ENGINEERING ECONOMY EKONOMI TEKNIK...2! Ekonomi Teknik (Engineering Economy) Sesi 3! Dr. Ir. Manerep...
Transcript of ENGINEERING ECONOMY EKONOMI TEKNIK...2! Ekonomi Teknik (Engineering Economy) Sesi 3! Dr. Ir. Manerep...
ENGINEERING ECONOMY EKONOMI TEKNIK
Dr. Ir. Manerep Pasaribu
zDig
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Ekonomi Teknik (Engineering Economy) Sesi 3
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Learning Objective Diharapkan peserta memiliki kompetensi dan kemampuan memahami dan menerapkann konsep-konsep ekonomi yang diperlukan di bidang teknik.
“An engineer who is unprepared to excel at engineering economy is not properly equipped for his or her job” (Sullivan, 2012)
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Goal of the Firm 1. Profit Maximization 2. Maximization of
Shareholder Wealth
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Foundation of Financial Management
• The2 Risk-Return Trade-off –We won’t take on additional risk unless we expect to be compesated with additional return
• The time value of money —a dollar received today is worth more than a dollar received in the future
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Life Cycle Step E
xpec
ted
Ret
urn
Risk
Expected return for delaying consumption
Expected return for taking added risk
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Principles of Money—Time Relationship The Following topics to be discussed is :
• Return to Capital • Origin of Interest • Simple Interest • The concept of equivalence • Cash flow diagrams/tables • Interest formulas
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Introduction • Capital berkaitan dengan kekayaan (wealth) dalam
bentuk uang atau property(milik) yang dapat digunakan untuk menghasilkan lebih besar kekayaan
• “Uang memancing Uang”. Dan engineering economy mempelajari tentang komitmen capital dalam periode yang panjang
• Uang satu dollar saat sekarang lebih berharga dari satu dollar pada waktu satu atau dua tahun yang akan datang karena ada bunga(laba) yang dapat dihasilkan
• Uang memiliki suatu nilai waktu (time value)
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Mengapa mempertimbangkan pengembalian terhadap modal? (1) • Capital (modal) dalam bentuk uang untuk orang, mesin,
material, energi dan yang lainnya yang diperlukan dalam operasi dapat dikategorikan dalam 2 kategori yaitu : • Modal ekuitas (equity capital) yang dimiliki individu yang
telah diinvestasikan uangnya dalam proyek atau joint venture (usaha) seharusnya menerima laba.
• Modal hutang (debt capital), yang disebut juga modal pinjaman (borrowed capital), yang diperoleh dari pemberi pinjaman (lender), misalnya melalui surat-surat berharga atau pinjaman dari bank untuk investasi. Sebagai pengembaliannya seharusnya pemberi pinjaman menerima bunga (interest) dari peminjam.
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Mengapa mempertimbangkan pengembalian terhadap modal? (2) • Terdapat hal yang sangat fundamental mengapa
pengembalian modal dalam bentuk bunga (interest) dan keuntungan (profit) yang menjadi bahan penting Ekonomi Teknik
• Bunga (interest) dan laba (profit) terus menerus memberikan penghasilan pada pemberi modal selama modal digunakan.
• Pengembalian terhadap modal sebagai suatu “incentives” dan merupakan penghasilan yang diberikan untuk resiko (risk) yang diambil oleh para investor dan pemberi pinjaman.
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Interest rate Rate of return
Interest earned Interest paid
Interest Rate interest accrued per time unit Interest Rate (%) = x 100%
original amount
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Asal mula bunga (interest) • Seperti pajak (tax),maka bunga telah ada dalam
catatan sejarah manusia 2000 SM di Babilonia • Tahun 575 SM gagasan bunga sudah begitu mapan di
Babilonia dengan kantor yang resmi dalam penggunaan uang untuk perdagangan internasional
• Sejarah mencatat sudah ada tingkat suku bunga berkisar (6-25%) per tahun. Pengenaan tingkat suku bunga yang berlebih disebut dengan riba (usury)
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Bunga Sederhana (Simple Interest)
Dimana : I : Bunga Total P : Banyaknya Pinjaman N : Banyaknya periode Bunga i : tingkat biaya pa per periode bunga
I = (P) (N) (i)
Sistem bunga hanya didasarkan atas besarnya pinjaman semula dan bunga periode sebelumnya yang belum dibayar tidak termasuk faktor pengali bunga
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Bunga sederhana (Simple Interest)
Jumlah yang dipinjam P = $1,000 dalam N = 3 tahun dan tingkat suku bunga sebesar 10% per tahun, maka bunga yang didapat adalah ;
I = $,1000 x 3 x 0.10 = $300
Jadi, total hutang pada akhir tahun ketiga sebesar $1,000 + $300 = $1300
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Bunga Majemuk (Compund Interest)
Apabila bunga yang dibebankan untuk setiap periode (misalnya 1 tahun) didasarkan pada sisa pinjaman pokok ditambah setiap beban biaya yang terakumulasi sampai pada awal periode itu, seperti contoh pada pinjaman $1,000 selama 3 tahun pada tingkat biaya 10% per tahun. Perhitungan majemuk dapat dilihat pada contoh berikut ini......
