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All Journal The Indonesian Journal of Business Administration Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen International Journal of Supply Chain Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences
Erman Sumirat
Faculty Of Business And Economics, Univesitas Padjadjaran, Indonesia
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Environmental Science Industrial & Manufacturing Engineering Social Sciences Transportation Other

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Risk management of logistic department of electricity company Hasda, Erdiyan Krisnadi; Sumirat, Erman
INOVASI Vol 14, No 2 (2018)
Publisher : Faculty of Economics and Business Mulawarman University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (423.757 KB) | DOI: 10.29264/jinv.v14i2.4167

Abstract

This study is conducted to carry out the risk management process in the logistics department of the electricity company unit, which has the main duties in managing electricity transmission assets, controlling investment and logistics transmission, and maintaining transmission assets. The risk management process in this study was prepared as a step in shaping the risk profile of business processes in the logistics field to avoid the failure of business processes that resulted in unavailbility of logistics material, which could impact the electricity transmission. This study uses the AS/NZS ISO 31000:2009 Risk Management Standard framework. Calculation of risk priorities is using Analytical Hierarchy Process, based on a questionnaire to experts in the field of company logistics. From the calculation using AHP, Work Accident (HR2) has been identified as the most vulnerable risk among others risk factors.
Capital Budgeting Strategy of Power Plant for Internal Use: Case Study of Coal Fired Steam Power Plant (CFSPP/PLTU) 2X55 MW PT. Bosowa Maros Energi for PT. Semen Bosowa Maros in Kabupaten Maros, South Sulawesi Faremi Adirama, Farza; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 6, No 3 (2017)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Abstract. This paper discusses the Power Plant financing scheme for PT. Bosowa Maros Energy (BME) to be undertaken by PT. Semen Bosowa Maros (SBM). This power plant will be used to support the performance of PT. SBM in the future, as today machine utilization of PT. SBM is currently still below 50%, due to PT. SBM recent investment on Bosowa Cement Line-Unit II. In the future, with the operating Cement Line-II, production capacity of Semen Bosowa Maros will reach 85 percent of its capacity (on average) or equivalent to 85 MW of electricity use. Power Plant to be built will use Steam Power Plant (PLTU) system. All aspects of PLTU must be prepared, including selection of location, technical specification and machine, coal requirement, and so on. Legal and environmental aspects also need to be studied so as not to disturb with aspects of community life and Indonesian Law. Finally, the financial aspect must be calculated carefully so that the return of this investment can run well within the specified time period. The feasibility study of this paper is feasible according to the financial calculation, either by NPV, IRR, or Pay Back Period (PBP) parameters, so we can expect the development continue.Keywords: Feasibility Study, Electricity, Steam Power Plant (PLTU), PT. Semen Bosowa Maros (SBM), PT. Bosowa Maros Energy (BME)
Business Development in Renewable Energy (Case Study: Independent Power Plant (IPP) of Marine Current Turbine PT T-Files Indonesia Setiawan, Barick Ahmad; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 2, No 19 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Abstract— Indonesia is experience a surplus in generating capacity of up to 27TWh by 2014 and makes this country struggling to provide electricity for its currents needs that sometimes give delays in capacity development (including with Independent Power Producer (IPP) projects). There are around 20 million households, or 80 million people, who currently have no access to public electricity. This study intends to find out what renewable energy in Indonesia in accordance with the potential that exists with case studies ocean current turbine power plant owned by PT T-Files Indonesia. This plant uses Gorlov turbine with a permanent magnet generator. Specifically this study aims to determine the feasibility of ocean current turbine power plants can be private power plants that sell electricity to PT PLN (Persero) to meet the electricity demand in Indonesia. Calculation of the cost of electricity per kilowatt-hour sales done in the conventional way with the ABCD method is the removal of the component C fuel component. Eligibility is done by searching IRR, NPV and PP from the power plant. Thus obtained if the power plant is feasible or not. Feasibility of the calculation found that the power plant is feasible electricity sales. Plan implementation is done by making 1-year period and electricity sales contracts for 15 years. It can be concluded that the development of electricity generation from renewable energy is feasible for IRR, NPV and PP meet. Keywords: business development, renewable energy, power plant, marine current
Proposed Strategy of Non Loan Earning Asset Portfolio Management For PT. Bank Rakyat Indonesia (Persero), Tbk. Nabila Djunet, Ajeng; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 6, No 1 (2017)
Publisher : The Indonesian Journal of Business Administration

