Application of Economic and Mathematical Methods and Models in Personnel Performance Control Practice in Indonesia (Study Case PT. Harapan Jaya Multibisnis)
DOI:
https://doi.org/10.55927/eajmr.v3i7.9679Keywords:
Performance Management, Production Function, Labor Productivity, Personnel Control, Mathematical Economic ModelsAbstract
The manufacturing industry is a complex sector that requires control over each of its resources, one of which is human resources. One of the indicators that can be used to control human resources is by calculating productivity efficiency. In this study, productivity efficiency was carried out using the Cobb-Douglass production function approach method on the example of the company PT Harapan Jaya Multibusiness. The results of the analysis showed that during the period January-October 2023 the value of productivity efficiency achieved was 15% which indicated low productivity efficiency. After further investigation of the causes of low efficiency, we found two indicators that are the main causes of low productivity efficiency, namely the t-start value of capital expenditure of -23.9871 and p-value of 87%. The low t-start value indicates that the sales ratio is not directly proportional to the cost of capital invested or the cost of capital investment. At the same time, the high p-value indicates that excess labor is involved in the production process.
References
Ahfazh, F. N., Elis, R. W., Asep, S. A., Sudradja, S., & Subiyanto. (2018). Application of Cobb-Douglas Production Function to Manufacturing Industries in West Sumatra Indonesia. World Scientific News, 145-156.
Ashley, P. (2019, January 17). 10 businesses that failed due to poor management. Diambil kembali dari e-careers.com: https://www.e-careers.com/connected/10-business-that-failed-due-to-poor-management
Caroline, B. (2023, September 28). Efficiency: What It Means in Economics, the Formula To Measure It. Retrieved from investopedia.com: https://www.investopedia.com/terms/e/efficiency.asp#toc-understanding-%20efficiency.
Health Assured team. (2021, March 26). Workload Effects on Employees. Retrieved from healthassured.org: https://www.healthassured.org/blog/overworked-employees/
Hülya, B. (2021). Estimation Of Cobb – Douglas Production Function For Developing Countries. Journal of Research in Business, 54-68.
Kanda Data. (2023, June 25). How to Transform Natural Logarithm (Ln) in Cobb Douglas Regression Analysis using Excel. Retrieved from kandadata.com: https://kandadata.com/transform-natural-logarithm-ln-in-cobb-douglas-regression-analysis-using-excel/
Kanda Data. (2023, September 4). Natural Logarithm Transformation in Cobb-Douglas Regression. Retrieved from kandadata.com: https://kandadata.com/natural-logarithm-transformation-in-cobb-douglas-regression/
THE INVESTOPEDIA TEAM. (2020, November 27). Production Efficiency: Defined, With PPF Curve Graph and Formula. Retrieved from investopedia.com: https://www.investopedia.com/terms/p/production_efficiency.asp
Wenrong, P., Tao, X., Zhuwang, W., & Lisha, M. (2022). Digital economy: An innovation driver for total factor productivity. Journal of Business Research, 303-311.
Will, K. (2022, December 22). What Is Strategic Management? Retrieved from investopedia.com: https://www.investopedia.com/terms/s/strategic-management.asp
Will, K. (2022, March 2). What Is Productivity and How to Measure It. Retrieved from investopedia.com: https://www.investopedia.com/terms/p/productivity.asp
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Gerry Geraldo Sombolayuk, Novita Tanjung
This work is licensed under a Creative Commons Attribution 4.0 International License.
.png)
