Fighting Uncertainty with Uncertainty: Time Value of Knowledge and the Net Present Value (NPV) of Knowledge Machines

2017 ◽  
Author(s):  
Ravi Kashyap
Keyword(s):  
Net Present Value ◽  
Present Value ◽  
Value Of Knowledge ◽  
Time Value

scholarly journals The Economics of Enlightenment: Time Value of Knowledge and the Net Present Value (NPV) of Knowledge Machines, A Proposed Approach Adapted from Finance

2020 ◽  
Vol 20 (2) ◽  
Author(s):  
Ravi Kashyap
Keyword(s):  
Net Present Value ◽  
Physical World ◽  
Knowledge System ◽  
Present Value ◽  
Value Of Knowledge ◽  
Time Value ◽  
A Value ◽  
New Knowledge

AbstractWe formulate one methodology to put a value or price on knowledge using well accepted techniques from finance. We provide justifications for these finance principles based on the limitations of the physical world we live in. We start with the intuition for our method to value knowledge and then formalize this idea with a series of axioms and models. To the best of our knowledge this is the first recorded attempt to put a numerical value on knowledge. The implications of this valuation exercise, which places a high premium on any piece of knowledge, are to ensure that participants in any knowledge system are better trained to notice the knowledge available from any source. Just because someone does not see a connection does not mean that there is no connection. We need to try harder and be more open to acknowledging the smallest piece of new knowledge that might have been brought to light by anyone from anywhere about anything.

Nilai Waktu Dari Uang Dalam Perspektif Ekonomi Islam

2016 ◽  
Vol 1 (1) ◽  
pp. 71-84
Author(s):  
Misbahul Khoir
Keyword(s):  
Net Present Value ◽  
Average Rate ◽  
Rate Of Return ◽  
Value Of Time ◽  
Present Value ◽  
Time Value Of Money ◽  
Time Value ◽  
The Future ◽  
Current Value ◽  
Value Of Money

The time value of money is associated with the current value and future value because the money received now is more worth than the money received in the future. However, is the concept of time value of money is appropriate and justified by the Shari'ah? The time value of money is a concept that says that the money of the one rupiah that can be received today is more worth than one rupiah which will be received in the future time. The concept of time value of money is needed by financial managers in making decision when will invest in an asset and determine the source of loan funds that will be chosen. Methods for the time value of money pervade; a) the method of average rate of return. This method measures the level of profit gained by an investment. The disadvantage of this method is ignoring the time value of money; b) the payback period method. The method measures how fast the investment return is, the sooner the better; c) method of net present value (NPV). This method calculates quarrel between the current value of investment and the present value of net cash receipts in the future and calculates quarrel between the present value of cash outflow (investment) and cash inflow (income) per year; d) profitability index method (PI). This method calculates ratio between the present value of net cash receipts in the future and the present value of the investment; and e) the methods of internal rate of return (IRR).  If IRR > saving or profit required → decent. Islam views money as a flow concept. Money must rotate in an economy and may not be idle for too long time. Moreover, it lets for years. Islam does not recognize the method of time value of money because this method adds value to money solely with increasing time and not effort. Islam actually knows the money value of time; that is the time has economic value as well as the money value of money. Imam Nawawi provides definition related to value addition for money based solely on the value of time is the category of riba.

Der Weg zur modernen Investitionsrechnung

2010 ◽  
Vol 51 (1) ◽  
pp. 22-28 ◽  
Author(s):  
Stefan Behringer
Keyword(s):  
Net Present Value ◽  
Investment Decision ◽  
17Th Century ◽  
Separation Theorem ◽  
Present Value ◽  
Time Value Of Money ◽  
Time Value ◽  
Investment Appraisal ◽  
Value Of Money ◽  
The Way