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Abstract. Indonesia banking industry profit according to Financial Services Authority report in 2015 only reached Rp104.6 trillion, down 6.76% from the position Rp112.2 trillion in the same period previous year. Moreover Bank Indonesia (BI) rates policy in downward trend, throughout 2015 BI has been reduced the deposit facility by 25 bps to 5.5% and continued in 2016 BI gradually reduce the rates to 4% as of November 2016. PT Bank Rakyat Indonesia (Persero) Tbk, as the most profitable bank in Indonesia, compared to peers still lacking in manage non-loan earning assets portfolio with high amount of placement with BI makes BRI lose the opportunity to gain more income. This problem can be solved by assessing alternative to increase non-loan earning assets return and performing a portfolio management of government bonds using passive and active strategies for yield enhancement and increase other comprehensive income. To measure the bond risk, duration quantify the relationship between bond price sensitivity to interest rate change. Non-loan earning asset portfolio management can be an alternative solution to maintain interest margin. The research suggested passive bond management to maintain held to maturity and available for sale portfolio. Active bond management can be used to maintain trading portfolio. Using sensitivity analysis, the strategies can increase weighted average yield of non-loan earning assets by 0.7%.Keywords: Bond Portfolio Management for Bank, Non- Loan Earning Asset, Duration
Investment Analysis and Business Scheme for the New Cargo Village in Soekarno-Hatta International Airport Noor, Achmad Rizal; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 1, No 8 (2012)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Soekarno-Hatta International Airport (SHIA) is the main airport serving the greater Jakarta area. It is the biggest and busiest airport in Indonesia with 52.4 million passengers and over 572 thousand tons of cargo in 2011. With current growth of cargo movement and cargo terminal capacity of 500,000 tons per year, SHIA new cargo terminal development is inevitable. PT Angkasa Pura II (PT AP II) as the company that manages and runs SHIA planned to develop new cargo terminal or cargo village to meet future cargo movement through SHIA. PT AP II interested in becoming Cargo Terminal Operator in SHIA. Existing condition in SHIA cargo terminal and plan for new Cargo Village create opportunity for PT AP II to enter as cargo terminal operator. Before deciding whether to become cargo terminal operator or let other cargo terminal operator as operator in SHIA Cargo Village, PT AP II wanted to know which development scenario – Self-Build & Operations or Build-Operate-Transfer - has the highest financial indicators. Monte Carlo Simulation is conducted to determine the probability of success of each business scheme. Financial Projection and Simulation showed that BOT – Revenue Sharing is the best scenario for PT AP II. Adjustment in revenue sharing scheme can produce better financial indicators for PT AP II and balance the financial indicators between PT AP II and Business Partner. Keywords: investment analysis,monte carlo simulation airport, cargo terminal
Optimizing the Capital Structure Using Cost of Capital Approach: a Case Study at PT.Telekomunikasi Indonesia, Tbk Darsana, I Ketut Suwetja; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 2, No 17 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

