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"Dalam suatu perencanaan investasi, banyak hal yang menjadi pertimbangan dalam melakukan pengambilan keputusan investasi tersebut. Faktor yang paling mempengaruhi dalam pengambilan keputusan investasi pada umumnya adalah faktor biaya atau finansial. Oleh karena itu berkembang pula metode-metode pendekatan finansial yang dapat digunakan untuk melakukan analisa investasi, salah satunya adalah metode real optons. Metode real options dapat dikatakan sebagai pengembangan dari metode-metode sebelumnya, seperti yang jamak digunanakan yaitu metode discounted cash flow atau yang sering disebut dengan metode net present value tradisional. Sesuai dengan namanya, metode real options mengacu pada pemilihan opsi-opsi yang selalu terjadi dalam pengambilan keputusan investasi, opsi-opsi ini dapat berupa penundaan, ekspansi, pemberhentian proyek, pengantian, atau kombinasi dari opsi-opsi yang ada. Selain itu, keunggulan dari metode real options juga mengakomodir adanya faktor ketidakpastian yang juga merupakan faktor yang berpengaruh dalam hasil perhitungan investasi khususnya secara finansial. Penelitian ini bertujuan untuk melihat bagaimana pengaplikasian metode real options dalam analisa investasi secara finansial. Dalam penelitian ini penulis menggunakan proyek pembangunan pembangkit listrik tenaga mikro hidro (PLTMH) sebagai objek investasi, dengan membatasi penelitian pada opsi penundaan, selain itu dengan mempertimbangkan faktor ketidakpastian yang mempengaruhi nilai investasi PLTMH di masa yang akan datang.

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In an investment plan, there are many decisive factors that become the important factors in th decision making process of the investment. The most common factor that is recognized as the most important factor in investment decision making is the financial factor. Therefore, the development of financial analysis methods has grown over the time, one of wich is the real options analysis method. Real options is the development of the methods that have been broadly applied before, such as the discounted cash flow method or also known as the traditional net present value method.

As mentioned I it's name, real options refers to the options that underlie the decision making process of an investment, these options in investment are varied, some of the examples can be deferral options, expansion options, shutting down options, or replacement options. One of the advanced poin of real options is that this method also addresses the volatility of factors that become determine the real value of an investment.

This paper is intended to study the application of real options method in an investment plan in term of financial analysis. The object of investment of this study is the micro hydro power plant construction project. It focuses on analyzing the deferral options of this investment plan, and also taking into account the volatility factors that will determine the future value of this investment."

""Restorative Justice" is a model approach which emerged in the 1960s in an effort to solve criminal cases. Unlike the approach used in conventional criminal justice system, this approach focuses on the direct participation of perpetrators, victims and society in the settlement process. This theory of the approach is still debated, but the view is in fact growing and it exercises a lot of influence on legal policies and practices in several countries. The UN through its basic principles considers the approach of restorative justice as the approach which could be used in the rational criminal justice system. Restorative justice is a concept of thinking that supports the development of the criminal justice system with emphasis on the required involvement of the community. It is also involving the casualties who with the current criminal justice system are excluded. In several countries, restorative justice has been translated into a variety of formulations to accommodate a variety of values, philosophical basis, terms, strategies, mechanisms, and programs. Good consultation with the perpetrators and the victims themselves may provide the public with a different mindset in preventing emerging problems. This process can involve the police, prosecutorial institution or the traditional institutions. Therefore, without excluding the work in the formal legal system, the institutional mechanism for resolution through consultation was working in the community. In the various principles and models of the restorative justice approach, the process of dialogue between the perpetrator and the victim is a fundamental and the also the most important part of the application of the restorative justice. The direct dialogue between the perpetrator and the victim gave the victim the opportunity to express what he/she felt, hope for human rights and the desire to reach a criminal settlement."