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Bunga Majemuk (Compound Interest)
(1) (2) = (1) x 10% (3) = (1) + (2)
Amount Owed at Interest Amount Amount Owed Period Beginning of Period for Period at End of Period
1 $1,000 $100 $1,100 2 $1,100 $110 $1,210 3 $1,210 $121 $1,331
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Simple Interest Vs Compound Interest
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KONSEP KEINVALENAN (THE CONCEPT OF EQUIVALENCE)
• Plan 1 : At End of Each Year Pay $2,000 Principles Plus Interest Due
• Plan 2 : Pay Interest Due at End of Each Year and Principal at End of Four Year
• Plan 3: Pay in Equal End-‐of-‐Year Payments • Plan 4: Pay Principal and interest in One Payment of Four Year
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Four Plans for repayment of $8000 in four years with interest at 10% Per Year
(1) (2) (3) = 10% x (1) (4) = (2) + (3) (5) (6) = (3) + (5) Amount Owed at Interest Accrued Amount Owed Principal Total End of Year
Year Beginning of Year for Year at End of Period Payment Payment (Cash Flow) Plan 1 : At End of Each Year Pay $2,000 Principles Plus Interest Due
1 $8.000 $800 $8.800 $2.000 $2.800 2 $6.000 $600 $6.600 $2.000 $2.600 3 $4.000 $400 $4.400 $2.000 $2.400 4 $2.000 $200 $2.200 $2.000 $2.200
$20.000 $2.000 $8.000 $10.000 (total interest) (total amount repaid)
Plan 2 : Pay Interest Due at End of Each Year and Principal at End of Four Year 1 $8.000 $800 $8.800 $0 $800 2 $8.000 $800 $8.800 $0 $800 3 $8.000 $800 $8.800 $0 $800 4 $8.000 $800 $8.800 $8.000 $8.800
$32.000 $3.200 $8.000 $11.200 (total interest) (total amount repaid)
Plan 3: Pay in Equal End-‐of-‐Year Payments 1 $8.000 $800 $8.800 $1.724 $2.524 2 $6.276 $628 $6.904 $1.896 $2.524 3 $4.380 $438 $4.818 $2.086 $2.524 4 $2.294 $229 $2.523 $2.294 $2.524
$20.960 $2.096 $8.000 $10.096 (total interest) (total amount repaid)
Plan 4: Pay Principal and interest in One Payment of Four Year 1 $8.000 $800 $8.800 $0 $0 2 $8.800 $880 $9.680 $0 $0 3 $9.680 $968 $10.648 $0 $0 4 $10.648 $1.065 $11.713 $8.000 $11.713
$37.128 $3.713 $8.000 $11.713 (total interest) (total amount repaid)
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0
2000
4000
6000
8000
1 2 3 4
8000 6000
4000 2000
Years
Am
ount
Ow
ed ($
)
From Col. 2 of Table 3-1 for plan 1
Total Dollar-Years = 20,000
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The Sum of coloumn 3
Plan
Area Under Curve (Dollar-‐Years) (Sum of Col. 2 In table 3-‐1)
Total Interest Pain (Sum of Col. 3 In table 3-‐1)
Ratio of total interest to Dollar-‐Years
1 20,000 2,000 0.10 2 32,000 3,200 0.10 3 20,960 2,096 0.10 4 37,130 3.,713 0.10
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Notation and Cash Flow Diagrams/ Tables i = effective interest rate per interest period
N = number of compounding periods
P = present sum of money; the equivalent value of one or more cash flows at a reference point in time called the present
F = future sum of money; the equivalent value of one or more cash flows at a reference point in time called the present future
A = end-of-period cash flows (or equivalent end-of-period values) in a uniform series continuing for a specified number of periods, starting at the end of the first periods and continuing trough the last period
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Four Plans for repayment of $8000 in four years with interest at 10% Per Year (1) (2) (3) = 10% x (1) (4) = (2) + (3) (5) (6) = (3) + (5)
Amount Owed at Interest Accrued Amount Owed Principal Total End of Year Year Beginning of Year for Year at End of Period Payment Payment (Cash Flow)
Plan 1 : At End of Each Year Pay $2,000 Principles Plus Interest Due 1 $8.000 $800 $8.800 $2.000 $2.800 2 $6.000 $600 $6.600 $2.000 $2.600 3 $4.000 $400 $4.400 $2.000 $2.400 4 $2.000 $200 $2.200 $2.000 $2.200
$20.000 $2.000 $8.000 $10.000 (total interest) (total amount repaid)
Plan 2 : Pay Interest Due at End of Each Year and Principal at End of Four Year 1 $8.000 $800 $8.800 $0 $800 2 $8.000 $800 $8.800 $0 $800 3 $8.000 $800 $8.800 $0 $800 4 $8.000 $800 $8.800 $8.000 $8.800
$32.000 $3.200 $8.000 $11.200 (total interest) (total amount repaid)
Plan 3: Pay in Equal End-‐of-‐Year Payments 1 $8.000 $800 $8.800 $1.724 $2.524 2 $6.276 $628 $6.904 $1.896 $2.524 3 $4.380 $438 $4.818 $2.086 $2.524 4 $2.294 $229 $2.523 $2.294 $2.524
$20.960 $2.096 $8.000 $10.096 (total interest) (total amount repaid)
Plan 4: Pay Principal and interest in One Payment of Four Year 1 $8.000 $800 $8.800 $0 $0 2 $8.800 $880 $9.680 $0 $0 3 $9.680 $968 $10.648 $0 $0 4 $10.648 $1.065 $11.713 $8.000 $11.713
$37.128 $3.713 $8.000 $11.713 (total interest) (total amount repaid)
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Years i = 10% per year
Beginning of year 1
End of year 1
P = $8,000
F = $11,713
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Figure 4-3
Years i = 10% per year
P = $8,000
A = $2524