EKONOMI REKAYASAPERTEMUAN III

B/C & PAYBACK METHOD

Oleh :Arwan Apriyono

PROGRAM STUDI TEKNIK SIPIL JURUSAN TEKNIK FAKULTAS SAINS DAN TEKNIK UNSOED

TAHUN 2011

IfB/C Formula

Assess 1 Project

The project is profitable, if this ratio is greater than one,

Assess >2 Project

Use incrementa Analysis

If B/C ≥ 1 choose the higher investation

If B/C < 1 , choose the lower investation

Assess 1 Project

A car leasing company buys a car from a wholesaler for $24,000 and leases it to a customer for four years at $5,000 per year. Since the maintenance is not included in the lease, the leasing company has to spend $400 per year in servicing the car. At the end of the four years, the leasing company takes back the car and sells it to a secondhand car dealer for $ 15,000. For the moment, in constructing the cash flow diagram, we will not consider tax, inflation, and depreciation.

Example

Step 1 Make cast flow diagram

Example

Example

Step 1 Calculate the net present value of the benefits and the costs.

Compare 2 Project

Project A : Example 1

Project B :

Buy a car at $25,000, lease it for two years at $10,000 per year with no maintenance cost and sell it for $18,000 at the end of two years.

Assuming an interest rate of 10%, which project should we choose?

Example

Solution

Castflow Project A Castflow Project B

Increment Castflow

Example

ExampleSolution

B/C lebih dari 1, maka ambil project yang investasi lebih besarJika B/C lebih kecil dari 1, ambil project yang investasi/cost lebih kecil

If

is the period of time required for the benefits of an investment to equal the cost of the investment

We first construct the net cash flow diagram and then by simple arithmetic calculation add the benefits and the cost year by year until the total equals the initial investment.

The payback period neglects the time value of money and is only accurate when the interest rate is zero

Many analysts consider this method to be a useful quick and dirty way of comparison.

Payback Method Benefit tidak sama dengan

profitProfit = benefit - cost

IfExample

Alternative A :Payback period is the period of time

required for the profit or other benefits of an investment to equal the cost of the investment. Thus the payback period for Alt. A is 2.5 years.Alternative B :

Since the annual benefits are uniform, the payback period is simply :$2783/$1200 per year - 2.3 yearsTominimize the payback period, choose Alt. B

Example

Two machines are being considered for purchase. If the MARR is 10%,which machine should be bought? 1. Use an IRR analysis comparison.2. Use a payback periode analysis3. If, interest is 15%, which machine should be

chosen

Task 3 Dikumpulkan Kamis 8 Desember 2011