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"Penurunan harga batubara dan volume penjualan yang disebabkan karena kondisi ekonomi global yang tidak stabil membuat perusahaan pertambangan batubara terancam. Oleh karena itu analisis sensitivitas terhadap perubahan harga dan volume penjualan batubara dengan membuat proyeksi keuangan dalam lima tahun mendatang berguna untuk mengetahui langkah apa yang harus dilakukan di masa depan. penelitian ini meneliti tentang kondisi lima perusahaan pertambangan batubara seperti ADRO, BUMI, DOID, INDY dan BRAU dalam lima tahun mendatang dengan melihat perubahan harga, volume penjualan serta biaya. Hasil penelitian menunjukan bahwa jika harga batubara tetap dalam lima tahun mendatang dan biaya penjualan meningkat 0,5 maka BUMI, DOID dan BRAU tidak mampu bertahan dengan menghasilkan ROA minus. Sedangkan ADRO dan INDY mampu bertahan walaupun ROA semakin mengecil. Jika harga batubara menurun 2 dan biaya penjualan meningkat 0,5 maka BUMI, DOID, INDY dan BRAU tidak mampu bertahan dengan menghasilkan ROA minus sedangkan ADRO mampu bertahan walaupun ROA yang dihasilkan mengecil. Jika harga batubara menurun 15 dan biaya penjualan meningkat 0,5 maka BUMI, DOID, INDY, BRAU dan ADRO tidak mampu bertahan. Jika volume penjualan meningkat 6 dan biaya penjualan meningkat 0,5 maka BUMI, DOID, INDY, BRAU dan ADRO mampu bertahan. Jika volume penjualan tetap dan biaya penjualan meningkat 0,5 maka BUMI, DOID, BRAU tidak dapat bertahan dengan menghasilkan ROA minus sedangkan ADRO dan INDY mampu bertahan walaupun menghasilkan ROA semakin mengecil. Jika volume penjualan menurun 10 dan biaya penjualan meningkat 0,5 maka BUMI, DOID, INDY, BRAU dan ADRO tidak mampu bertahan.

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The decline of coal prices and sales volume due to the global economic conditions are unstable making coal mining company threatened. therefore, a sensitivity analysis toward coal price and sales volume changes to make financial projections for the five years is useful to know what to do should be done in the future. This study examines the condition of five coal mining companies such as ADRO, BUMI, DOID, INDY and BRAU for next five years to see the changes in price, volume and cost of coal sales. The results showed that if coal price consist in the next five years and the cost of sales increase 0,5 , So BUMI, DOID and BRAU can 39 t to survive by generate ROA minus. And then ADRO and INDY able to survive despite the ROA has decrease. If coal price decrease 2 and the cost of sales increase 0,5 , So BUMI, DOID, INDY and BRAU can 39 t survive by generate ROA minus. And then ADRO still able to survive despite ROA decrease. If coal price decrease 15 and the cost of sales increase 0,5 , So BUMI, DOID, INDY, BRAU and ADRO can 39 t survive. If sales of volume increase 6 and the cost of sales increase 0,5 , So BUMI, DOID, INDY, BRAU and ADRO able to survive. If sales of volume consist and the cost of sale increase 0,5 , So BUMI, DOID, BRAU can 39 t survive by generate ROA minus. And then ADRO and INDY able to survive. If sales of volume decrease 10 and the cost of sales increase 0,5 , So BUMI, DOID, INDY, BRAU and ADRO can 39 t survive."