Seitdem der Mensch wirtschaftet, triff t er Entscheidungen über Investitionen. Heute hat er dazu ein ausgereiftes Instrumentarium: Investitionen werden mit dem Kapitalwertkriterium in verschiedenen Szenarien, die mit ihren Wahrscheinlichkeiten gewichtet werden, auf Vorteilhaftigkeit geprüft. Der Weg dahin war lang: Die Zeit muss durch den Zins berücksichtigt werden. Allerdings war das kanonische Zinsverbot ein Hindernis auf dem Weg zum Kapitalwertkriterium. Erst Leibniz konnte den Weg frei machen, indem er eine logische Ableitung für die Barwertrechnung vorlegte. Um die Risiken der Investition angemessen zu berücksichtigen, braucht man Wahrscheinlichkeiten. Die französischen Philosophen Fermat und Pascal haben in einem Briefwechsel jeweils eine Lösung entwickelt, die heute in der Szenariotechnik Verwendung fi ndet. Damit die Investitionsentscheidung isoliert getroff en werden kann, bedarf es als letztem Element eines Separationstheorems, welches Irving Fisher Anfang des 20. Jahrhundert entwickelte. Today the Net Present Value rule is widely used in different scenarios, that are weighted with likelihoods to evaluate whether an investment is advantageous or not. The way to that rule has a long history, since investments are done since mankind works together in economies. Interest is needed to account for the time value of money. The canonical ban on interest was an obstacle for the development of the net present value rule, which was resolved only in an essay from Leibniz in the 17th century. The likelihoods were developed by the French philosophers Pascal and Fermat also in the 17th century. As last element of modern investment appraisal Irving Fisher developed the separation theorem, which allows making an investment decision isolated from the surroundings. Keywords: der weg zur modernen investitionsrechnung

scholarly journals Nilai Waktu Dari Uang Dalam Perspektif Ekonomi Islam

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Misbahul Khoir
Keyword(s):  
Net Present Value ◽  
Average Rate ◽  
Rate Of Return ◽  
Value Of Time ◽  
Present Value ◽  
Time Value Of Money ◽  
Time Value ◽  
The Future ◽  
Current Value ◽  
Value Of Money

The time value of money is associated with the current value and future value because the money received now is more worth than the money received in the future. However, is the concept of time value of money is appropriate and justified by the Shari'ah? The time value of money is a concept that says that the money of the one rupiah that can be received today is more worth than one rupiah which will be received in the future time. The concept of time value of money is needed by financial managers in making decision when will invest in an asset and determine the source of loan funds that will be chosen. Methods for the time value of money pervade; a) the method of average rate of return. This method measures the level of profit gained by an investment. The disadvantage of this method is ignoring the time value of money; b) the payback period method. The method measures how fast the investment return is, the sooner the better; c) method of net present value (NPV). This method calculates quarrel between the current value of investment and the present value of net cash receipts in the future and calculates quarrel between the present value of cash outflow (investment) and cash inflow (income) per year; d) profitability index method (PI). This method calculates ratio between the present value of net cash receipts in the future and the present value of the investment; and e) the methods of internal rate of return (IRR).  If IRR > saving or profit required → decent. Islam views money as a flow concept. Money must rotate in an economy and may not be idle for too long time. Moreover, it lets for years. Islam does not recognize the method of time value of money because this method adds value to money solely with increasing time and not effort. Islam actually knows the money value of time; that is the time has economic value as well as the money value of money. Imam Nawawi provides definition related to value addition for money based solely on the value of time is the category of riba. Keywords: Time value of money, Islamic economics

scholarly journals Analisis Kelayakan Investasi Pada Budidaya Karamba Jala Apung (KJA) Ikan Kerapu Di Kepulauan Karimunjawa Kabupaten Jepara

2017 ◽  
Vol 6 (2) ◽  
pp. 94 ◽  
Author(s):  
Suryono Suryono ◽  
Ria Azizah ◽  
Edi Wibowo Kushartono ◽  
Raden Ario ◽  
Gentur Handoyo
Keyword(s):  
Net Present Value ◽  
Financial Analysis ◽  
Present Value ◽  
Time Value Of Money ◽  
Discount Factors ◽  
Time Value ◽  
Investment Plan ◽  
Investment Opportunities ◽  
Value Of Money ◽  
High Chance

