The Effect of Financial Knowledge and life style on Personal Finance Management of Students of Tertiary institutions in Anambra state, Nigeria

Students in tertiary institutions involve in daily use of finance for daily consumption budget. Consumptive and instant lifestyle frequently makes them spend their money for non important needs. Therefore, students need to know and apply personal financial management to be able to smartly manage their finances. The researchers carried out this research to investigate the effect of financial knowledge and life style of tertiary institutions students in Anambra state, Nigeria on personal financial management. The population of the study is 784 which is the total number of third year and final year students of accountancy departments in faculty of management sciences in three different public tertiary institutions in the state. The sample size of 264 was gotten through the sloven’s formula, data was collected through a well structured questionnaire. Data were analyzed using multiple linear Regression Analysis through SPSS version 23, The results of the study on the t test, showed that financial knowledge, and lifestyle had a positive and significant effect on personal financial management in students and from results of the F test, financial behavior and lifestyle jointly have an influence on personal financial management in students of public tertiary institutions in Anambra state Nigeria.

Applying Decision Analysis to Redefine Software as a Service (SAAS) Product Development: A Case of Supply Chain Management Software in a Startup Company

This study investigates the urgent need for effective decision analysis in developing supply chain management software for a startup in Indonesia’s rapidly evolving technological landscape. Given Indonesia’s aim to leverage technology for economic growth and the significant role of MSMEs, addressing the challenges these businesses face in adopting digital solutions is crucial. MSMEs contribute 61% of Indonesia’s GDP and employ 97% of the workforce, yet only a small fraction has embraced digital technologies.The research employs a mixed-method approach, combining qualitative and quantitative analyses to comprehensively understand the company’s market position and customer needs. Secondary data, including Five’s Porter Force and ideal customer profile, and primary data are used for the SMART analysis. This comprehensive analysis provides a detailed view of the business environment and customer needs. By analyzing these factors, the company aims to develop a scalable product that addresses the specific needs of SMEs in Indonesia, focusing on efficient supply chain management software and seamless system integration. The findings underscore the importance of a structured approach to product development, using frameworks like SMART to prioritize features based on customer preferences and business goals. The study recommends strategies for the company to navigate the competitive landscape, enhance its technological offerings, and priority in development. To sum up, this research aims to change the priority of supply chain management software from project-based to a software-as-a-service solution. According to the simple multi-attribute rating technique (SMART) calculation, inventory management became the top priority, ahead of order management, point of sales, and warehouse management.

Evaluating Change Management Implementation in Business Transformation of Pelita Air

Indonesia as the archipelago country with 17,000 islands creates an air transportation system that becomes the most effective and suitable transportation to transport people and goods domestically among other transportation. Indonesia, also known as the world’s fourth most populous country which generates air transportation serve large market for society needs across Indonesia. In order to maximize these opportunities, Pelita Air as the airline company developing action and innovation to serve society needs by transporting people and goods in the unique geography and accessibility challenges of Indonsia. Pelita Air as one of the subsidiary companies of Pertamina Group which established in 1963 start to support internal air transportation for Pertamina oil and gas exploration business. In order to develop its business portfolio and thrive, Pelita Air expanded business and took some opportunities by creating several change managements of business transformation into a commercial air charter operator, regular flight business, aircraft maintenance, airport operator and also training center. In order to achieve a continuous improvement in change management execution especially for the recent regular flight implementation in 2022, the evaluation of change management of regular flight implementation should be conducted in Pelita Air.

The method of this research form uses qualitative research with analytical technique using the John Kotter 8 step change model and DICE score framework to analyze and evaluate the change management strategy that was implemented by Pelita Air. John Kotter 8 step change model used as a comparative strategic framework in the process of change management implemented which could evaluate and optimize the change management process. The DICE score framework used as a formulation to assess the possibility of success of the change management based on objective measures and track the projection of change management that is implemented through four main factors which are duration, integrity, commitment and effort.

The result based on the John Kotter 8 step change model showed Pelita Air still has a space for the improvement during change management execution. The first step of change management in establishing a sense of urgency, there are several supporting factors such as financial condition, market opportunities, operation development and government instruction which lead the change initiatives. It is also important for Pelita Air to identify especially the threat factor during the regular flight implementation such as human resource’s capability in managing and operating the regular flight operation as Pelita Air has a failure in maintaining and competing the regular flight operation in 2005. The second step of change management in creating the guiding coalition, there are several main factors such as appoint critical key leader, coalition member, team objectives and stakeholder collaboration. It is important for Pelita Air to conduct a double check the weak area of the team include the appointment of key person with a good track record as Pelita Air experienced several times change leader to reduce the risk or major impact during the change management execution. The third step of change management in developing a vision and strategy, there are several main factors such as value of change, implementation strategy and capture company’s future condition. It is important for Pelita Air to improve a clear vision and strategy as it will reduce ambiguity or blurred direction to improve employee’s direction on how they have to perform for the success of the change goal. The fourth step of change management in communicating the change vision, there are several main factors such as attain employee’s motivation, clarify strategy, organizational development, new corporate culture and employee’s benefit. It is also important for Pelita Air to develop a regular employee’s feedback check to know any anxiety or negative thought to counter and reduce the number of rejection and neutral perception from the employee regarding the change initiatives.