"[ABSTRAKLahirnya harga patokan batubara (HPB) merupakan sebuah kebijakan yang penting dalam rangka menata kembali manfaat yang optimal dalam pengelolaan batubara di Indonesia. Indonesia memiliki sumberdaya dan cadangan yang cukup besar, yaitu cadangan saat ini sekitar 41 miliar ton. Sedangkan produksi tahun lalu sudah mencapai sekitar 450 juta ton sehingga telah menjadi negara pengekspor batubara no.1 di dunia. Oleh karena itu HPB merupakan sebuah kebijakan yang diharapkan dapat menguntungkan beberapa pihak. Pihak pelaku baik produsen dan konsumen telah memiliki alat bantu yang cukup jelas dalam penentuan harga batubara baik untuk harga spot atau kontrak. Sedangkan bagi pemerintah, tentu saja salah satu pusat perhatiannya adalah ketentuan harga untuk penetapan penerimaan negara semakin jelas dan transparan. Oleh karena itu penelitian ini perlu dilakukan untuk mengkaji keefektifan perhitungan harga patok batubara yang telah ditetapkan oleh Kementrian ESDM melalui Peraturan Direktur Jenderal Mineral dan Batubara.Selain itu penelitian ini dilakukan guna memberikan manfaat terhadap perusahaan tambang batubara untuk bagaimana melakukan aktivitas kegiatannya agar dapat tetap bertahan di dalam menghadapi dan mengantisipasi perubahan harga batubara yang fluktuatif dan semakin cenderung menurun. Penelitian ini menggunakan data amatan perusahaan energi yang beroperasi di salah satu area tambang di Indonesia. Penelitian ini diharapkan dapat menghasilkan suatu model perhitungan untuk menentukan keefektifan dan kelayakan keekonomiannya dalam usaha pertambangan batubara. Model perhitungan dan analisa dalam penelitian ini juga bertujuan memberikan gambaran pengaruh penetapan harga jual batubara terhadap eksistensi perusahaan tambang batubara pemegang IUP atau PKP2B sumberdaya alam batubara di wilayah Indonesia pada khususnya.

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ABSTRACTThe emergence of reference price (HPB) is an important policy in order to reorganize the optimum benefit in the management of coal in Indonesia. Indonesia has the resources and reserves are large enough, the current reserves of about 41 billion tons. While last year's production has reached about 450 million tons that has become the no.1 coal exporting country in the world. Therefore HPB is a policy that is expected to benefit some parties. The offender both producers and consumers have had a fairly clear tools in determining the price of coal is good for spot prices or contracts. As for the government, of course, one of the central concern is the conditions for the establishment of state revenues increasingly clear and transparent. Therefore this research should be conducted to assess the effectiveness of stakes coal price calculation set by the Ministry of Energy through the Director General of Mineral and Coal.In addition, research is conducted for the benefit of the coal mining companies to how to perform their activities in order to survive in the face and anticipate changes in coal price fluctuations and increasingly cenderun decreased. This study uses data observations energy company that operates in one area of ​​the mine in Indonesia. This research is expected to produce a model of computation to determine the effectiveness and economical feasibility in the coal mining business. Model calculations and analysis in this study also aims to provide an overview influence setting the selling price of coal on the existence of a coal mining company IUP holder or PKP2B natural resources of coal in Indonesia in particular. ;he emergence of reference price (HPB) is an important policy in order to reorganize the optimum benefit in the management of coal in Indonesia. Indonesia has the resources and reserves are large enough, the current reserves of about 41 billion tons. While last year's production has reached about 450 million tons that has become the no.1 coal exporting country in the world. Therefore HPB is a policy that is expected to benefit some parties. The offender both producers and consumers have had a fairly clear tools in determining the price of coal is good for spot prices or contracts. As for the government, of course, one of the central concern is the conditions for the establishment of state revenues increasingly clear and transparent. Therefore this research should be conducted to assess the effectiveness of stakes coal price calculation set by the Ministry of Energy through the Director General of Mineral and Coal.In addition, research is conducted for the benefit of the coal mining companies to how to perform their activities in order to survive in the face and anticipate changes in coal price fluctuations and increasingly cenderun decreased. This study uses data observations energy company that operates in one area of ​​the mine in Indonesia. This research is expected to produce a model of computation to determine the effectiveness and economical feasibility in the coal mining business. Model calculations and analysis in this study also aims to provide an overview influence setting the selling price of coal on the existence of a coal mining company IUP holder or PKP2B natural resources of coal in Indonesia in particular. , he emergence of reference price (HPB) is an important policy in order to reorganize the optimum benefit in the management of coal in Indonesia. Indonesia has the resources and reserves are large enough, the current reserves of about 41 billion tons. While last year's production has reached about 450 million tons that has become the no.1 coal exporting country in the world. Therefore HPB is a policy that is expected to benefit some parties. The offender both producers and consumers have had a fairly clear tools in determining the price of coal is good for spot prices or contracts. As for the government, of course, one of the central concern is the conditions for the establishment of state revenues increasingly clear and transparent. Therefore this research should be conducted to assess the effectiveness of stakes coal price calculation set by the Ministry of Energy through the Director General of Mineral and Coal.In addition, research is conducted for the benefit of the coal mining companies to how to perform their activities in order to survive in the face and anticipate changes in coal price fluctuations and increasingly cenderun decreased. This study uses data observations energy company that operates in one area of ​​the mine in Indonesia. This research is expected to produce a model of computation to determine the effectiveness and economical feasibility in the coal mining business. Model calculations and analysis in this study also aims to provide an overview influence setting the selling price of coal on the existence of a coal mining company IUP holder or PKP2B natural resources of coal in Indonesia in particular. ]"

