International Journal of Global Operations Research
International Journal of Global Operations Research (IJGOR) is published 4 times a year and is the flagship journal of the Indonesian Operational Research Association (IORA). It is the aim of IJGOR to present papers which cover the theory, practice, history or methodology of OR. However, since OR is primarily an applied science, it is a major objective of the journal to attract and publish accounts of good, practical case studies. Consequently, papers illustrating applications of OR to real problems are especially welcome. In real applications of OR: forecasting, inventory, investment, location, logistics, maintenance, marketing, packing, purchasing, production, project management, reliability and scheduling. In a wide variety of environments: community OR, education, energy, finance, government, health services, manufacturing industries, mining, sports, and transportation. In technical approaches: decision support systems, expert systems, heuristics, networks, mathematical programming, multicriteria decision methods, problems structuring methods, queues, and simulation. Topics Covered: Computational Intelligence Computing and Information Technologies Continuous and Discrete Optimization Decision Analysis and Decision Support System Applied Operations Research in Education Engineering Management Environment, Energy and Natural Resources Financial Engineering Applied Operations Research inGovernment Heuristics Industrial Engineering Information Management Information Technology Inventory Management Knowledge Management Logistics and Supply Chain Management Maintenance Manufacturing Industries Applied Operations Research in Marketing Engineering Markov Chains Mathematics Actuarial Sciences Military and Homeland Security Networks Operations Management Organizational Behavior Planning and Scheduling Policy Modeling and Public Sector Applied Operations Research inPolitical Science Production Management Applied Operations Research inPsychology Queuing Theory Revenue & Risk Management Services management Simulation Applied Operations Research inSociology Applied Operations Research inSports Statistics Stochastic Models Strategic Management Systems Engineering Telecommunications Transportation And so on
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<![CDATA[Analysis of Put and Call Option Pricing on BCA Stock Using the Black-Scholes Model: Financial and Risk Management Perspective ]]>
<![CDATA[Palbeno, Angela Ratna Sari]]>;
<![CDATA[Putri, Natasya Pradini]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
Publisher : <![CDATA[iora ]]>
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DOI: 10.47194/ijgor.v5i3.299
<![CDATA[The Indonesian stock market, especially PT Bank Central Asia (BCA) stock experiences high volatility. Therefore, this research is very important to provide a deeper understanding of the pricing of put and call options as a risk management instrument. This study aims to analyze the pricing of put and call options on PT Bank Central Asia (BCA) shares using the Black-Scholes model and identify factors that affect stock price fluctuations on option prices. This study aims to understand the changes in put and call option prices on PT Bank Central Asia (BCA) shares caused by fluctuations in stock prices. This study uses historical data of PT Bank Central Asia (BCA) shares, volatility, and current interest rates as the basis for analysis. The Black-Scholes method is used as a framework to analyze the pricing of put and call options by considering volatility and interest rates. The results of this study analyze the price changes of put and call options in the face of stock price fluctuations and the factors that affect option prices so as to provide insight into risk management and investment decision making. This research is expected to provide practical guidance for investors and risk managers in making decisions related to put and call options on PT Bank Central Asia (BCA) shares.]]>
<![CDATA[Accelerated Pension Fund Calculations Using the Individual Level Premium Method and the Projected Unit Credit Method Case Study: PT. Dirgantara Indonesia ]]>
<![CDATA[Rohman, Aletta Divna Valensia]]>;
<![CDATA[Mayaningtyas, Chibi Adinda]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
Publisher : <![CDATA[iora ]]>
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DOI: 10.47194/ijgor.v5i3.325
<![CDATA[This paper examines the calculation of accelerated pension funds using two actuarial methods: the Individual Level Premium (ILP) method and the Projected Unit Credit (PUC) method. The case study focuses on PT. Dirgantara Indonesia. We compare the methods' impact on normal contribution amounts, actuarial liabilities, and retirement benefits. The research highlights the advantages and disadvantages of each approach, considering factors like participant age and contribution period. The findings demonstrate that the PUC method generally leads to lower normal contributions but may result in lower final retirement benefits compared to the ILP method. This study provides valuable insights for companies and employees in PT. Dirgantara Indonesia to choose the most suitable method for their accelerated pension plan, considering their financial goals and risk tolerance.]]>
