Volume
4, No. 12 December 2023
p-ISSN 2722-7782 | e-ISSN 2722-5356
DOI:�
https://doi.org/
RISK MANAGEMENT
ANALYSIS OF THE VARIABILITY OF EXTERNAL FACTORS IN BUSINESS PLANNING PROJECTS
Amalia Iskandriani,
Tantri Yanuar Rahmat Syah, Suwarto,
Rhian Indradewa
Universitas Esa Unggul
Email:
[email protected], [email protected],
[email protected], [email protected]
Abstract:
The unemployment rate of graduates of the Diploma Three and Bachelor
Programs is still very high, this happens because the competencies possessed by
graduates do not match the qualifications requested by the company and there is
also a decrease in the number of vacancies because they are still in the
economic recovery period after the Covid 19 pandemic, so there is an imbalance
between the number of vacancies and the number of job seekers and in the end
the competition for jobs becomes tighter. This makes an opportunity for
universities to build and develop a university whose graduates are able to
compete in the world of work to meet customer needs and qualifications. One of
them is Bina Insani University Bekasi which has the
advantage of equipping graduates with competencies based on main hard skills,
additional hard skills and soft skill competencies. to achieve its goals,
business planning is carried out to improve the quality of its graduates, and
to manage the variability of external factors, a thorough risk analysis is
needed. This research uses qualitative research methods. The data collection
technique in this research uses the literature study method. The data that has
been collected is then analyzed in three stages,
namely data reduction, data presentation and conclusion drawing. The results
showed that external factors can be analyzed using
Porter's analysis and PETS analysis which then to deal with the variability of
external factor threats in business planning projects, can be done by
identifying risks, analyzing risks, evaluating risks,
handling risks, communicating and consulting, monitoring and reviewing, finally
recording and reporting risks. So that with a well-managed risk management
function in each work unit, it is hoped that Bina Insani
University Cikarang Campus can support the
implementation of Good Corporate Governance in the company as a whole.
Keywords: Business Planning; External Factors, Risk
Management
INTRODUCTION
Bekasi Regency which has industrial estates and companies which
are the largest industrial estates in Southeast Asia, as well as the number of growth of prospective fresh graduate and non-fresh graduate
students, there is an opportunity that is quite interesting and has the
potential to develop in the future.� On
the one hand, the unemployment rate of graduates of the Diploma Three and
Bachelor Programs is still very high, in research (Agustin, 2013) said educated
unemployment for university graduates has increased the unemployment rate, this
among others occurs because the competencies possessed by graduates are not in
accordance with the qualifications requested by the company and also there is a
decrease in the number of vacancies because they are still in the economic
recovery period after the Covid 19 pandemic,�
So that there is a gap between the number of vacancies and the number of
job seekers and in the end competition for jobs becomes tighter.
This makes it an opportunity for universities to build and develop
a university in the Bekasi regency area whose graduates are able to compete in
the world of work to meet customer needs and qualifications (users / users of
graduates and prospective students). Menguti (Yuliawati, 2012) Higher education must be able to produce
graduates (output) who have tough personalities, superior abilities,
intelligent, creative so that they are able to compete with other nations in
the face of globalization. Therefore, the existence of universities has an
important position and function in the development of a society.
Bina Insani University which already
exists in Bekasi City fills these opportunities by building and developing Bina
Insani University in Bekasi Regency which has
advantages, namely by equipping graduates in addition to competencies based on
main Hard Skills, Additional Hard Skills and Soft Skills Competencies. The main
Hard Skills in question are Hard Skill abilities that are guided by the study
program curriculum based on learning outcomes from KKNI, while additional Hard
Skills are additional knowledge, abilities or skills outside the curriculum
material. which can provide added value and competitive advantage for graduates
or alumni of Bina Insani University in the industrial
and business world (DUDI), while Soft Skills which include personality
development, leadership, problem solving skil,
communication skills, entrepreneurship, persuasion & selling skills.
Bina Insani
University to achieve its goal as a university that can produce graduates who
can meet the needs of the world of work has a business planning project to
improve the quality of its graduates. Business plans are plans about what is
done in a business in the future including resource allocation, attention to
key factors and processing existing problems and opportunities (Supriyanto,
2009). These key factors consist of internal factors and external factors of
the company, in this study will be discussed about the variability of external
factors of business planning projects faced by Bina Insani
University.