"Persaingan yang semakin kuat mengharuskan perusahaan untuk meningkatkan competitiveness. Competitiveness merupakan hal penting dalam persaingan. Melalui penilaian competitiveness, perusahaan dapat mengetahui penilaian pada kemampuan operasional dan manajemen perusahaan, menganalisis kelebihan, kekurangan, dan posisi kompetitif perusahaan dalam industri. Penelitian ini membahas mengenai penilaian competitiveness pada perusahaan AM dengan menggunakan metode factor analysis dan metode cluster analysis, untuk mengetahui main competitor dan cluster dimana perusahaan dapat bersaing. Terdapat 13 variabel yang di ambil dari annual report perusahaan sebagai indikator penilaian competitiveness. Data yang digunakan adalah data annual report tahun 2009 - 2012 dari 28 perusahaan dalam industri pertambangan di Indonesia. Hasil penelitian menunjukan bahwa perusahaan AM berada pada cluster moderate capital and moderate competition. Main competitor dari perusahaan AM adalah perusahaan TINS. Prioritas faktor yang harus diperhatikan perusahaan AM untuk meningkatkan competitiveness yaitu business efficiency, company size, dan company sustainability.

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In recent years mining industry is becoming more competitive that makes company improves its competitiveness. Competitiveness is one of the important things in competition. Through competitiveness assesment is to make value judgments on company’s operations and ability of management, additionally, analyze the company realtive competitive strengths, weakness, and competitive position in the industry. This research will explain about competitiveness assesment in AM company by using the method of factor analysis and cluster analysis, to figure out its specific position also its competitor. Research data was obtained from annual report since 2009 to 2012 of 28 mining companies in Indonesia. 13 variables were examined for competitiveness assesment based on study literature and expert rating. Factor analysis and cluster analysis shows that AM company is part of moderate capital and moderate competition cluster and its main competitor are TINS company. Further review in analysis indicates the important factors to improve competitiveness are business efficiency, company size, and company sustainability."

"Penelitian ini membahas effective tax rate dan book-tax differences atas perusahaan pertambangan batubara yang terdaftar di Bursa Efek Indonesia. Sampel penelitian berjumlah 15 perusahaan yang telah terdaftar di BEI pada akhir tahun 2012. Dalam peneltian ini dibahas ketentuan khusus perpajakan (policy) sektor pertambangan batubara dan dampaknya terhadap beban pajak perusahaan yang diproksikan melalui ETR. Selain itu, diteliti pula hubungan ukuran perusahaan (size), leverage dan capital intencity terhadap beban pajak perusahaan. Setelah itu, dilakukan analisis terhadap book-tax differences yang terjadi pada perusahaan-perusahaan sampel untuk menemukan adanya indikasi agressive tax planning.Hasil penelitian menemukan faktor policy sangat mempengaruhi beban pajak dalam sektor usaha pertambangan batubara. Faktor size memiliki hubungan positif dengan ETR pada perusahaan yang memiliki policy yang sama. Leverage dan capital intensity memiliki hubungan negatif dengan ETR. Sementara, analisis terhadap book-tax differences menemukan adanya indikasi aktivitas agressive tax planning yang dilakukan oleh BUMI pada periode 2007-2008.

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This research focuses on the effective tax rate dan book-tax differences of coal mining company listed in Indonesia Stock Exchange. Sample consisted of 15 company listed in Indonesia Stock Exchange on the end of 2012. This research discuss about policy in coal mining sector and its impact on tax burden proxied by ETR. Besides that, size, leverage and capital intensity also being researched. After that, book-tax differences also being analyze to discover any indication of agressive tax planning conducted by sample company.

The result shows that policy play an important role in affecting company?s tax burden. Size have positive corelation with company?s ETR in the same policy, while leverage dan capital intensity have negative corelation with ETR. Meanwhile, analysis on book-tax differences discover an indication of agressive tax planning conducted by BUMI in 2007-2008."