Kajian Investasi budidaya ikan kerapu di Karimunjawa adalah salah satu usaha guna menumbuhkan promosi investasi di wilayah studi. Kajian ini akan membuat peluang investasi menjadi lebih fokus dan tajam baik dari segi sektor maupun lokasinya, sehingga akan memudahkan investor guna merealisasikan rencana bisnisnya. Studi ini akan memberikan detail informasi kepada investor tentang peluang bisnis pada budidaya ikan kerapu yang sangat layak dilakukan sehingga dapat meningkatkan pertumbuhan ekonomi masyarakat pesisir dan wilayah kabupaten Jepara pada umumnya. Metode yang digunakan adalah metode survei. Peluang Investasi dianalisa secara deskriptif. Hasil kajian menunjukan bahwa berdasakan potensi alam, fasilitas infrastruktur produksi, nilai ekonomi serta aspek financial maka kelayakan investasi adalah sangat prospektif dan berpeluang untuk sukses. Analisis financial menunjukan bahwa investasi pada budidaya ikan kerapu di Karimunjawa adalah sangat layak untukdirealisasikan bagi investor. Budidaya ikan kerapu Tikus (Cromileptis altivelis)adalah paling prospektif, dimana nilai Net Present Value (NPV)> 0,yaitu  1,772,764,729,  dan  Profitability Index  (PI) lebih besar dari  1, yaitu 5,543291036.  Payback Periodadalah  2.82 tahun, jika tidak mempertimbangkan nilai uang (Discount Factors) dan 3.65 tahun  jika mempertimbangkan nilai uang. Sedangkan untuk budidaya ikan kerapu bebek(Ephinephelus fuscoguttatus), Net Present Value (NPV)> 0 yaitu  69,938,924, - dan Profitability Index (PI) lebih besar dari 1, yaitu 1,20558783.  (Pay Back Period) adalah  4,13tahun apabila tidak mempertimbangkan nilai uang (Discount Factor), sedangkan apabila mempertimbangkan nilai uang maka menjadi  and 4.64 tahun. Dari analisis yang dilakukan, maka dapat disimpulkan bahwa meskipun kedua spesies ikan kerapu layak investasi, tetapi ikan kerapu tikuspaling layak investasi, sedangkan ikan kerapu macansebagai produk sampingan investasi, yaitu dengan memanfaatkan sisa pakan yang tidak digunakan dalam budidaya ikan kerapu tikus, sehingga hasilnya akan dapat maksimal. Keseluruhan aspek yang dikaji menunjukan bahwa budiddaya ikan kerapu di Kepulauan Karimunjawa adalah layak investasi. The study of feasibility floating cage culture of grouper fish investment in Karimunjawa is one of the efforts for investment promotion in the studied region. This study will make the investment opportunities become more focus and sharp, both sectoral and location, so it will be easier for investors to execute their investment interest. The purpose of this study, is to provide initial information for investors about business opportunities of grouper fish farming as a very feasible investment opportunities so that can boost the economy of the region and the society of Jepara Regency. The method used in this study was survey  method, descriptive analysiswas conducted to see a of investment opportunities. Based on potential natural resources, location, infrastructure facilities, production, economy value, and financial aspect, the  results of study concluded  that the overall investment is highly prospective and has a fairly high chance to success. The financial analysis showed that investment in grouper fish cultivation in jepara regency is very feasible as a business investment for the investors. Humpback or Polka dot grouper (Cromileptis altivelis) culture is highly prospective and has a fairly high chance. This can be seen from the Net Present Value (NPV) > 0 is equal to 1,772,764,729,  and Profitability Index  (PI) value greater than 1, which is 5,543291036.  While the longer the period the funds invested will return (Payback Period) is 2.82 years if the without considering the time value of money (Discount Factors) and 3.65 years when considering the time value of money. Whereas,  for Brown marbled grouper (Ephinephelus fuscoguttatus), the Net Present Value (NPV) > 0 is equal to  69,938,924, - and Profitability Index (PI) greater than 1, which is 1,20558783. While the longer  period the funds invested will return (Pay Back Period) are 4,13 year if without considering the time value of money (Discount Factors) and 4.64 years when considering the time value of money. From the analysis it can be concluded that all these choices on the investment plan is feasible to run and prospective advantageous. While the best option is an investment plan on investments Humback or Polka Dot grouper (Cromileptis altivelis) cultivation, Brown marbled grouper (Ephinephelus fuscoguttatus) culture whereas it is only a sideline activity and only utilize food wastes are left, so the whole will be able to deliver optimal results in grouper culture.All examined aspects of Grouper cultivation in karimunjawa  gave results that investment activity  is able to be executed. The financial analysis shows that investment in grouper fish cultivation in jepara regency is very feasible to be a business investment for the investors.