In managing the variability of external factors, Bina insani University needs to conduct a thorough risk
analysis, Koeswara and Harjito
stated that a company that has formed a risk management committee is a
corporate strategy that can be used to increase added value for the company and
the establishment of the risk management committee can be useful to manage
risks from uncertain external and internal circumstances so that the company
can mitigating these risks (Koeswara &; Harajito, 2016).
Previous research conducted by (Pradana
&; Rikuhuma, 2014) entitled Application of risk
management to the realization of good corporate governance in insurance
companies shows that a significant difference between risk management and
corporate governance from 53.40% risk management has an important role in
realizing corporate governance through effective risk management, so that
companies can minimize risks and impacts more carefully to take opportunity.
Whereas according to research (Mesiono
et al., 2023) with the title of risk management in Private Universities
produces as an important element in overall project planning, risk management
identifies specific risks that can have a detrimental effect on project
performance and measures the impact that each risk may have.� As the project moves forward, the team
continues to address risk with technical, administrative, and budgetary
strategies. Recognize the four key stages in project risk management and the steps
required to manage risk.� There are four
distinct phases of project risk management: (1) risk identification, (2)
probability and consequence analysis, (3) risk mitigation strategies, and (4)
control and documentation.
The novelty of this research is found in the object studied
regarding risk management against the variability of external factors in
business planning projects carried out by Bina Insani
university in an effort to produce quality graduates who are able to compete in
the world of work to meet customer needs and qualifications (graduate users and
prospective students). Risk management has an important role in achieving
company goals, risk management directs the company to continue to run in
accordance with the predetermined path, thus risk management can help the
company in implementing future strategies and then control the strategy so that
it is relevant to the development of the situation that occurs. So the purpose of this study is to analyze risk management
against the variability of external factors in the business planning project of
Bina Insani Bekasi university.
RESEARCH METHODS
This research uses qualitative
research that is descriptive, qualitative research is a type of research that
produces findings that cannot be achieved using statistical procedures or by
other quantitative means (Nugrahani &; Hum,
2014). In this study using the literature review method (library research),
where researchers collect materials related to research derived from books,
journals, scientific articles, literature and mass media reports by describing
and describing the data. Then analyzed using data reduction presented in
descriptive form and conclusions can be drawn about risk management against the
variability of external factors in business planning projects.
RESULTS AND DISCUSSION
One of the keys to successfully starting a business
is the ability to express creative and innovative bright ideas or ideas. The
idea must have a high economic value as outlined in a mature and realistic
business plan. The business plan contains what is done in a business in the
future including resource allocation, attention to key factors and processing
existing problems and opportunities (Munawaroh et al., 2016). Business planning
can be said to be very important in running a business, because business planning
is like a map and compass that will direct the business in the right direction.
Through business planning can set business goals, priority scales, and targets
to be achieved. With a good business plan, the chances of business success will
be higher.
Bina Insani University
Bekasi Regency (Cikarang) as a Higher Education has a
goal as a university that can produce graduates who can meet the needs of the
world of work, which is clearly stated in the University's tagline, namely
"fast lectures and ready to work". To achieve this goal, a mature
business planning project is needed, one of the business plans that is no less
important to develop is the development of risk management.
Risk is the potential or possibility of events that
are considered negative or bad (such as financial losses) that can occur in the
future, as a result of decisions taken, or current actions or events. This
potential is likely to occur due to uncertainty about the site and conditions
in the future (Wijayanti, 2012). The scope of risk
managed by Bina Insani Universitas Kampus Cikarang includes two
contexts, namely external and internal companies. External and internal factors
of the company can cause losses so that it needs to be managed as a useful
opportunity for achieving the goals of Bina Insani
University, Cikarang Campus. In this study, we will
specifically discuss external factors that can be a threat if not managed
properly.
Factors that exist outside the business environment
(external), are analyzed using two analytical tools, namely Porter's five
forces analysis and PEST analysis. In Porter's analysis the five forces
include:
1. The threat of newcomers
The existence of newcomers as competitors is
certainly an unpleasant thing by anyone. Because the presence of new entrants
can cause increasingly fierce competition, which can have an impact on
decreasing profits or even bankruptcy. But the presence of competitors and new
entrants can also provide benefits for the company. Because competition can be
a motivation to improve the quality of products or services.
The emergence of many similar educational
institutions with various levels of education and offering facilities will
affect in terms of reduced interest in new students, decreased quality of
prospective students because they choose more favorite ones (Public / Private),
reduced education subsidies, as well as the lack of opportunities to appear for
outstanding lecturers or students to higher levels of institutions (Rondonuwu, 2023).