"Konteks reformasi regulasi secara tepat menjadi penting untuk menunjang agendareformasi birokrasi di Indonesia. Eksistensi regulasi di Indonesia saat ini tidak terlepasdari isu tumpang tindih yang tidak menjamin kepastian hukum terutama di sektorpertambangan, mineral, dan batu bara. Adapun hal ini dapat dibenahi melalui strategireformasi regulasi sebagai upaya dalam mencapai tujuan nasional. Maka dari itu, skripsiini bertujuan untuk menganalisis regulatory reform pada sektor pertambangan, mineraldan batubara di Indonesia menggunakan konsep Modern Mining Code yangdikembangkan oleh Nguyen, Boruff & Tonts (2019). Penelitian ini menggunakanparadigma post-positivist dengan teknik pengumpulan data yang dilakukan melaluiwawancara mendalam dan studi kepustakaan. Temuan penelitian menunjukkan bahwaregulatory reform pada sektor pertambangan, mineral, dan batubara telah memberikanbeberapa manfaat mengenai kepastian investasi, hukum, dan simplifikasi permasalahanyang ada sebelumnya. Hasil penelitian menunjukkan hanya terdapat 5 indikator yangtidak sesuai dengan regulatory reform perspektif modern mining code yaitu Foreignexchange access, Elimination of political pressure, Arbitration of impacts on localpeoples, Address indigenous issues, dan Stipulate rights of regulatory authority,sedangkan 24 indikator sisanya dari 10 dimensi yang ada pada teori Modern Mining codesudah sesuai dan terakomodir pada upaya regulatory reform sektor mineral dan batubara.

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The proper context of regulatory reform is important to support the bureaucratic reform

agenda in Indonesia. The existence of regulations in Indonesia today is inseparable from

overlapping issues that do not guarantee legal certainty, especially in the mining, mineral,

and coal sectors. This can be addressed through a regulatory reform strategy as an effort

to achieve national goals. Therefore, this thesis aims to analyze regulatory reform in the

mining, mineral, and coal sector in Indonesia using the Modern Mining Code concept

developed by Nguyen, Boruff & Tonts (2019). This study uses a post-positivist paradigm

with data collection techniques carried out through in-depth interviews and literature

study. Research findings indicate that regulatory reform in the mining, mineral, and coal

sectors has provided several benefits regarding investment certainty, law, and

simplification of previous problems. The research results show that there are only 5

indicators that are not by regulatory reform from the perspective of modern mining code,

namely Foreign exchange access, Elimination of political pressure, Arbitration of impacts

on local peoples, Address indigenous issues, and Stipulate rights of regulatory authority,

while the remaining 24 indicators are from The 10 dimensions in the Modern Mining

code theory are appropriate and accommodated in the regulatory reform efforts of the

mineral and coal sector."

"Manajemen risiko merupakan proses mengelola risiko agar organisasi dapat mencapai tujuan. Dibutuhkan pondasi yang kuat tentang konsep manajemen risiko sebelum menerapkannya. Penelitian ini akan menganalisis manajemen risiko keselamatan pertambangan di PT HPU site PDU, DMI, KMO, dan MGA berdasarkan Sistem Manajemen Keselamatan Pertambangan Mineral dan Batubara. Penelitian dilakukan dengan wawancara mendalam dan telaah dokumen. Wawancara mendalam dilakukan dengan triangulasi sumber yaitu, sumber data dari pengawas tingkat Project Manager, Superintendent, dan Foreman. Hasil wawancara dilakukan analisis konten dan dibandingkan dengan dokumen PT HPU berdasarkan SMKP Minerba dilengkapi referensi lain tentang standar manjemen risiko (ISO 31000:2009, AS/NZS 4360:2004, dan ISO 45001:2018). Berdasarkan analisis konten, didapati bahwa interpretasi pengawas di PT HPU tentang manajemen risiko belum sepenuhnya sesuai dengan standar manajemen risiko karena prosedur perusahaan belum mengakomodir seluruh proses manajemen risiko. Oleh karena itu perlu adanya penyusunan prosedur tentang manajemen risiko yang terintegrasi dengan sistem manajemen keselamatan pertambangan perusahaan dan dipahami oleh setiap lini manajemen.