<![CDATA[ANALYSIS OF BREAK EVEN POINT AND MARGIN OF SAFETY AS A BASIS FOR PROFIT PLANNING AT PT UNILEVER INDONESIA TBK IN 2017-2021 ]]>
<![CDATA[Dailami, Ahmad]]>;
<![CDATA[Kardofa, Mochamad]]>;
<![CDATA[Saputra, Jumadil]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
Publisher : <![CDATA[iora ]]>
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DOI: 10.47194/ijgor.v5i3.324
<![CDATA[Earning profit or profit is the main goal of establishing a company. To know how much budget needs to be spent to achieve the goal, the profit must be calculated first. Break even point (BEP) analysis is one of the tools to determine the estimated profit from the sale of the products offered. However, a high margin of safety (MOS) will protect the company from the risk of loss. The purpose of this study is to determine the profit planning for PT Unilever Indonesia Tbk. The method used is a descriptive quantitative method with a case study approach. From the research that has been done, the results show that sales have exceeded the predetermined BEP, as well as the MOS value obtained has a positive trend or an increase. In order to get more maximum results or profits the company needs to also pay attention to achieving sales targets. The target can be achieved if the company can make cost efficiency and increase sales volume.]]>
<![CDATA[PT Matahari Department Store TBK Income Statement Analysis ]]>
<![CDATA[Putra, Fachrul Ananda]]>;
<![CDATA[Pangestu, Rizcki]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
Publisher : <![CDATA[iora ]]>
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DOI: 10.47194/ijgor.v5i3.326
<![CDATA[This research aims to find out how each income variable contributes to total income and analysis of financial performance at PT Matahari Department Store Tbk (Matahari), which is one of the leading retail companies in Indonesia that provides clothing, accessories, beauty and household products using the ratio financial Return On Investment (ROI), Net Profit Margin (NPM), Total Asset Turnover (TATO) from 2019 to 2023, then financial performance using the Du Pont approach analysis. This research uses a qualitative descriptive research method. And from the research results we can show that the condition of the profit and loss report at PT Matahari can be said to be quite good even though there are fluctuations in the contribution of income and total income variables and are in a negative condition. With the du pont system analysis, financial performance has increased even though it is still in a negative condition too. This is influenced by the percentage of net profit or NPM which experiences a negative decrease in losses and is followed by an increase in the TATO value. ]]>
<![CDATA[Pension Fund Calculations for Regular Retirees Using the Projected Unit Credit Method and the Individual Level Premium Method in the Case Study PT Dynacast Indonesia. ]]>
<![CDATA[Hukama, Atha]]>;
<![CDATA[Pangestu, Rizcki]]>;
<![CDATA[Laksito, Grida Saktian]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
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DOI: 10.47194/ijgor.v5i3.323
<![CDATA[The pension program provider requires actuarial valuation to estimate the necessary fund amount for pension payments. This research employs the projected unit credit and individual level premium methods. The findings indicate that the valuation of pension benefits, assuming a career average salary, is lower compared to other salary assumptions. Conversely, the final valuation of project unit credit using the individual level premium method is smaller than that of the projected unit credit method, which is more suitable for participants in the pension funding program. A pension fund program represents a form of future planning aimed at ensuring the well-being of employees during retirement. It embodies a company's responsibility towards employees who have dedicated themselves during their working years. Such a program offers a sense of security regarding an employee's financial future post-retirement and fosters peace of mind, knowing that their well-being in old age is assured.]]>
<![CDATA[Use of Constant Type Cost Prorate Method in Calculation of Actuarial Liability of Pension Funds ]]>
<![CDATA[Putrie, Veronica Clasrissa]]>;
<![CDATA[Nurdyah, Himda Anataya]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
Publisher : <![CDATA[iora ]]>
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DOI: 10.47194/ijgor.v5i3.321
<![CDATA[The purpose of this study is to calculate the actuarial liability value of pension funds using the Constant Percent type Cost Prorate method. This method is a pension funding method that calculates pension benefits based on the employee's salary since he first entered work. The method in this study is used to calculate the amount of actuarial liabilities that must be issued by the company to employees at the time of normal retirement, namely 58 years. The data used is the data of a Civil Servant of the Social Service in DKI Jakarta who is 55 years old. Normal contributions and actuarial liabilities that must be prepared by pension companies for pension plan participants increase as the age of pension plan participants increases. Based on the calculation results, the accumulated actuarial liabilities that must be prepared by the pension plan company in 2020 are IDR 3,843,981,410. ]]>