The fifth step of change management in empowering broad-based actions, there are several main factors such as competency enhancement, technological support, training and workshop. The evaluation recommends for Pelita Air to conduct a team builder workshop in enhance team engagement, sense of belonging for company’s project and make the change implementation move faster. The sixth step of change management in generating short-term wins, there are several main factors such as operation development, customer growth and stakeholder confidence enhancement. It recommends for Pelita Air to conduct a recognition and reward system for every part who take a part for the change success by provide a tangible incentives or professional growth which show the appreciation for hard work and dedication during the change implementation. The seventh step of change management in consolidating gains and produce more change, there are several main factors such as the target goal and change performance evaluation. As the change implementation show a deviated result according to the total aircraft fleets acquisition and route of flight provided, the tools such as feedback surveys and regular workload check should be conducted through regular review meetings to providing a mitigation action and keep the change implementation on track. The last step of change management in anchoring new approach in culture, there are several important factors such as new behavior, culture legacy, change ideals and values. The highlighted culture required during the change implementation are adaptability, competency, collaboration and loyalty as these cultures become a crucial part to provide a strong foundation for navigating and embracing the change. It recommends for Pelita Air to keep the momentum for about eight years and incorporate the change ideals or values within current and future staff to make the change stick as a new behavior legacy.

While the result for the DICE score framework is 13.33 which the total score indicated in the win zone even Pelita Air still face several risks during the change execution. There are three highest score which are the Commitment of Senior Management (C1) factor with 3.72 score, Integrity of the team (I) factor with 3.44 score and Effort from the employee (E) factor with 2.23 score. These concern factors indicate the regular flight implementation in Pelita Air still need for an improvement to reduce the DICE score below 13 for better change execution result.

The recommendation based on the change management evaluation in regular flight business transformation in Pelita Air can be used to keep on track of the execution of change management plan activities in line with company strategy as a primary strategic goal being pursued by the management of the company.

Founder’s Personal Branding as Proposed Strategy for a Cost-Efficient Marketing Strategy (A Case Study of Skin Game)

Skin Game is an Indonesian indie beauty brand that launched on 2020. Skin Game’s sales channel focused on majority of online channels and a part of offline channels. Based on external and internal analysis, it is a matter of fact that Indonesian beauty industry keeps on rising from year to year. Indonesian consumers are interested in purchasing and using beauty products sourced from local brands. However, although the market shows a good potential, however Skin Game’s profitability keeps on dropping from year to year. In order to gather primary, qualitative research is being done such as interview with brand manager and account. Also, a focus group discussion with Skin Game consumers also being done. Moreover, to gather secondary data, books and research journals are being used. In conclusion, Skin Game’s profitability remains questionable although the beauty industry shows positive potential throughout the year. Hence, in order to survive the tight competition, Skin Game needs to re-evaluate the cause of its downturn profitability.

Proposed Business Strategy to Ensure Continuity in Construction Company (Study Case of PT Rekayasa Industri)

PT Rekayasa Industri (Rekind) is strategically shifting from Engineering, Procurement and Construction (EPC) to Operations and Maintenance (O&M) to improve financial stability and operational efficiency. This study explores reasons behind Rekind’s financial difficulties despite undertaking numerous large-scale projects and examine the strategic steps required for a successful transformation. Using Soft System Methodology (SSM) to analyse qualitative data collected through interviews, developing a comprehensive understanding of the organizational, financial, legal and operational complexities involved. The study identifies key transformation steps, including restructuring organizational framework, enhancing risk management practices, and fostering long-term relationships. The proposed transformations aims to achieve better financial performance, increased efficiency and a more sustainable business model, ensuring Rekind’s future growth and stability.

Developing a Sustainable Business Model for Early-stage Sustainability and Green Communications Consultancies: A Case Study of Beecomms Indonesia

This study explores the development of a sustainable and environmentally conscious business model for newly established sustainability and green communications consulting firms, with a particular emphasis on Beecomms Indonesia as a case study. The research aims to examine the enhancement of credibility and long-term viability through sustainable practices, as well as the identification of critical factors for initial operations and efficient approaches. In-depth interviews with internal stakeholders, clients, external experts, competitors, and regulators are employed in the study, which employs qualitative methodologies. The findings underscore the critical importance of a steadfast commitment to sustainability, the utilization of digital technology, the implementation of effective communication strategies, and the necessity of customized services to meet the needs of clients. Furthermore, the research underscores the significance of cultivating ongoing professional development, prioritizing transparency, overcoming budgetary constraints, and establishing robust networks and partnerships. The results provide sensible guidance and actionable recommendations for Beecomms Indonesia and comparable consulting firms to achieve economic success while maintaining sustainability principles, thereby having a beneficial effect on society and the environment.