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Risk management is a process of managing risk so the organization can achieve its goals. A strong fundamental is necessary for understanding the concept of risk management before it is implemented. This study will analyze mining safety risk management at PT HPU site PDU, DMI, KMO, and MGA based on the Mineral and Coal Mine Safety Management System (SMKP Minerba). The study was conducted by in-depth interviews and document review. In-depth interviews were conducted with data source triangulation, namely, the supervisors from three level: Project Manager, Superintendent, and Foreman.

The results of the interviews were analyzed by its content and compared to PT HPU documents based on Mineral and Coal Mining Safety Management System (SMKP Minerba) and also other risk management standards (ISO 31000: 2009, AS / NZS 4360: 2004, and ISO 45001: 2018) for additional reference. Based on content analysis, it was found that the supervisor's interpretation of PT HPU regarding risk management was not fully in accordance with risk management standards since the company's procedures had not accommodated the entire risk management process. Therefore, it is necessary to formulate procedures for risk management that are integrated with the company's mining safety management system and understood by each line of management."

"Industri pertambangan batubara adalah jenis industri yang membutuhkan modal besar dan memiliki risiko tinggi, sehingga penting untuk memperhatikan keberlangsungan pengusahaan sektor ini terutama dalam sarana permodalan usaha. Salah satu cara mendapatkan permodalan bagi keberlangsungan perusahaan tambang batu bara adalah melalui pasar modal. Minat investor untuk menanamkan modalnya di sektor tambang batu bara sangat ditentukan naik turunya harga saham sektor tambang batu bara. Penelitian ini bertujuan menganalisis pengaruh harga batubara terhadap harga saham sektor pertambangan batubara. Dengan menggunakan data sekunder runtun waktu dari periode Januari 2012 hingga Desember 2022 dan menerapkan metode Vector Error Correction Model (VECM),  penelitian ini menunjukkan bahwa harga batubara berpengaruh positif signifikan terhadap Harga Saham Sektor Pertambangan Batubara di Indonesia.  Lebih lanjut, penelitian ini juga menunjukkan bahwa pengaruh harga batubara memberikan kontribusi terbesar terhadap Harga Saham Sektor Pertambangan Batubara yaitu sebesar 27,56%. Sementara kontribusi pengaruh suku bunga, kurs, dan inflasi terhadap harga saham masing-masing adalah sebesar 22,09%, 21,65%, dan 17,97%.

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Coal mining is a type of industry that requires huge capital and carries high risks, so it is essential to pay attention to the sustainability of this sector, particularly the business capital. One way to obtain funding capital for the sustainability of coal mining companies is through the capital market. The ups and downs of stock prices determine the interest of investors in the coal mining sector. This study aims to analyze the effect of coal prices on stock prices in this sector. By using secondary data from January 2012 until December 2022 and applying the Vector Error Correction Model (VECM) method, this study shows that coal price has a significant positive correlation to stock prices for the coal mining sector in Indonesia. Furthermore, this study also shows that the effect of coal prices makes the largest contribution to the stock price of the coal mining sector, which is equal to 27.56%. Meanwhile, the contributions of interest rates, exchange rates, and inflation on stock prices were 22.09%, 21.65%, and 17.97%, respectively."

"Skripsi ini membahas perkembangan dan pengaruh pertambangan batubara Ombilin di Sawahlunto sebagai salah satu usaha pemerintah Orde Baru untuk memperkuat ketahanan energi dalam negeri selama tahun 1981-1990. Skripsi ini bertujuan untuk melengkapi kajian sejarah pertambangan di Indonesia. Penelitian ini adalah penelitian kualitatif dengan menggunakan metode sejarah. Hasil penelitian ini menyimpulkan bahwa Tambang Batubara Ombilin (TBO) pada masa kolonial Belanda, 1891-1941, merupakan penghasil energi primer di Hindia Belanda, namun selama kurun waktu 1942-1973 TBO tidak terlalu berperan karena adanya peralihan teknologi yang tidak lagi menggunakan mesin uap.TBO mulai berperan sebagai sumber energi di Indonesia ketika pemerintah Orde Baru mengeluarkan rangkaian kebijakan energi tahun 1981-1990.

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Ombilin Coal Mining, Sawahlunto: The Effort of Strenghtenning Energy Sustainability in Indonesia 1981-1990. The focus of this study is development and influence of Ombilin Coal Mining (OCM) in Sawahlunto as one of New Order government?s effort in strenghtenning domestic energy sustainability for 1981-1990. The purpose of this study is completing historiography of mining in Indonesia. This research is qualitative descriptive that uses mehodology of history. This study concluded that OCM in colonial era, 1891-1941, was primary energy sources for Nederlandsche Indies, meanwhile for 1942-1973 OCM was not taking important role since the transistion of techonology. OCM started taking primary role when New Orde Government made the energy policies in 1981-1990."

