CAPITAL BUDGETING
Keseluruhan aktivitas yang berupa perencanaan penggunaan dana (Investasi) dengan tujuan memperoleh manfaat di masa mendatang.
atau
What is capital
What is capital
budgeting?
budgeting?
Analysis of potential additions Analysis of potential additions
to fixed assets.
to fixed assets.
Long-term decisions; involve Long-term decisions; involve
large expenditures.
large expenditures.
What is the difference between
What is the difference between
independent and mutually exclusive
independent and mutually exclusive
projects? are unaffected by the acceptance of
are unaffected by the acceptance of
the other.
the other.
mutually exclusive
mutually exclusive, if the cash flows , if the cash flows of one can be adversely impacted by
of one can be adversely impacted by
the acceptance of the other.
An Example of Mutually
An Example of Mutually
Exclusive Projects
Exclusive Projects
Pentingnya Capital Budgeting
Pentingnya Capital Budgeting
Pengeluaran dana dalam jumlah Pengeluaran dana dalam jumlah
besar
besar
Jangka waktu panjangJangka waktu panjang
Macam Usulan Investasi
Macam Usulan Investasi
• PenggantianPenggantian • Perluasan Perluasan • DiversifikasiDiversifikasi
Pendekatan Dalam Penilaian Usul Investasi
Pendekatan yang mengabaikan faktor
resiko
Pendekatan yang memperhatikan
KRITERIA
INVESTASI
Mendasarkan pada konsep keuntungan
KONSEP
KEUNTUNGAN
AVERAGE RATE OF RETURN
ACCOUNTING RATE RETURN (ATAU)
KONSEP
CASH
FLOW
Tidak memperhatikan nilai waktu dari
uang
Payback Periode
Memperhatikan nilai waktu dari uang
Net Present Value
Internal Rate of Return
Benefit Cost Ratio (BCR) atau
Steps
Steps
1. Estimate CFs (inflows & outflows). 2. Assess riskiness of CFs.
3. Determine k = WACC for project. 4. Find NPV and/or IRR.
What is the payback
What is the payback
period?
period?
The number of years required to recover a project’s cost,
Strengths of Payback:
1. Provides an indication of a project’s risk and liquidity.
2. Easy to calculate and understand.
Weaknesses of Payback:
1. Ignores the TVM.