ANALISIS KELAYAKAN FINANSIAL INDUSTRI PENGOLAHAN KECAP ANEKA GUNA DI KOTA LANGSA

2017 ◽  
Vol 2 (1) ◽  
pp. 21-30
Author(s):  
Muhammad Jamil ◽  
Januari Frizki Bella
Keyword(s):  
Net Present Value ◽  
Rate Of Return ◽  
Internal Rate Of Return ◽  
Present Value ◽  
Internal Rate

Adapun tujuan dari Penelitian ini adalah untuk mengetahui kelayakan usaha industri pengolahan kecap Aneka Guna apabila dilihat dari segi kelayakan finansial. Penelitian ini menggunakan metode studi kasus. Lokasi penelitian yaitu di Kota Langsa dengan pertimbangan bahwa lokasi tersebut merupakan daerah yang terdapat industri pengolahan kecap asin dan mudah di jangkau oleh penulis. Waktu penelitian dilaksanakan pada Bulan Juni - Oktober 2014. Tenaga kerja yang digunakan berjumlah 27 orang, 20 tenaga kerja pria dan 7 orang tenaga kerja wanita. Jumlah penggunaan tenaga kerja selama 5 tahun sebesar 3759 HKP. Total biaya produksi yang dikeluarkan oleh pengusaha dalam usaha pembuatan kecap didaerah penelitian selama 5 tahun adalah Rp. 2.076.988.000,-. Pendapatan kotor yang diperoleh pengusaha sebesar Rp. 8.199.690.000,- dan pendapan bersih yang diperoleh sebesar Rp. 6.122.702.000,-                 Kota Langsa hanya memiliki 1 pengusaha pengolahan kecap asin dan dijadikan sebagai pengusaha sampel yaitu usaha industri pengolahan kecap asin Aneka Guna. Hasil perhitungan di peroleh Net Present Value (NPV) sebesar Rp. 263.281.290 (lebih besar dari nol), sedangkan Internal Rate of Return (IRR) sebesar 84% lebih besar dari tingkat bunga yang berlaku (D.F. = 18%), sedangkan Net B/C Ratio sebesar 3,27 (lebih dari pada 1) dan Pay Back Priod (PBP) 1 Tahun 6 Bulan (lebih kecil dari umur ekonomis).  

UNIFICATION OF STANDS SELECTION FOR FINAL FELLING IN STRATEGIC AND TACTICAL PLANNING

2015 ◽  
Author(s):  
Ainārs GRĪNVALDS
Keyword(s):  
Strategic Planning ◽  
Net Present Value ◽  
Strategic Plan ◽  
Regression Function ◽  
Tactical Planning ◽  
Present Value ◽  
Black Alder ◽  
Value Maximization ◽  
Annual Changes ◽  
Selection For

The stand selection for cutting in tactical planning should be done according to the same principles like in strategic planning – to maximize net present value. The simple way of how to transfer the net present value maximization principle from strategic planning to tactical planning was created in Sweden. The method is based on annual changes in the net present value by postponing final felling. Forest inventory data and forestry modelling system was used for calculation of changes in net present value for pine, spruce, birch, aspen and black alder stands. And changes in net present value were described by regression function with factors from stand parameters. The regression function allows calculating annual changes in net present value for each stand. And stands with higher decrease in net present value have higher cutting priority. Stands selected for the final felling in strategic plan were compared with the stands selected in tactical plan with two methods, first, by using annual changes in the net present value, second, by traditional planning principles. Stands selected by annual changes in the net present value were similar to stands that were selected for cutting in strategic plan, but stands selected by traditional planning principles – not.

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