OPERATIONAL RISK ANALYSIS IN ROMAX GARMENT FACTORY FINAL PROJECT
By Furry Windie Hapsari I.P. 19004103
Undergraduate Program School of Business and Management Institut Teknologi Bandung
VALIDATION PAGE
OPERATIONAL RISK ANALYSIS IN ROMAX CONVECTION COMPANY
By: FURRY WINDIE HAPSARI I.P. ID No: 19004103
Undergraduate Program School of Business and Management Institut Teknologi Bandung
Validated By
(Dr. Ir. Sudarso Kaderi Wiryono)
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Operational Risk Analysis in Romax Garment Factory Name: Furry Windie Hapsari I. P. ID No: 19004103 Examination Date: August 8, 2007 Graduation Date: October 27, 2007 Counselor: Dr. Ir. Sudarso Kaderi Wiryono Undergraduate Program School of Business and Management Institut Teknologi Bandung
ABSTRACT Bandung as its own trademark as fashion city, become the industrial fashion city. Many local stores have build and the lower industry fashion has established. Distro also become a trend and public affection for almost this last one decade. In this paper, the writer has done a study in a lower-garment factory, Romax, which have run their business for about one and a half year. For about a half year ago, the company does joint production with another lowergarment factory, 2nd Cartel to increase the unit of production and to reduce the cost of production. The writer sees that the joint production could generate many risks. The writer gathers the information by interview, observation, and getting secondary data from company’s document. The interview is done to get second opinion and as the consideration for determine the risks that will be use as qualitative data. The observation process is done as a consideration to identify the risks and to see the workflow of company. The secondary data, which get from company’s document, is used to analyze whether the company gets the objective. The company’s document contents unit of production, cost production, and company’s profit data start at January 2006 until June 2007. The writer use t-test and f-test method to help analyzing data. The writer uses unit of production data and company’s profit data in one and a half year in the ttest and f-test method. This method would provide the comparison of company’s unit of production and profit before and after the joint production happened. The comparison would lead to the company’s objective in doing joint production, whether it have achieved. The comparison also compares with the workflow changes. The workflow reflects company’s production activities, thus, the writer can identify whether the changes of the workflow could effects company’s unit of production and profit improvement. From the workflow, the writer could observe the risk probability that might be occurs. In the end, the writer can conclude that the company could reach its objective from the joint production and also gives recommendation in handling the operational risks that the company faced. The risk mitigation is defined based on its risk. This recommendation is expected to improve the company’s development.
Keywords: risk, workflow, joint production, t-test, and f-test
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Operational Risk Analysis in Romax Garment Factory Name: Furry Windie Hapsari I. P. ID No: 19004103 Examination Date: August 8, 2007 Graduation Date: October 27, 2007 Counselor: Dr. Ir. Sudarso Kaderi Wiryono Undergraduate Program School of Business and Management Institut Teknologi Bandung
ABSTRAK Bandung yang memiliki julukan sebagai kota mode, menjadi kota industri mode. Banyak sekali toko pakaian lokal dan industri pakaian berskala kecil tumbuh di Bandung. Distro, menjadi salah tren dan menjadi salah satu sorotan publik dalam satu dekade terakhir ini. Dalam tulisan ini, penulis mengangkat masalah industri konveksi kecil yang ada di kota Bandung yang bernama Romax, yang telah menjalankan perusahaannya di kota Bandung selama kurang lebih satu setengah tahun. Pada setengah tahun yang lalu, yaitu pada saat awal tahun 2007, perusahaan melakukan aliansi dengan perusahaan konveksi berskala kecil lainnya, yaitu 2nd Cartel. Aliansi ini dilakukan dengan harapan perusahaan dapat meningkatkan angka produksinya dan mengefisiensikan biaya produksinya sehingga dapat menghasilkan keuntungan perusahaan yang lebih besar. Dalam aliansi ini, penulis mengungkapkan adanya risiko-risiko yang mungkin akan muncul. Dalam mengumpulkan informasi, penulis melakukan wawancara, obeservasi, dan menggunakan data sekunder. Wawancara dilakukan untuk mendapat opini dan menjadi bahan pertimbangan dalam menentukan risiko yang akan dibahas. Kegiatan observasi dilakukan untuk melihat proses kerja operasional perusahaan yang akan menjadi dasar dari penentuan risiko operasional perusahaan. Data sekunder yang didapatkan dari dokumen perusahaan, digunakan sebagai alat untuk mengukur keberhasilan perusahaan dalam mencapai tujuan dari proses aliansi ini. Data sekunder mencakup data angka produksi, biaya produksi, dan laba perusahaan dari bulan Januari 2006 sampai bulan Juni 2007. Dalam menganalisa data, penulis menggunakan metode t-test dan f-test. Dalam proses penghitungan ini data yang digunakan oleh penulis adalah data angka produksi dan data laba perusahaan. Hasil dari proses penghitungan melalui kedua metode ini adalah untuk melihat signifikansi perubahan yang terjadi dalam perusahaan pada saat sebelum dan sesudah terjadinya aliansi. Perbedaan tersebut dapat menjadi indikasi apakah perusahaan telah mencapai objektifnya dalam aliansi ini atau tidak. Penulis juga melihat dari sisi perubahan proses kerja perusahaan terhadap perbedaan data tersebut, dengan demikian dapat dilihat apakah perubahan dalam proses kerja dapat mempengaruhi produktivitas dan perkembangan perusahaan. Dalam mengamati proses kerja perusahaan, penulis juga dapat mengamati risiko-risiko operasional
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perusahaan. Sehingga pada akhir tulisan, penulis dapat memberikan rekomendasi dalam penanganan risiko. Perlakuan penanganan risiko untuk setiap risiko tentu akan berbeda-beda. Rekomendasi ini diharapkan akan dapat terus mengembangkan usaha perusahaan.
