PELATIHAN MANAJEMEN KEUANGAN UNTUK MENINGKATKAN LITERASI KEUANGAN BAGI CALON GURU UNIVERSITAS ABDURACHMAN SALEH SITUBONDO

This community service activity is carried out with the target students of the Abdurahman Saleh University Elementary School Teacher Education Study Program Situbondo. Partner problems that are a priority and need to be resolved through this PKM program are (1) the low level of financial literacy among students, (2) knowledge and understanding of the concept of assets and liabilities, (3) knowledge and understanding of the time value of money, and (4) knowledge and understanding of the concept of risk in finance. The solutions to be achieved include: (1) providing training on the concept of assets and liabilities, (2) providing training on the time value of money, (3) providing training on the concept of risk in finance. The expected outcomes of this PKM activity are (1) increased knowledge and understanding of the concept of assets and liabilities, (2) increased knowledge and understanding of the time value of money, (3) increased knowledge and understanding of the concept of risk in finance, (4) Able to make personal financial planning

Hukum Bisnis Perspektif Islam dan Kapitalis (Tinjauan Teoritis atas Aktivitas Bisnis di Indonesia)

Sistem ekonomi merupakan sistem yang digunakan dalam sebuah negara untuk mengatur dan mengelola semua bentuk aktivitas ekonomi, sehingga dengan berlakunya sebuah sistem ekonmi ini, negara dapat memaksimalkan perannya dalam mengelola dan meningkatkan segala sumber daya yang dimiliki. Tulisan ini mencoba untuk membandingkan sebuah sistem ekonomi Islam dengan sistem ekonomi kapitalis yang keduanya memiliki perbedaan yang sangat mencolok ketika diaplikasikan dalam aktivitas bisnis. Hasil kajian menyimpulkan bahwa sistem ekonomi Islam mengemban visi homo Islamicus yang memandang manusia sebagai kholifah di muka bumi yang diberi kemampuan oleh Allah untuk mengelola bumi beserta isinya dengan baik dalam memenuhi kebutuhannya sendiri dan orang di sekitarnya dengan tujuan memberikan keseimbangan antara individu, masyarakat dan negara, sehingga pengaplikasiannya dalam aktivitas bisnis adalah economic value of time atau nilai ekonomi adalah waktu. Sedangkan sistem ekonomi kapitalis mengemban visi homo economicus yang memandang manusia sebagai makhluk ekonomi dengan sistem yang bertujuan untuk meraih keuntungan sebesar-besarnya dengan modal yang kecil, sehingga pengaplikasiannya dalam aktivitas bisnis adalah time value of money atau nilai waktu adalah uang. (An economic system is a system used in a country to organize and manage all forms of economic activity, so that with the enactment of an economic system, the state can maximize its role in managing and improving all resources at its disposal. This paper attempts to compare an Islamic economic system with a capitalist economic system, both of which have very striking differences when applied in business activities. The results of the study concluded that the Islamic economic system carries a vision of homo Islamicus who views humans as kholifah on earth who is given the ability by Allah to manage the earth and its contents well in meeting its own needs and those around it with the aim of providing balance between individuals, communities and the state, so that its application in business activities is economic value of time or economic value is time. While the capitalist economic system carries a homo economicus vision that views humans as economic creatures with a system that aims to achieve maximum profits with small capital, so that its application in business activities is time value of money or time value is money).

Application of Three Metaheuristic Algorithms to Time-Cost-Quality Trade-Off Project Scheduling Problem for Construction Projects Considering Time Value of Money

Time, cost, and quality have been known as the project iron triangles and substantial factors in construction projects. Several studies have been conducted on time-cost-quality trade-off problems so far, however, none of them has considered the time value of money. In this paper, a multi-objective mathematical programming model is developed for time-cost-quality trade-off scheduling problems in construction projects considering the time value of money, since the time value of money, which is decreased during a long period of time, is a very important matter. Three objective functions of time, cost, and quality are taken into consideration. The cost objective function includes holding cost and negative cash flows. In this model, the net present value (NPV) of negative cash flow is calculated considering the costs of non-renewable (consumable) and renewable resources in each time period of executing activities, which can be mentioned as the other contribution of this study. Then, three metaheuristic algorithms including multi-objective grey wolf optimizer (MOGWO), non-dominated sorting genetic algorithm (NSGA-II), and multi-objective particle swarm optimization (MOPSO) are applied, and their performance is evaluated using six metrics introduced in the literature. Finally, a bridge construction project is considered as a real case study. The findings show that considering the time value of money can prevent cost overrun in projects. Additionally, the results indicate that the MOGWO algorithm outperforms the NSGA-II and MOPSO algorithms.