2. Supplier strength
In the university service industry, the suppliers in
question are SMA, SMK, MA and equivalent that produce graduates who will
continue their studies to universities. Bargaining power of suppliers comes
from the provision of products / services that contribute to the competitive
advantage of a company in an industry.�
The supplier's bargaining power will be strong if the supplier has a
supply of unique/rarely found products (Maryani &; Darudiato).
3. The power of buyers
Buyers or service users are those who have an
interest in the products they will buy or use. In the education service
industry, the buyer is DUDI (Business World and Industrial World) which
requires graduates from universities. The number of DUDI in the Bekasi Regency
area is relatively large and they need university graduates for administrative
and management needs which are limited in number. Buyers or service users are
an important factor to see how the ability of the institution and the products
produced (alumni and research results) can contribute or add value to the
environment of buyers or users (Rondonuwu, 2023).
4. The threat of substitute products
The threat of substitute products is the condition
that substitute products offer attractive price-performance trade
offs making the substitute product industry strong. Or quoting other
researchers, the threat of substitute products occurs if consumers are faced
with low switching costs and substitute products have cheaper prices with the
same quality or even higher than products in an industry (Widayani,
2018).
In the higher education service industry, the
replacement products can be training and skills institutions (LPK) and
professional certification bodies (LSP). LPK and LSP have the potential to be
substitute products but only for the middle to lower market segment. This is
because this LPK certificate in the world of work is only recognized as a
graduate of SMA Plus. As a result, the career path and reward system adjust to
high school graduates. In Bekasi Regency, there are quite a lot of LPK, but
their existence does not have a strong influence on high school / K graduates
to pursue careers from the course path.
5. Industry Rivalry
Conditions where there are many competitors in the
industry make the level of competition very strong and fierce. Industrial
Rivalry is a competition to get a position by using price competition
strategies, advertising wars, improving service to customers or by product
development (Widayani, 2018). Factors that can make
competition in the education industry tight are, competitors have almost the
same strength, industry growth is slow, exit barriers are high, old companies
have a high commitment to their business, lastly high costs and low profit
differences.
In addition to using Porter's analysis, external
factors can also be analyzed using P.E.S.T. Analysis or stands for Political,
Economic, Social and Technological. This analysis is used to identify general
environmental conditions, PEST analysis is an external analysis used to
identify opportunities and threats to changes in the company's external
environment. The following are the external factors of Bina Insani
University according to PEST analysis:
1. Politics
Political factors analyzed and diagnosed by most
companies include government policies, applicable laws, formal or informal
rules and so on (Safitri &; Pramudita,
2019).
Policies issued by the government regarding higher
education, establishment, change, dissolution of public / private universities,
and regarding quality assurance of higher education can be an influence on Bina
Insani University.
2. Economy����
Economic
factors in the PEST model refer to macroeconomic conditions and trends that
affect a business, industry, or organization. This factor covers various
aspects related to the economic environment in which businesses operate such as
economic growth, inflation rate, interest rates, exchange rates, employment
rates, income distribution, and economic policies. Economic factors in the PEST
model have a significant influence on higher education in Indonesia by means of
affordability and accessibility, government funding and budget allocation,
student enrollment and demand, scholarships and financial aid, partnerships and
industry funding and finally operational costs and resource allocation.
3. Social
Social conditions are closely related to assumptions
or opinions and public sentiments about higher education (Syidada
&; Wahyuningtyas, 2020). Sociocultural factors in
the PEST model refer to social and cultural influences that impact a business,
industry, or organization. This factor includes various elements related to the
social and cultural environment in which a business operates such as
demographic trends, cultural norms and values, levels and attitudes of
education, social attitudes and behaviors, consumer lifestyles, awareness of
health, and social values and ethics.
When viewed from the high growth of industrial
estates in Bekasi Regency, it will have an impact on the need for
operator-level workers with equivalent high school / K graduate qualifications,
who have the desire to continue to higher education as an effort for career
development. This is an opportunity for Bina Insani
University to obtain prospective students for the employee class.
4. Teknologi
The technological factor in the PEST model refers to
the influence of technological advancement, innovation, and development on a
business, industry, or organization. This factor covers various aspects related
to technology and its impact on the business environment such as innovation and
research and development (R&D), automation and efficiency, digitalization
and connectivity, industrial disruption and change, intellectual property and
patents, technology infrastructure, regulatory considerations and higher
education ethics.
By understanding the external factors that can
influence it, Bina Insani University can develop the
right strategy to face challenges and take advantage of existing opportunities.