"ABSTRAKWacana untuk menaikkan tarif royalti batubara untuk pemegang IUP kembali mengemuka seiring dengan peningkatan harga batubara. Kenaikan tariff royalty akan secara langsung meningkatkan PNBP yang berasal dari iuran produksi batubara. Di lain pihak, peningkatan kewajiban royalty yang harus disetor oleh perusahaan pemegang IUP batubara akan menurunkan kinerja keuangan perusahaan. Penelitian ini bertujuan untuk membangun suatu model yang dapat menggambarkan pengaruh tarif royalti batubara terhadap PNBP dan kinerja keuangan perusahaan pemegang IUP batubara. Model yang dibangun dengan pendekatan sistem dinamis dan mensimulasikan variable-variabel yang berpengaruh terhadap besaran royalty yang disetor dan kinerja keuangan perusahaan. Hasil model menunjukkan bahwa peningkatan tarif royalti menjadi 4 untuk batubara low CV, 5 untuk batubara medium CV dan 8 untuk batubara high CV meningkatkan penerimaan PNBP sebesar 20 sedangkan laba perusahaan menurun 9 dibanding pengenaan tariff royalti yang berlaku saat ini. Peningkatan tarif ini lebih baik dibanding dengan skenario pengenaan tambahan royalty apabila terjadi kenaikan harga batubara wind fall sharing

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ABSTRACTThe discourse to raise the coal royalty rate for IUP holders again surfaced in line with the increase in coal prices. The increase in tariff royalty will directly increase the non tax revenues from coal production contribution. On the other hand, the increase in the obligation of royalty to be paid by coal holders will decrease the company 39 s financial performance. This study aims to build a model that can illustrate the effect of coal royalty rates on non tax revenues and financial performance of coal holders. Model built with dynamic system approach and simulate the variables that affect the amount of paid royalty and financial performance of the company. The model results show that royalty rates increase to 4 for low CV coal, 5 for medium CV coal and 8 for high CV coal increases PNBP revenues by 20 while profit decreases 9 compared to current royalty tariff. This increase in tariffs is better than the royalty imposition scenario in case of rising coal price wind fall sharing "

"Penelitian ini dilakukan untuk menganalisis opportunity cost bagi pihak eksternal perusahaan selama tahun 2010-2021 dari pelaksanaan proyek pemindahan jalan nasional akibat perluasan area pertambangan perusahaan batubara. Indikatorindikator yang digunakan untuk menilai kelayakan poryek adalah aggregate benefit cost ratio, benefit cost ratio, margin of aggregate benefit cost, margin of benefit cost, present value of aggregate net benefit (PVANB), dan present value of net benefit (PVNB). Simulasi Monte Carlo digunakan untuk menganalisis dampak ketidakpastian berbagai variabel input terhadap variabel indikator dalam analisis ini. Dari hasil simulasi, didapat bahwa nilai rata-rata distribusi data untuk variabel-variabel indikator opportunity cost selalu menunjukkan nilai positif. Tingkat kepastian kelayakan semua variabel indikator tersebut selalu lebih dari 50%. Nilai rata-rata distribusi hasil simulasi variabel PVANB adalah $1.787.926.660 dan PVNB adalah $3.505.232.320. Melalui nilai-nilai indikator tersebut, dapat disimpulkan bahwa proyek pemindahan jalan nasional ini layak untuk dilaksanakan.

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The aim of this research is to analyze the opportunity cost for external parties of the company from 2010 to 2021 from the national road relocation project for coal mining company area expansion. Indicators used to analyze the project feasibility are aggregate benefit cost ratio, benefit cost ratio, margin of aggregate benefit cost, margin of benefit cost, present value of aggregate net benefit (PVANB), and present value of net benefit (PVNB). Monte Carlo simulation is used to analyze the impact of input variables' uncertainty toward the indicator variables in this analysis.

From the result of simulation, distribution mean of opportuniti cost's indicator variables always show large positive values. Feasibility certainty level also indicates values more than 50%. Distribution mean of PVANB is $1.787.926.660, and PVNB distribution mean is $3.505.232.320. Based on those indicators, it can be concluded that the project is feasible to be implemented."