IoT Piggy Bank for Money Saving Habit Instillation

Children nowadays are overwhelming with luxurious things and have only little or even no money concepts where most of the kids just reach out to their parents for buying anything they want. This could be an issue for parents, hence kids should be taught the value of money and knowing that save their own money is important to purchase anything they desired. This project proposed an innovative way to inculcate saving behaviours in children using an IoT Piggy Bank. This goal-directed approach allows children to set their saving goals (values of their desired items) and form a saving habit slowly through their saving routines toward their saving goals. Every saving made by the children will be tracked in a mobile app and a buzzer will be triggered as a reinforcer to alert children when they do not save regularly. The user acceptance testing (UAT) of the proposed prototype has shown the majority of the parents (90%) agreed that the proposed IoT piggy bank is very suitable for children to instil saving habit. Most of the children have reacted positively where they were having lots of fun when trying on the IoT piggy bank and expressed that they would continue to use it for saving in the future.

NEUTRAL VALUE OF MONEY IN THE PRACTICE OF MONETARY REGULATION

The issue of estimating the level of neutral interest rates is a central issue for theoretical foundation of decision-making on interest rate policy in the practice of central banks. As a result of studying theoretical sources, research materials of international organizations and central banks, the factors of the neutral interest rate are systematized, the methods of its estimation are generalized, their advantages and disadvantages are revealed. Factors of the neutral rate are systematized according to the principle of their influence on the demand or supply of money in the economy. It has been established that there is no single generally accepted theoretical and methodological approach to determining the neutral rate in modern practice. A wide variation of methods with varying degrees of reliance on a theoretical basis (from purely mathematical filtration techniques to complex macroeconomic general equilibrium models) extends a field for new research. It is found that a key issue in neutral rate estimating models is the formalization of the relationship between the effects of external and internal factors, which is especially important for countries with a small open economy. Attention is paid to the method for estimating the neutral rate based on the rule of uncovered interest parity, which is used in the national practice of monetary regulation. Systemic shortcomings of this method are revealed on the basis of research of its theoretical bases and results of practical application in the conditions of the Ukrainian economy. The expediency of introducing into the practice of monetary regulation in Ukraine of alternative methodological toolkit for estimating the neutral rate based on the achievements of T. Laubach and J. Williams with adaptation to the open economy settings is justified, which would enhance the role of domestic factors, in particular changes in potential GDP and savings as important determinants of neutral value of money.

Value Creation Perceptions of Management Accountants in South Africa

The Coalition for Inclusive Capitalism launched the Embankment Project for Inclusive Capitalism (EPIC) to tackle the challenge of communicating how value is created for the stakeholders of a company. However, discord on how stakeholder value should be measured exists. Management accountants can successfully measure the value of money in their cost control function, but it remains a challenge on how they perceive the adding or creating of value in their respective roles and if their own perceived performance. The aim of this study was to obtain an understanding study of how management accountants view and navigate through this concept of value creation in general and in their organisation, how and why they engage in value-creating activities for their organisations and its stakeholders. A qualitative approach was adopted to conduct the study and the data collection technique constituted a literature review and questionnaires distributed to 30 participants. The majority of the participants believe that they are creating value for their organisations and positioned their perceived value creation into the economic value category. Some participants believe that the value they create within their organisation cannot be measured. Overall, it is recommended that possible development of tools, models or frameworks to assist management accountants in the measuring or capturing of value should be explored that is of a more subjective nature, so that it would be easier to implement and drive value creation practices in the workplace.

Learning Effect on Inventory Model for Deteriorating and Ameliorating Items under Inflation and Partial Backlogging

