu investasi kurang dari payback period yang disyaratkan, maka usulan investasi layak
diterima semua.
• Masalah-masalah dengan payback period:
1. Mengabaikan aliran kas masuk setelah periode cutofff. Contoh: $2000 di tahun 3 untuk proyek A diabaikan.
Juga $5000 di tahun 5 untuk proyek B. Walaupun $5.000 diganti dgn $50.000, itu tidak mempengaruhi
decision pada metode payback period.
2. Metode payback tidak mempertimbangkan nilai waktu uang.
Investment of $10.000
= 16,38%
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