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All Journal Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Isfenti Sadalia
Faculty of Vocational Universitas Sumatera Utara
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

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RISK MITIGATION IN THE LAUSIMEME DAM CONSTRUCTION PROJECT Untung Tri Uripto; Isfenti Sadalia; Nazaruddin
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 3 No. 2 (2023): July (July-September)
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v3i2.989

Abstract

The construction of the Simeme Dam is a part of efforts to support the development of the agricultural sector and to meet the needs of water in North Sumatra. The Lausimeme Dam construction project has been delayed from its planned schedule. The potential risks that will hinder the completion of the project when viewed from the internal, external and project sources and how to mitigate risks to obtain factors which influence the risk mitigation of the Lau Simeme Dam project in order to determine risk mitigation strategies. This study uses observation, interviews and field surveys compiled by a questionnaire based on a literature study that has been conducted on respondents related to the Lausimeme Dam Development Project and uses a causal descriptive method with a quantitative approach by identifying risks and risk indicators related to what possibilities may arise and will occur in the Lausimeme Dam Development Project. There are 77 risks that are relevant or likely to occur to the Lausimeme Dam Development Project and it is concluded that 68 risks are classified as high and 9 risks are classified as moderate in terms of influence level. Of the 68 risks that are classified as high, there are 15 top risks (largest ranking) that have the highest possibility to occur (probability) and the largest impact based on an assessment of the Lausimeme Dam construction project, therefore mitigation of these possible risks is needed. Mitigation that will be implemented to minimize the possibility of these risks to accour, including: socializing, fulfilling documents and licensing documents, obtaining BMKG data, involving the community and non-governmental organizations, making resource estimates based on analysis, carrying out cross-functional coordination, and preparing CAR.
COMPARISON ANALYSIS OF INDEX IDX30 OPTIMAL SHARE PORTFOLIO WITH INDONESIAN EQUITY FUND PORTFOLIO PERFORMANCE Yoko Mashonia Panjaitan; Nisrul Irawati; Isfenti Sadalia
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 1 (2023): July
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v1i5.69

Abstract

Based on the results of the study, the conclusions that can be drawn are as follows. The optimal portfolio calculation results on the Single Index Model method for stocks show that stocks with UNVR issuers are the only ones that are optimal. Whereas in Mutual Funds there is no optimal portfolio calculation results. The results of calculations using the Markowitz method for all stock issuers obtained a return value of 0.000634 with a risk of 0.036057, namely at alpha 0.9. Meanwhile, for all stock mutual fund issuers, a return value of 0.003195 was obtained with a risk of 0.033629, namely at alpha 0.9. Compared to calculations using the Single Index Model Method for all stocks, a return value of 0.0050 is obtained with a risk of 0.0218, while for Equity Mutual Fund issuers a return value of 0.0072 is obtained with a risk of 0.0194, in this case the calculation of the optimal portfolio in stocks and mutual funds using the Markowitz Method produces a smaller return and greater risk than the Single Index Model method. The Single Index Model method which produces stock return calculations is superior to the Markowitz method. This is obtained from the results of the return value obtained on the Single Index Model which is greater than the Markowitz model so that stock investment will be more profitable if using the Single Index Model method. The Single Index Model method is superior to the Markowitz method in calculating mutual fund returns. This is obtained from the results of the return value obtained in the Single Index Model which is greater than the Markowitz model so that mutual fund investment will be more profitable if using the Single Index Model method. The Single Index Model method is superior to the Markowitz method in calculating stock risk. This is obtained from the results of the stock risk value obtained in the Single Index Model which is smaller than the Markowitz model so that stock investment will be riskier if using the Markowitz method. The Single Index Model method is superior to the Markowitz method in calculating mutual fund risk. This is obtained from the results of the mutual fund risk values obtained in the Single Index Model which are smaller than the Markowitz model so that mutual fund investments will be riskier if using the Markowitz method.
FINANCIAL RATIO ANALYSIS IN PREDICTING FINANCIAL DISTRESS CONDITIONS BUMN COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE DURING THE COVID-19 PANDEMIC WITH USING THE ALTMAN Z-SCORE METHOD Aslam Rayuda; Nisrul Irawati; Isfenti Sadalia
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 2 (2023): October
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i2.110