The risk management framework is the component that provides the foundation and
organization settings to design, implement, monitor, review and continuously
improve risk management throughout the organization (Abdullah, 2014). The
following are the stages of the risk management process according to the ISO
31000 standard to deal with the variability of external factor threats in
business planning projects, can be done by:
1. Identify risks
Identifying risks is a crucial first step in risk
management. It involves the process of discovering and understanding potential
undesirable events that could negatively impact a business goal or project.
Risk identification can use historical data, often categorized in terms of
credit risk, operational risk, market risk, technological risk, human behavior
risk, country risk, and others (Abdullah, 2014). With the external factors of
the company that can cause losses so that it needs to be managed into a useful
opportunity for achieving the targets of Bina Insani
University, Cikarang Campus.
2. Analyze risks
After identifying possible risks, the next step is
to dig deeper into how likely they are to occur and what are the consequences.
Risk analysis can be organized in estimates of the likelihood of events,
estimates of the consequences of events, and estimates of the combined effects
of likelihood and consequences according to risk criteria (Abdullah, 2014). The
purpose of risk analysis is to understand the nature and characteristics of
risk including risk ratings. During this process, the possibility and impact of
each risk is estimated in order to decide on risk priority. Risk analysis
provides input for risk evaluation, provides decisions on whether a risk needs
to be treated and how to treat it, as well as the most appropriate risk
treatment strategies and methods based on the Risk Priority Number (RPN).
3. Conduct a risk evaluation
After a risk analysis is carried out, then Bina Insani University, Cikarang
Campus can conduct a risk evaluation. Risk evaluation is comparing the results
of risk analysis with risk criteria to determine how risk handling will be
applied (Qintharah, 201).� Risk evaluation is carried out by creating an
inherent risk map.
4. Communication and consultation
The risk management process has a communication and
consultation stage. The purpose of the communication and consultation phase is
to assist stakeholders in understanding risks, decision making and treatment of
existing risks. Therefore, the communication and consultation stage is an important stage and is expected to support the risk
management process so that the risk management process is right on target (Fachrezi, 2021). Communication is conveyed about the
problem of risk itself, the causes of risk, how the consequences and steps must
be taken in dealing with risk.
5. Monitoring and reconnaissance
This section is needed to ensure that the
implementation of risk management has run in accordance with the planning
carried out The results of supervision and review can
also be used as consideration to make improvements to risk management (Qintharah, 2019).
Monitoring and review is
part of the risk management process plan that involves inspection and
supervision. This stage is carried out periodically. Responsibilities for
monitoring and review should be clearly defined. The results of the monitoring
and review are then recorded and reported and used as input of the risk
management framework review.
6. Recording and reporting
In the last stage of risk management, storage and
reporting of risks that occur are carried out. The unit responsible for
managing company risk must analyze the reports produced and then submit the
results of the analysis periodically as needed to management. With a
well-managed risk management function in each work unit, it is hoped that Bina Insani Universitas Cikarang
Campus can support the implementation of Good Corporate Governance within the
company as a whole, so that the goal as a university that can produce graduates
who can compete and meet the demands of the world of work can be fulfilled.
CONCLUSION
The unemployment rate of Diploma Three and Bachelor Program graduates is
still very high, with the disparity between the number of vacancies and the
number of job seekers and ultimately competition for jobs becomes tighter. This
makes it an opportunity for universities to build and develop a university
whose graduates are able to compete in the world of work to meet customer needs
and qualifications, one of which is Bina Insani
Bekasi University (Cikarang).
In realizing these goals, business planning projects are needed, one of
which includes business planning, namely risk management that aims to reduce or
minimize negative impacts and maximize existing opportunities. In risk
management, external factors can be a threat in the future if not immediately
managed, which include external factors analyzed using Porter's analysis and
PEST analysis, namely the threat of new entrants, supplier strength, buyer
strength, threat of substitute products, and industry rivalry. While in PEST
analysis of external factors in political, economic, social and technological
sides.
To deal with the variability of external factor threats in business
planning projects, it can be done by identifying risks, analyzing risks,
conducting risk evaluations, handling risks, communication and consultation,
monitoring and review, finally recording and reporting. So that with a
well-managed risk management function in each work unit, it is expected that
Bina Insani Universitas Cikarang
Campus can support the implementation of Good Corporate Governance within the
company as a whole.
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Amalia Iskandriani,
Tantri Yanuar Rahmat Syah, Suwarto,
Rhian Indradewa (s) (2023) |
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