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Blank & Tarquin: 5th Edition. Ch. 5 Authored By: Dr. Don
Smith, Texas A&M University.
Evaluating Alternatives
• Part of Engineering Economy is the selection and
execution of the best alternative from among a set of
feasible alternatives
• Alternatives must be generated from within the
organization
One of the roles of engineers!
• In part, the role of the engineer to properly evaluate
alternatives from a technical and economic view
• Must generate a set of feasible alternatives to solve a
specific problem/concern
Blank & Tarquin: 5th Edition. Ch. 5 Authored By: Dr. Don
Smith, Texas A&M University.
Type of Alternatives
• Revenue/Cost – the alternatives consist of cash inflow
and cash outflows (alternatif investasi)
• Select the alternative with the maximum economic
value
Example
F5=$200
MA
0 1 2 3 4
5
A = $900
$2,500
F5=$350
MB
0 1 2 3 4
5
$3,500 A = $700
Blank & Tarquin: 5th Edition. Ch. 5 Authored By: Dr. Don
Smith, Texas A&M University.
Solving
Example
Machine A Machine B
First Cost $11,000 $18,000
Annual Operating Cost 3,500 3,100
Salvage Value 1,000 2,000
Life 6 years 9 years
Machine A F6=$1,000
0 1 2 3 4 5 6
A 1-6 =$3,500
$11,000
F6=$2,000
Machine B
0 1 2 3 4 5 6 7 8
9
A 1-9 =$3,100
$18,000
Machine A
6 years 6 years 6 years
Machine B
9 years 9 years
18 years
Solving
0 6 12
18
0 9 18
$32,508 $32,508
Choose Machine A
Blank & Tarquin: 5th Edition. Ch. 5 Authored By: Dr. Don
Smith, Texas A&M University.
• LCM = 35 years ?
• Could assumed study period of, 5 years
Blank & Tarquin: 5th Edition. Ch. 5 Authored By: Dr. Don
Smith, Texas A&M University.
Alt-1: N = 5 yrs
Alt-2: N= 7 yrs
• present value (evaluated at time T) of the total loss of the asset value
during the period [T, U] and the present value (evaluated at time T) of
the salvage value of the asset at time U.
Blank & Tarquin: 5th Edition. Ch. 5 Authored By: Dr. Don
Smith, Texas A&M University.
CAPITALIZED COST
(1 i ) N 1
P A N
, let N
i (1 i )
(1 i ) N 1 1 1 A
lim N N
P A
i (1 i ) i i i
Blank & Tarquin: 5th Edition. Ch. 5 Authored By: Dr. Don
Smith, Texas A&M University.
CAPITALIZED COST
…………………..
1 2 3 4 5 .. N=inf.
A=$50/yr
P=?
Blank & Tarquin: 5th Edition. Ch. 5 Authored By: Dr. Don
Smith, Texas A&M University.
CAPITALIZED COST
• P0 = $50[1/0.04]
• P0 = $50[25] = $1,250.00
• Invest $1,250 into an account that earns 4% per year will
yield $50 of interest forever if the fund is not touched and
the i-rate stays constant.
Blank & Tarquin: 5th Edition. Ch. 6 Authored by: Dr. Don Smith,
Texas A&M University.
……….
0 1 2 3 N-1 N
P0
•Convert to: FN
……….
0 1 2 3 N-1 N
P0
$A per year (CR)
Blank & Tarquin: 5th Edition. Ch. 6 Authored by: Dr. Don Smith,
Texas A&M University.
• Method I - Compute EAC of the original cost and subtract the EAC of
the salvage value
EAC = P(A|P, i, n) - S(A|F, i, n)
• Method II – Subtract the salvage value from the original cost and
compute the annual cost of the difference. Add to that the interest that
the salvage value would return each year, S(i).
CR(i%)= (P - S) (A|P, i, n) + S(i)
Blank & Tarquin: 5th Edition. Ch. 6 Authored by: Dr. Don Smith,
Texas A&M University.
EXAMPLE
0 1 2 3 4 5 6 7 8 9 10
A = $5,000
F5=$50,000
P = $50,000+ $10,000
Artificial Carpet
• A = P(i) for a perpetual life project
Annual Cost of Installation = $150,000 (.10) = $15,000/ year
N N
R P / F , i'%, k E P / F , i'%, k
k 0
k
k 0
k
dimana
Rk = pendapatan atau penghematan bersih untuk tahun ke-k
Ek = pembelanjaan bersih termasuk semua biaya investasi untuk tahun ke-k
N = periode studi
• Atau:
N N
R P / F , i'%, k E P / F , i'%, k 0
k 0
k
k 0
k
Aturan yang Berlaku
• Setiap tambahan modal harus dievaluasi kelayakannya dengan
menghasilkan tingkat pengembalian yang memuaskan pada
tambahan tersebut.
Jika evaluasi hanya dilakukan atas IRR dari total investasi dari masing-
masing alternatif, terlihat peringkat hasil yang berbeda dengan yang
ditunjukkan oleh metode PW.
Hasil PWB > PWA pada MARR 10%, walaupun IRRA > IRRB
Alternatif Selisih
A B (B-A)
Investasi modal -$60,000 -$73,000 -$13,000
Pendapatan dikurangi biaya tahunan 22,000 26,225 4,225
• Aliran kas B tersusun dari dua bagian, yaitu aliran kas alternatif A dan
aliran kas tambahan (selisih) antara A dan B.
• Sehingga jika nilai ekivalen dari aliran kas tambahan lebih besar dari
nol pada MARR, alternatif B yang dipilih.
Informasi Tambahan:
• Metode nilai ekivalen dapat juga diterapkan menggunakan prosedur
analisis selisih modal.
• Peringkat alternatif akan konsisten dengan nilai ekivalen atas
investasi total untuk masing-masing alternatif dan analisis selisih
modal dengan metode IRR.
• Oleh karena itu cara ini disebut „metode saringan‟ untuk metode IRR.
Contoh
• Diketahui 6 alternatif yang mutually exclusive dengan umur manfaat
masing-masing 10 tahun, dan MARR 10% per tahun. Dengan periode
analisis 10 tahun dan nilai sisa 0, alternatif mana yang harus dipilih
dengan menggunakan metode IRR?
Alternatif
A B C D E F
Investasi modal -$900 -$1,500 -$2,500 -$4,000 -$5,000 -$7,000
Pendapatan dikurang
150 276 400 925 1,125 1,425
pengeluaran tahunan
Penyelesaian
• Langkah pertama: tentukan tingkat pengembalian (IRR) atas investasi
total untuk semua alternatif, menggunakan nilai ekivalen (PW atau
AW).
A B C D E F
IRR atas invest.
10.6 13.0 9.6 19.1 18.3 15.6
total (%)
E alternatif terbaik