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.

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.

Kajian Model Desa Cerdas (Smart Village) berbasis Satu Desa Satu Greenhouse pada Wilayah Pusat Pertumbuhan Desa di Kabupaten Konawe

Penelitian ini bertujuan untuk merancang fungsi dan desain rumah kaca dan sistem kontrol untuk manfaat yang diperoleh dari sistem pertanian tertutup. Menganalisis model perancangan Desa yang dapat menghasilkan capital gain berupa aliran modal masuk sebagai turunan dari penerapan konsep One Village One Greenhouse. Menganalisis sistem kelembagaan Desa dalam desain Desa Berbasis Produksi. Analisis ini menggunakan analisis deskriptif kuantitatif dengan menggunakan sampel lokasi desa di Kecamatan Oneembute. Penelitian ini akan menyajikan kerangka isi penelitian tentang hubungan dan pengaruh variabel yang diteliti (input) dengan variabel output. Teknik pengumpulan data adalah (1) observasi (2) wawancara mendalam (deep interview), dan (3) penelusuran kepustakaan. Hasil penelitian menunjukkan bahwa 1) Desain rumah kaca berupa terowongan dengan sistem klem memberikan keunggulan dari segi kekuatan struktur dengan tingkat pembuatan yang mudah dilakukan oleh siapa saja. Perancangan rumah kaca sistem terowongan mampu memberikan kemudahan dalam pengendalian suhu udara sehingga berdampak positif terhadap pengendalian produksi tanaman khususnya di wilayah Kecamatan Oneembute, 2) Hasil perbandingan manfaat ekonomi berupa produksi dan biaya analisis sensitivitas menunjukkan bahwa hasil NPV adalah Rp. 326.545.587,- yang berarti usahatani ini akan memperoleh keuntungan sebesar Rp.326.545.587,- selama 5 tahun sesuai dengan present time value of money dengan asumsi skenario rendah, yang berarti usahatani dilakukan tanpa teknologi Greenhouse. Sedangkan hasil analisis sensitivitas skenario produksi dan biaya tinggi menunjukkan hasil NPV sebesar Rp. 476.887.391,- yang artinya usaha tani ini akan memperoleh keuntungan sebesar Rp. 476.887.391,- hanya dalam waktu 1 tahun sesuai dengan time value of money sekarang dengan asumsi pertanian dilakukan dengan menggunakan teknologi Greenhouse, 3) Model kebijakan yang dapat diterapkan untuk mendukung kebijakan Desa Pintar berbasis satu desa satu rumah kaca di Kecamatan Oneembute merupakan model kebijakan elit dimana Kepala Desa memiliki kewenangan untuk mengambil keputusan investasi rumah kaca untuk usaha produktif dan kreatif pedesaan.

Prepayment rebate in Islamic microfinance cost-plus sale: a descending rebate proposed approach

Purpose This paper aims to propose an Islamic compliant approach that deals with the prepayment rebate on debts resulting from cost-plus sales and their accompanied sale-based financing contracts. The proposed approach uses the time value of money concept without charging excessive fees from the debtor in the early settlement of debts. Design/methodology/approach The paper uses a qualitative analysis via analyzing and reviewing relevant literature. A quantitative analysis is subsequently used with a proposed computation that addresses prepayment rebate accompanied by debts resulting from cost-plus sales. Findings The proposed approach results in a rebate amount for the debtor greater than those rebate amounts resulting from either conventional finance techniques or current Islamic finance practices. Research limitations/implications The application of the descending rebate proposed computation in this paper is restricted to cost-plus sale and their accompanied sale-based financing contracts only. The computation does not address any agreement or deal that may involve a rebate without a selling transaction. Originality/value The paper criticizes the prevailing practices for computing rebates in the case of debt prepayment, whether those nominated by conventional finance or others currently employed by most Islamic financial institutions. The paper also introduces a new rebate computation aimed to comply with Islamic finance's real context.

Financial literacy among high school teenagers in a developing country context - an empirical study with reference to high school students in Addis Ababa, Ethiopia

Both developed and developing countries and economies have become increasingly concerned about the level of financial literacy of their citizens. Previous studies indicate that unlike the case in the industrialized world, the issue of financial literacy is a contemporary issue in the developing world, and it is an understudied field in this context. This study was initiated to survey the level of basic financial literacy among high school students in Addis Ababa, Ethiopia’s capital. Such a study corresponds to global initiatives such as by OECD requesting scholars to show case the level of financial literacy among young people in different countries/contexts. The data collection instrument was a standard questionnaire that measures the level of basic financial literacy of high school teenagers in Ethiopia. The questionnaire is based on the instrument originally developed by Lusardi and Mitchell, (2005); and this study uses the slightly updated version used by Van Rooij, Lusardi and Alessie, (2011) that measures basic financial literacy from angles of numeracy, interest compounding, inflation, time value of money, and money illusion. The study concludes that the level of financial literacy is not fairly good among the high school students. The high school students in the capital are not well versed with the basic financial literacy dimensions/measurements, mainly with the assessments of interest compounding, inflation, time value of money, and money illusion. The worst assessment results are a 90.8% failure in the money illusion question, a 70.9% failure in interest compounding assessment question, and a 62.7% failure in the time value of money assessment question. These are followed by a 58.4% failure in the inflation assessment question and a 31.3% failure in the easiest assessment question of numeracy. By and large, these findings testify that the high school students in Addis Ababa have serious deficiency in basic financial literacy. Policy makers and educators may need to seriously pay attention to this shocking deficiency in the level of basic financial literacy among the high school students and take measures to educate the youth this basic life skill at young age while they are still at school.JEL Classification Code: D14