<![CDATA[Profit Planning Analysis with Break Even Point Approach at PT. Sinar Jaya ]]>
<![CDATA[Bisyarah, Sania]]>;
<![CDATA[Elizabeth S, Sri Novi]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
Publisher : <![CDATA[iora ]]>
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DOI: 10.47194/ijgor.v5i3.327
<![CDATA[Sales management is important for a company to control profitability and avoid the risk of loss. In reality, companies are often faced with the possibility of loss and the ability to manage sales can affect the magnitude of this risk. Break Even Point (BEP) analysis can be an effective strategy to determine the minimum sales amount so that the company avoids losses. In this study, analyzed sales at PT Sinar Jaya using BEP analysis for the period January to December 2023. The results of the analysis show that the company is consistently able to achieve BEP and earn profits above 7% every month which reflects operational efficiency in profit stability. In addition, the Margin of Safety (MoS) value which is always above 20%, with a peak reaching 70%, shows that the company has strong protection against risk.]]>
<![CDATA[Implementation of Erlang C Formula in Inbound Call Center PT Telekomunikasi Selular ]]>
<![CDATA[Rakhmatsyah, Nauravira Amalina]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
Publisher : <![CDATA[iora ]]>
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DOI: 10.47194/ijgor.v5i3.319
<![CDATA[The use of services has become part of daily activities for humans. However, many users of services have been unable to fully utilize the services, resulting in complaints and requiring assistance. Call center as a service for providing information, technical support, and receiving complaints from service users are a solution to this problem. The large number of incoming calls from service users becomes a problem for service providers, so it is necessary to calculate the performance of the call center to implement the right number of agents. This research applies the Erlang C formula which is implemented in the inbound call center of PT Telekomunikasi Selular. Using data from November and December 2023 by reviewing several aspects, such as delay probability, service level, number of agents, and average delay time shows that the number of agents applied is sufficient, as seen from the service level that has met the desired target, so an increase in the number of agents is unnecessary.]]>
<![CDATA[Value At Risk (VAR) Analysis using Historical and Monte Carlo Methods in Stock Prices of Bank CIMB Niaga, BSI, BJB, Bank Mega, and Bank Bukopin ]]>
<![CDATA[Helena, Putri Zahra]]>;
<![CDATA[Puspitasari, Laras Dwi]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
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DOI: 10.47194/ijgor.v5i3.320
<![CDATA[In daily life and business, risk is unavoidable. Therefore, various ways can be applied to predict and overcome risks. One type of risk that needs to be anticipated especially in the business world is investment risk. Thus, Value at Risk (VaR) is an important tool to predict and anticipate investment risk. This study aims to determine the results of the Value at Risk (VaR) value in the bank sub-sector stock price using the historical simulation method and Monte Carlo simulation for the period 2020-2023. The data used is secondary data sourced from www.yahoo.finance.com which are companies whose stocks are listed on the Indonesia Stock Exchange (IDX) and included in the Indonesia Stock Exchange (IDX). Sampling was carried out by taking 5 bank companies, namely Bank Umum Koperasi Indonesia (BBKB), Bank Pembangunan Daerah Jawa Barat dan Banten (BJBR), Bank MEGA (MEGA), Bank Syariah Indonesia (BRIS), dan Bank CIMB Niaga (BNGA). From the results of the Value at Risk (VaR) value analysis using the historical simulation method and the Monte Carlo simulation method, it is obtained that the company that has the highest VaR risk level is Bank Syariah Indonesia (BRIS).]]>
<![CDATA[OPTIMIZATION OF PORTFOLIO PERFORMANCE ON THE JAKARTA ISLAM INDEX (JII) STOCK IN DECEMBER 2023 – MAY 204 USING THE MARKOWITZ MODEL ]]>
<![CDATA[Rohman, Aletta Divna Valensia]]>;
<![CDATA[Fatimah, Siti]]>
<![CDATA[ International Journal of Global Operations Research Vol. 5 No. 3 (2024): International Journal of Global Operations Research (IJGOR), August 2024 ]]>
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DOI: 10.47194/ijgor.v5i3.322
<![CDATA[This research aims to optimize the performance of a stock investment portfolio on the Jakarta Islamic Index (JII) during the period from December 2023 to May 2024, using the Markowitz model. This model minimizes portfolio risk by considering expected returns and covariance between stocks. Historical data on stock returns in the JII during the research period will be used to calculate expected returns and covariance. Furthermore, the Markowitz model will be used to determine the optimal investment proportion for each stock in the portfolio. The results of this research are expected to provide information to JII stock investors about the optimal combination of stocks to achieve maximum returns with controlled risk.]]>