PT Telekomunikasi Indonesia, Tbk (Telkom) keeps strengthening its infrastructure to support the business. Investment in infrastructure urgently needed as technologies always develop very fast following the services demanded. The fund for investment can be generated from internal cash flow, or generated from external sources from debt or equity. But it is important to consider the proper composition of funding to get the lowest cost of capital possible. The objective of this study is to examine Telkom’s optimal debt ratio, using cost of capital approach based on the condition as of December 31, 2012. Rating consideration, share repurchase program and high dividend are root causes that must be taken into consideration to maintain the company’s growth in the long run. A simulation applied to estimates the weighted cost of capital at different debt ratios. Some constraints, including debt rating and earnings before interest and tax (EBIT) volatility against debt ratio, are considered in order to reduce the risk of default. With current debt ratio of 14%, Telkom is still under levered. The optimum debt ratio is 17% after considering the constraints. Historical investments showed good performances with return on capital no less than 25%, which was higher than the current cost of capital of 9.31%. Considering the issuance cost, interest paid and macroeconomic conditions, it is recommended for the company to take new debt of Rp.7 trillions.  Keywords: capital, value, default, constraints. eh�e �@�p�r with BAPPENAS. Waste on Nambo TPPAS will be processed into useful products 1.Recycle Material 2. RDF(refuse derived fuel) 3. Compost. These projects are expected to be the solution to the waste problem in the city of Bogor and Depok. This Final Project is to analyze  the project feasibility study of development projects nambo TPPAS based on Regulation of Minister of national development planning No.3 2012 . Feasibility study perform by using various indicators of financial feasibility including IRR,NPV and PBP, combined with Sensitivity Analysis, Risk Analysis , and ABMS (analisa Biaya manfaat sosial – Social cost benefit Analysis). Based on the analysis of financial and risk positions suggests that development projects can be assessed Nambo TPPAS feasible to be implemented with the assumption that the government provide support in the form of government funding in the beginning of the project. However, the project can’t be assessed only in terms of financial side but must be assessed in terms of the resulting social benefits. These projects generate substantial EIRR. This prompted the government to immediately implement the construction of this project.  Keyword: Waste, Waste management, RDF , PPP , Project feasibility Study.
Analyzing Business Feasibility at Gas Station For PT. Total Oil Indonesia Yazid, Muhammad; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 1, No 3 (2012)
Publisher : The Indonesian Journal of Business Administration

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Abstract

The government replan conversing BBM to BBG program as one of other solutions to decrease subsidy gradually. PT. Total Oil Indonesia as one of oil and gas companies in Indonesia sees the problem as an opportunity to build SPBG to support the government’s program. To analyze business feasibility, business situation analysis was done by using Feasibility Study and Sensitivity Analysis. The primary indicator used to determine the feasibility was NPV (Net Present Value), IRR (Internal Rate of Return) and PBP (Payback Period). The result of analysis of information gathered showed that SPBG development project would be optimal and feasible to be started if BBM subsidy was removed, so that the gas price would be 40% cheaper than premium price, the availability of equal gas-buying price as raw material, and also the implementation of government’s plan to give free converter kit to the society. To get it well implemented TOI will take a part in cooperating with the government program to develop step in constructing gas station with 4 scenarios already explored before that is firstly applied to the public transportation and then to all of Indonesian people. The steps are installing the Hybrid Station to see how the market works and then going to the next step is to construct pipeline station system and further more (for stable condition) the last step is to build a Mother – Daughter Station package. The implementation done in a working program will be held for short-term (5 years) as pilot project evaluation and long-term (15 years). Keywords: BBM Subsidy, Conversion from BBM into BBG, Feasibility Analysis, Gas Refueling Station (SPBG)
Bond as an alternative financing for BCA Mortgage and mortgage processing service level improvements at BCA consumer loan bandung office Handoko, Kakan; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 2, No 7 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Research is performed to find an alternative long-term funding to finance housing loans (mortgages) at PT. BCA, Tbk because BCA  have a huge third party funds , but the majority of third-party funds in BCA consists of short-term funds, savings and current accounts. Currently the number of outstanding mortgages are still smaller than the number of long-term funds (time deposits), with projection the increase year on year mortgages much larger than the increase year on year  in deposit, so that when the projections made using the average year on year in the last 5 years, the number of outstanding mortgage will exceed the total deposits in 2016. From the analysis of several alternative long-term financing, financing through the issuance of bonds is the most feasible funding for BCA, because of the results of analysis using Flexibility, Risk, Income, Control, and Timing (FRICT) framework, these bonds are best suited for mortgage financing. In addition to the search for alternative sources of long-term funds, in connection with the new regulations of Bank Indonesia on the regulations of the maximum LTV to 70%, causing an increase in mortgage applications were canceled by the prospective borrowers in the Bandung consumer loan office. BCA mortgages in order to continue to grow and compete with other banks need to be done to improve service level of mortgage 5 business days to 3 days, with a simplified mortgage process and change the mortgage regulations. Keywords:  FRICT framework for issuance bonds, improving service levels, change the mortgage regulations.
Early Mover Chasing an Opportunity: A Case Study of a Candidate of REDD+ Indonesia Project Developer Yulianda, Yoga; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 2, No 16 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

