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Advance Project Management

Dr. Ir. Budi Susetyo, MT


Program Magister

Bagian Isi

1. PM and Project financial management

2. Money and time relationship
3. Evaluasi proyek
4. Analisis ketidakpastian dan resiko proyek
5. Analisis financial proyek
6. Perencanaan sumberdaya keuangan proyek
7. Pengawasan dan pengendalian sumberdaya keuangan proyek

8. Studi kasus project financial management

9. Studi kasus perhitungan money and time relationship
10. Studi kasus evaluasi proyek
11. Studi kasus evaluasi dan resiko proyek
12. Studi kasus cashflow proyek
13. Perencanaan cashflow proyek
14. Protap pengawasan dan pengendalian proyek


Evaluasi Proyek

Four major aspects of economic evaluation will be examined:

1. The basic concepts of facility investment evaluation, including time

preference for consumption, opportunity cost, minimum attractive rate
of return, cash flows over the planning horizon and profit measures.
2. Methods of economic evaluation, including the net present value
method, the equivalent uniform annual value method, the benefit-cost
ratio method, and the internal rate of return method.
3. Factors affecting cash flows, including depreciation and tax effects, price
level changes, and treatment of risk and uncertainty.
4. Effects of different methods of financing on the selection of projects,
including types of financing and risk, public policies on regulation and
subsidies, the effects of project financial planning, and the interaction
between operational and financial planning.

Evaluasi Proyek

A systematic approach for economic evaluation of facilities consists

of the following major steps:
Generate a set of projects or purchases for investment
Establish the planning horizon for economic analysis.
Estimate the cash flow profile for each project.
Specify the minimum attractive rate of return (MARR).
Establish the criterion for accepting or rejecting a proposal, or for
selecting the best among a group of mutually exclusive proposals,
on the basis of the objective of the investment.
Perform sensitivity or uncertainty analysis.
Accept or reject a proposal on the basis of the established criterion.

Evaluasi Proyek

Once the management has committed funds to a specific

project, it must forego other investment opportunities which
might have been undertaken by using the same funds. The
opportunity cost reflects the return that can be earned from the
best alternative investment opportunity foregone. The foregone
opportunities may include not only capital projects but also
financial investments or other socially desirable programs.
Management should invest in a proposed project only if it will
yield a return at least equal to the minimum attractive rate of
return (MARR) from foregone opportunities as envisioned by the

Evaluasi Proyek

The basic principle in assessing the economic costs and benefits of

new facility investments is to find the aggregate of individual
changes in the welfare of all parties affected by the proposed
projects. The changes in welfare are generally measured in
monetary terms, but there are exceptions, since some effects
cannot be measured directly by cash receipts and disbursements.
Examples include the value of human lives saved through safety
improvements or the cost of environmental degradation. The
difficulties in estimating future costs and benefits lie not only in
uncertainties and reliability of measurement, but also on the social
costs and benefits generated as side effects. Furthermore,
proceeds and expenditures related to financial transactions, such
as interest and subsidies, must also be considered by private firms
and by public agencies.

Evaluasi Proyek
Constructed facilities are inherently long-term investments with a
deferred pay-off. The cost of capital or MARR depends on the real
interest rate (i.e., market interest rate less the inflation rate) over
the period of investment. As the cost of capital rises, it becomes
less and less attractive to invest in a large facility because of the
opportunities foregone over a long period of time.

In Figure 6-1, the changes in the cost of capital from 1974 to 2002
are illustrated. This figure presents the market interest rate on short
and long term US treasury borrowing, and the corresponding real
interest rate over this period. The real interest rate is calculated as
the market interest rate less the general rate of inflation. The real
interest rates has varied substantially, ranging from 9% to -7%. The
exceptional nature of the 1980 to 1985 years is dramatically
evident: the real rate of interest reached remarkably high historic

Evaluasi Proyek

Evaluasi Proyek

With these volatile interest rates, interest charges and the ultimate
cost of projects are uncertain. Organizations and institutional
arrangements capable of dealing with this uncertainty and able to
respond to interest rate changes effectively would be quite valuable.
For example, banks offer both fixed rate and variable rate mortgages.
An owner who wants to limit its own risk may choose to take a fixed
rate mortgage even though the ultimate interest charges may be
higher. On the other hand, an owner who chooses a variable rate
mortgage will have to adjust its annual interest charges according to
the market interest rates.


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Penerbit Erlangga, 1992.
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Universitas Gajah Mada, 2005
3. Ritz, George J, Total Construction Project Management, Mc. Graw-Hill IntL, 1994
4. Soeharto, Iman, Manajemen Proyek-Dari Konseptual Sampai Operasional, Jilid 1 dan Jilid 2-Edisi
2, Penerbit Erlangga, 1999
5. Zulkarnain Djamin, Perencanaan dan Analisa Proyek, Universitas Indonesia, 1984.
6. Materi Seminar Sustainable Construction, Universitas Tarumanegara, 2010