Now-a-days, learning’s awareness is increasing in various disciplines because effect of learning has a direct impact on profit or loss, and it is a promotional deemed effective tool for inventory management. The basic concept of the inventory model is that 100% of the articles in an ordered lot are of good quality but this concept is not practically justifiable for the production process owing to product deterioration and related factors and so deterioration of items cannot be ignored. Again due to lack of considering the influence of demand, the ameliorating items for the amount of inventory is increasing gradually and it is a natural phenomenon observing in much life stock models. In addition, as the deep financial crisis continues to haunt the global economy, the effects of inflation and time value of money cannot be oblivious to an inventory system. Again another important factor is shortages which no retailer would prefer, and in practice are partially backlogged and partially lost. In order to convert the lost sales into sales, the retailer offers such customers an incentive, by charging them the price prevailing at the time of placing an order, instead of the current inflated price. Therefore, bearing in mind these facts, the present paper develops an inventory model for a retailer dealing with deteriorating and ameliorating items with stock dependent demand under the influence of inflation and time-value of money over a fixed planning horizon where holding cost follows the learning curve. Finally, a numerical example is provided to illustrate the proposed model. Comparative study of the optimal solutions with respect to major parameters under different special cases is carried out graphically and some managerial inferences have been presented. Subject classification: AMS Classification No. 90B05. Keywords: Inventory, Learning effect, Deteriorating, Ameliorating, Inflation, Time-value of money, Shortages and Partial backlogging.

Factors Determining the Revisit Intentions of the Tourists: A case study of Bhutan

Bhutan is an important tourist destination in South Asia, and its tourism industry has emerged as the second highest revenue generator next to hydropower. Retaining and enticing first-time tourists to revisit their country is an important policy adopted by many countries of the world. However, the growth trajectory of tourists’ flow to Bhutan changed with a sharp decline in the repeat tourists over the past straight 8 years (2011–2018) with an annual negative growth of 19.1%. Against this backdrop and the non-availability of any meaningful study on tourists’ revisit dynamics, this study investigates the factors associated with the Bhutan revisit intentions of regional and international tourists by using both quantitative and qualitative data. The quantitative data are analysed using multinomial logistic regression and are triangulated with qualitative findings. Factors such as perceived value of money, safety and control variables, viz. gender, age, category of tourists and employment are found significantly affecting tourists’ Bhutan revisit intentions. Eventually, this study also discusses policy implications at the level of the state and tour operators.

About alternative concepts of money in Russia (to the 160th anniversary of the birth of A.A. Manuylov). Materials for lectures and seminars

This article examines the scientific ideas about the substantial value of coins, paper and monetary signs of circulation in the Russian economic theory in the second half of the XIX — early XX centuries. The critical re-evaluation of foreign concepts contributed to a deep study of the concept of value, nature and functional role of banknotes in the national economy. The factors regulating the value of banknotes and the key criteria of the new model of elastic monetary circulation are considered. The concepts of Russian economists (A.N. Miklashevsky, A.A. Manuylov, L.V. Fedorovich, M.I. Tugan-Baranovsky, P.A. Nikolsky, N.I. Sieber, and many others) reveal the laws of pricing that affect the value of money. It is suggested that money is «an integral part of the developed social division of labor». In this context, we study the process of forming a systematic understanding of the relationship between different market segments and the state monetary economy, which revealed the specific role of money as an instrument that unites individual markets. It is concluded that, first, in the course of a critical analysis of the concepts of money and the development of the principles of reforming the monetary system in the Russian literature, the foundations of a macroeconomic understanding of the market economy were laid. The semantic «content» of the concept of «conjuncture» indicated an increased interest in macroeconomic research. Second, the development of the theory of the value of money and to elucidate their role in economic conditions contributed to the opening of several new, «frontier» of economic topics, including the theory of industrial crises and characteristics of the circulation of banknotes in extreme conditions at the beginning of the XX century. The fundamental economic concepts of value, price and money are still the «platform» of the most acute theoretical discussions, in which arguments in favor of the interests of traditional market actors, entrepreneurs and the state, are supplemented by the motives of transnational institutions. Knowledge of the theories of the value of money sheds light on the effectiveness of tools for regulating market conditions. The model of monetary circulation as an effective tool for regulating budget deficits and industrial activity during the crisis (with the help of the State Bank`s commercial portfolio) was the experience of the circulation of maternity money in the twentieth century. Familiarity with the positions of leading scientists gives an idea of alternative approaches in the interpretation of value (classical school, Marxism), or value (German historical school, marginalism, nominalism), creates a solid basis for analyzing the features of the domestic monetary system and attempts to reform it at the present time. A retrospective analysis of the theories of the value of money will help to form a clear understanding of the peculiarities of domestic monetary policy, to find out its role in the development of crises, inflation and «lack of money». The article, addressed to teachers of economic theory and the history of economic studies, graduate students, students, and anyone interested in the theory and practice of monetary circulation, attempts to «reveal» the secrets of the economic analysis of value — one of the key problems of economic science.