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Program Magister
SIPIL - MK
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Bagian Isi
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Studi Kasus Evaluasi Proyek
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Evaluasi Ekonomi Proyek
Pada bagian ini terkait studi kasus evaluasi proyek perlu diperhatikan
tahapan atau langkah evaluasi ekonomi proyek sbb :
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Case 1.
Using i = 20%, we can compute NPV for x = 1, 2, 3, and 4 from Eq. (6.5). Then, the acceptability of each
project can be determined from Eq. (6.6). Thus,
[NPV1]20% = -77 + (235)(P|F, 20%, 5) = -77 + 94.4 = 17.4
[NPV2]20% = -75.3 + (28)(P|U, 20%, 5) = -75.3 + 83.7 = 8.4
[NPV3]20% = -39.9 + (28)(P|U, 20%, 4) - (80)(P|F, 20%, 5)
= -39.9 + 72.5 - 32.2 = 0.4
[NPV4]20% = 18 + (10)(P|F, 20%, 1) - (40)(P|F, 20%, 2)
- (60)(P|F, 20%, 3) + (30)(P|F, 20%, 4) + (50)(P|F, 20%, 5)
= 18 + 8.3 - 27.8 - 34.7 + 14.5 + 20.1 = -1.6
Hence, the first three independent projects are acceptable, but the last project should be rejected.
It is interesting to note that if the four projects are mutually exclusive, the net present value method
can still be used to evaluate the projects and, according to Eq. (6.7), the project (x = 1) which has the
highest positive NPV should be selected. The use of the net equivalent uniform annual value or the net
future value method will lead to the same conclusion. However, the project with the highest benefit-
cost ratio is not necessarily the best choice among a group of mutually exclusive alternatives.
Furthermore, the conventional internal rate of return method cannot be used to make a meaningful
evaluation of these projects as the IRR for both x=1 and x=2 are found to be 25% while multiple values
of IRR exist for both the x=3 and x=4 alternatives.
Case 2.
In this case, the before-tax cash flow At in terms of constant dollars at base year 0 is inflated at j =
5% to then-current dollars A't for the computation of the taxable income (A't - Dt) and income
taxes. The resulting after-tax flow Y't in terms of then-current dollars is converted back to
constant dollars. That is, for Xt = 34% and Dt = $10,000. The annual depreciation charges Dt are
not inflated to current dollars in conformity with the practice recommended by the U.S. Internal
Revenue Service. Thus:
The detailed computation of the after-tax cash flow is recorded in Table 6-3. The net present
value discounted at 8% excluding inflation is obtained by substituting Yt for At in Eq.
Hence,
[NPV]8%) = -55,000 + (13,138)(P|F, 8%, 1) + (12,985)(P|F, 8%, 2) + (12,837)(P|F, 8%, 3)
+ (12,697)(P|F, 8%, 4) + (12,564 + 5,000)(P|F, 8%, 5) = -$227
With 5% inflation, the investment is no longer worthwhile because the value of the depreciation
tax deduction is not increased to match the inflation rate.
Case 3.
B C
k - 10 M
4 11,50
6 13,23
5 (4+0,6+..+6+0,9+5) 15,21
Pustaka
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