Feasibility Study of Sudut Group’s Hotel and Restaurant Business at Pantai Indah Kapuk 2

The hospitality sector significantly impacts Indonesia’s economy, particularly in Jakarta, Bandung, and Surabaya. Sudut Group, known for its successful ventures in Bandung, aims to expand into Pantai Indah Kapuk 2 (PIK 2) in Jakarta. This study evaluates the economic feasibility of this new hotel and restaurant project using capital budgeting techniques such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period. The financial analysis shows promising results, with an NPV of IDR 54,881,243,591, an IRR of 19.33%, and a payback period of 6.56 years. Sensitivity analysis and Monte Carlo simulations, involving 1,000 trials, further assessed the project’s risks, showing an average NPV of IDR 44,318,599,606. The research concludes that Sudut Group’s project in PIK 2 is economically viable, offering substantial profitability and growth potential. Comprehensive financial analysis and risk assessments support informed decision-making by stakeholders, emphasizing both opportunities and challenges.

Development of Low Carbon Cement Ecosystem in Indonesia Using Combine Stakeholder Analysis and Social Network Analysis: In a Perspective of Cement Company

GHG emission remain the main issue for cement industry as well as global GHG emission record. GHG emission was still considered as the main contributor of global warming. Therefore, cement industry has an obligation to decarbonize its business. However, decarbonization is a complex process that need to be treated as an ecosystem. Low carbon cement is one of the objectives to decrease GHG emission in cement industry. The production of low carbon cement could be seen as an ecosystem that the stakeholders/actors within the ecosystem interacted each other. Stakeholder analysis and social network analysis could be used to evaluate the importance of the stakeholders/actors and the pattern of the interaction. By combining these two tools, there are 10 stakeholders/actors that should be put in main consideration. Eigenvector centrality and betweenness centrality were used to prioritize and evaluate the stakeholders. Construction company is the most popular stakeholder/actor and the most important intermediary actor due to its eigenvector centrality and betweenness centrality value of 0,347 and 35,610 respectively. Meanwhile construction company was also classified in a Player quadrant in power-interest matrix grid. In summary, cement company could prioritize its strategic initiative to engage with 10 most important and intermediaries’ actors in low carbon cement ecosystem.

Proposed Business Model Using Business Model Canvas (BMC) to Increase Neutrafix Platform Users (Case Study: PT Telekomunikasi Indonesia International)

This comprehensive study, entitled “Propose Business Model using Business Model Canvas to Increase Neutrafix Platform User”, Neutrafix is a voice & mobility e-commerce platform owned by PT Telekomunikasi Indonesia International (Telin). Through comprehensive analyses, including Business Model Canvas, VRIO, PESTEL, Porter’s Five Forces, and STP, key challenges and opportunities were identified. This study aim to fix the challenge that Neutrafix currently facing like stagnan growth, a prepaid payment model unfavorable to buyers, and the absence of large sellers, which in the end resulted in low platform user. This study utilize a qualitative approach, using a semi structured interview and a thorough of secondary data. This methodology enables a comprehensive examination of current internal and external situation of Neutrafix. The study focus on Neutrafix business issue and how to improve it. The main conclusions emphasized problems including misalignment of value proposition, Ineffective communication, Lack of customer support, and opportunities for strategic partnership. In response, this thesis recommends three strategic actions: forming a strategic partnership with Etisalat, introducing flexible payment options as a new value proposition, and establishing a Customer Success team to manage customer relationships that translated into customer satisfaction and user increase.

Business Risk Management Strategy in Adaptation of Beef Caft Businesses to the Impact of Climate Change in Sumenep District

This study aims to determine the mitigation strategies of farmers in Sumenep district in their strategic management when facing climate change. Climate change greatly affects livestock activities in Sumenep district in various factors, extreme weather changes can harm beef cattle farming in terms of selling value. Increased temperature causes stress in cattle. Drought can reduce forage and water availability. Dry conditions inhibit the growth of grass and other feed plants, forcing farmers to look for alternative feeds such as hay or commercial animal feed. Extreme climate change that occurs gradually over three months, twice the normal time and the following three months, facing extreme climate change that has an impact on the health of livestock in Sumenep District and the selling price of cattle that does not match the expectations of farmers. Research was conducted to outline strategies in business adaptation using the SWOT method to determine priority options from the general micro and macro impacts, the following knowledge aims to determine strengths, weaknesses, opportunities and threats. The right strategy in handling beef cattle business adaptation will minimize losses of farmers due to climate change and mitigation of greenhouse gas emissions from the livestock sector.