One of the crucial issues today faced by all of human being is climate changing. To fight with this phenomenon, some efforts are underway to overcome it. Reducing Emission from Deforestation and Forest Degradation (REDD) is one of these efforts. Business model of this approach is quite simple; who protect or upgrade forest condition should be paid. However, while other efforts have been regulated and enjoy carbon trading in the cap and trade horizon, carbon credits from REDD+ is still floating and waiting for decision from United Nations Framework Convention on Climate Change (UNFCCC), and the available market to sell REDD+ carbon is voluntary. Since it is voluntary only, then market size becomes obstacle in delivering carbon credits produced by REDD+ project type. Along with preparation of REDD+ institution in Indonesia, an early mover ready to catch the opportunity has taken an action in the middle of some uncertainties; regulation, market, price, paradigm and so on. Besides those challenges, some options exist to be chosen in creating expected value. Then this process needs management flexibility. Being involved with voluntary market only will tend to the negative Expected Net Present Value (ENPV) direction. But with the hope of incoming regulated market, ENPV is changing. This changing ENPV is merely because of wide difference on market shares. Since this hope is only 50% being occurred, handling the project cost should extend as far as possible from grant making. Along with this effort lowering Verified Emission Reduction to sell it in high quantity should be done for the first 5 to 10 years project life cycle, face it with progressive marketing strategy, and or executes conservation activities first. Free, prior, and Informed Consent becomes the guidance for project developers in engaging communities. It is valuable both for project quality enhancement and for the practical reason in upgrading VER price under Climate, Community, and Biodiversity Alliance.Key Words: Climate Change, REDD+, Carbon Finance, Real Options Analysis (ROA), Stakeholder Analysis
Project Feasibility Study at waste management project (case study TPPAS Nambo) Yulinda, Fany; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 2, No 17 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

The Government of the West Java Province (represented by West Java Waste Management Agency – Badan Pengelola Sampah Regional (BPSR) Jawa Barat) overtaken such waste problem by arranging development plan of the Nambo recycling and final processing landfill - Tempat Pengolahan dan Pemrosesan Akhir Sampah Nambo (NAMBO TPPAS). This project are involved into the sanitation priority project in the Private-Public Partnership (PPP) – Kerjasama Pemerintah dan Swasta (KPS) scheme implemented altogether with BAPPENAS. Waste on Nambo TPPAS will be processed into useful products 1.Recycle Material 2. RDF(refuse derived fuel) 3. Compost. These projects are expected to be the solution to the waste problem in the city of Bogor and Depok. This Final Project is to analyze  the project feasibility study of development projects nambo TPPAS based on Regulation of Minister of national development planning No.3 2012 . Feasibility study perform by using various indicators of financial feasibility including IRR,NPV and PBP, combined with Sensitivity Analysis, Risk Analysis , and ABMS (analisa Biaya manfaat sosial – Social cost benefit Analysis). Based on the analysis of financial and risk positions suggests that development projects can be assessed Nambo TPPAS feasible to be implemented with the assumption that the government provide support in the form of government funding in the beginning of the project. However, the project can’t be assessed only in terms of financial side but must be assessed in terms of the resulting social benefits. These projects generate substantial EIRR. This prompted the government to immediately implement the construction of this project. Keyword: Waste, Waste management, RDF , PPP , Project feasibility Study.
Co-Authors Achmad Rizal Noor Aldrin Herwany Annisa Rahma Nur Sulistyo, Annisa Rahma Nur Barick Ahmad Setiawan, Barick Ahmad Benny Budiawan Tjandrasa Deddy P Koesrindartoto Fahmy Helmy Attamimi Fany Yulinda Faremi Adirama, Farza Hasda, Erdiyan Krisnadi I Ketut Suwetja Darsana Ibnu Alinursafa Kakan Handoko Nabila Djunet, Ajeng Qoriatul Husna Regina Maharani Parameswari Sapsudin Sudarso Kaderi Wiryono Sulaeman Rahman Nidar TATI NURHAYATI Wisnumurti Rahardjo Yoga Yulianda