Abstract

The research is that having sufficient working capital is very important for a company because with sufficient working capital it is possible for the company to operate as economically as possible and the company does not experience difficulties or face dangers that may arise due to a crisis or financial chaos. Companies with negative net working capital have a high probability of facing difficulties in paying off their short-term liabilities, because there are not enough current assets to cover these liabilities. A cumulative profitability measure that reflects a company's age as well as the company's earnings power. Profitable operations and debt reduction are characterized by companies retaining profits or reinvesting operating profits. Low retained earnings can indicate a bad business year or reduced company life. This ratio is an indicator that shows management efficiency in managing production, sales, administration and other activities. The lower the EBITTA ratio value indicates the lower productivity of assets in generating profits. The EBIT to total assets ratio shows the effectiveness of using all assets in generating company sales. The greater the value of this ratio, the more effective the management of all assets owned by the company. Earnings Before Interest and Tax to Total Assets (EBITTA) is one of the profitability ratios. This analysis is used to measure a company's ability to manage its resources effectively which can be seen from the results of its sales and investments. The EBITTA ratio measures whether a company's assets are used rationally to generate profits from its operating activities. If the resulting ratio is high, then the company's assets have been used rationally so that it can reduce the occurrence of Financial Distress. On the other hand, a low EBITTA ratio indicates that the company is likely to experience financial distress. The implication of this research is that this ratio is used to measure management's ability to use assets to generate sales and describe the turnover rate of all company assets. This ratio, which has a positive value, is a sign that the company has a good ability to use assets to generate sales and has a high level of asset turnover.
ANALYSIS MODEL AND FINANCIAL RISK MITIGATION STRATEGY IN DECISION MAKING FOR THE FEASIBILITY OF INVESTMENT IN THE DEVELOPMENT OF HYDROPELECTRIC POWER PLANT (PLTA) IN THE NORTH SUMATRA REGION Anindityo Aryo Saloko; Isfenti Sadalia; Nazaruddin
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 4 (2024): April
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i4.142

Abstract

The isuccess iof iimplementing ia iconstruction iproject ican ibe iseen ifrom ithe iaccuracy iin imaintaining itriple iconstraints i(cost, iquality iand itime). iProject irisk ianalysis ifor ilong-term iinvestment iand isuccessful iproject idevelopment iplanning iis ivery iimportant, imodel ianalysis iis ineeded ito imitigate irisk idue ito ithe icomplexity iof ithe iproblems ifaced iin ithe idevelopment iof ipower iprojects, iespecially ipower iplants iin iNorth iSumatra iProvince iwith ithe idevelopment iof ihydroelectric ipower iprojects i(PLTA). iThere iare irisk ievents ithat icould ihamper ithe ismooth idevelopment iof ithe i45 iMW ihydropower iplant iconstruction iproject iin ithe iNorth iSumatra iregion iwith ian iemphasis ion iinvestment ifinancial irisks. iThe ifollowing iare irisk ievents ithat iwere iidentified iand ithen iafter imeasurement iand ianalysis, irisk ipriorities iwere iobtained ithat imust ibe imanaged ifirst, iincluding: iproject ifinancing igovernance, icash iflow imanagement, idetailed icontract ispecifications, iand idifficulties iin ifulfilling imaterials. iThese irisk ievents iare imanaged iby iinterpreting ithem iin ithe imanagement iof irisk imitigation iagainst ifinancial ilosses iin ithe iimplementation iof ithe iconstruction iof ia i45 iMW ihydroelectric ipower iplant iin ithe iNorth iSumatra iregion. iThe iresults iof ithe irisk imitigation ianalysis ishowed ithat iProject iFinancing iManagement iwas ithe ifirst irisk ipriority, ithen iProject iCash iFlow iManagement iwas ithe isecond ipriority, iDetailed iContract iSpecifications iwere ithe ithird ipriority, iand iDifficulty iFulfilling iMaterials iwas ithe ifourth ipriority. iImplementation iof iresearch ifindings, inamely iprioritization iof irisk ireduction, irequires iidentifying icritical iprocesses iand iimmediately iadopting iapproaches ito iprovide ialternative icontrols ifor iidentified icritical iprocesses. iFor iexample, iif ithe itotal icost iapproach iis ia icritical iprocess, ithen iprocurement iof ihydroelectric iplant imaterials iis iconsidered ia icritical iprocess. iAn iexploratory iapproach ican ibe iused ito imanage icritical iprocesses, inamely iby imaking icontracts iwith imaterial isuppliers iso ithat imaterials iare iordered iin iadvance i(with ior iwithout ia idown ipayment) ito iarrive iaccording ito ithe iproject ischedule. iFor iother icritical iprocesses iidentified iusing iother iapproaches, iyou ican iuse ithe iresults iof irisk imitigation iprioritization ibased ion irisk ievents. iThe iapplication iof ithis imitigation ican ibe icarried iout iflexibly iaccording ito ifurther iidentification iobtained.
Co-Authors Anindityo Aryo Saloko Aslam Rayuda Nazaruddin Nisrul Irawati Untung Tri Uripto Yoko Mashonia Panjaitan