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Kata kunci: risiko, alur kerja, joint production, t-test, dan f-test
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PREFACE First of all, I want to thanks to my creator, Allah SWT, who always grant my prayer, listen my sigh and demand, and always there for me. God, forgive for all mistakes that I have done, for my careless of doing my pray, I hope I could be better in the future. Amien. At this opportunity, I also want render a lot of thanks to Mr. Sudarso Kader Wiryono as my counselor lecturer and Mss. Yunieta as the counselor assistant, who has guided me and giving me advices during writing this final project. Thanks to my mom and dad who never stop giving me support, their love, and pray for me. Thanks mom, dad. Never forget to my affectionately brothers and sisters, Teteh, Aa, Icha, Ienoy, Ea, Della, Zaky, and Vania. To my nephew and niece, Abel and Diaz, who cannot stop me to pinch them. Hehe. To Ayi who always cooked delicious and nutritious food, and Wawan who always clean up “si Hitam” everyday. ☺ Especially to my lovely, Odit Ekwardo (Surodo), who always keep telling me and push me to do this project with all his spirit until done. Thank you, thank you, and thanks in a million times for you. Love you, Bek! To my friends, “Skinny” (that we want to called to, hehe), who always cheer me up, inspires me, craze me, make me feel dumb, laughing me, comment me all the bad, and love me. Haha. Aulia ‘Chamdun’, Ken, Winna, Sekar, Rany, thanks for your everything. Luv ya sis! To Odit’s mom, who keep asking me about my final project progress and always answered “Doain aja Tante” hehe. Thanks for your attention and you prayer. Also for Odit’s dad, Mbak Dita, and Mbak Desi. vi
To Intan, who always asking me “Fur, gimana TA lu?” haha. Thanks for teach me and giving me advice. It helps me a lot. ☺ To my learning group, Jemby, Alfin, Harry, Krisna, who love a lot study in my house (I know why lah, haha) ADKAR guys! For Prana, Dion, Rangga, Teddy, Fitri and all of Romax and 2nd Cartel peoples who helped me in getting data and information. For Sigit who has repair my phone cell. Git, I add your name here. Haha. To my phone cell which always hospitalization in Nokia Care, si Kijang Tribal who always go along with me and crash everywhere (ampun deh), falshdisk who willing to obtain this craziness, the computers who help me to done this, the inscrutable printer who could print this, unexceptionally printerman and jiliderman. Hehe. To Mr. Iwan and Mr. Yayat (the SBM’s informant, hehe), Mr. Rajab (who always count the papers. haha), Mrs. Wiwik, and other SBM’s lecturers, and my friends who cannot be mentioned one by one. Thank God this project is done, hopefully could be useful and end happily ever after. Amien. Mom, I did it…!! ☺
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List of Contents VALIDATION PAGE................................................................................ i ABSTRACT .............................................................................................. ii ABSTRAK ............................................................................................... iii PREFACE ................................................................................................ vi List of Contents ...................................................................................... viii List of Figures ........................................................................................... x List of Tables............................................................................................ xi CHAPTER I .............................................................................................. 1 1.1
Background................................................................................. 1
1.2
Problem Formulation.................................................................. 3
1.3
Objective and Benefits of Research............................................ 3
1.4
Research Scope........................................................................... 4
1.5
Writing Systematic ..................................................................... 4
CHAPTER II ............................................................................................. 6 2.1
Risk Management ....................................................................... 6
2.1.1
Risk Identification ............................................................... 6
2.1.2
Risk Measurement and Evaluation...................................... 7
2.1.3
Risk Mitigation.................................................................... 7
2.2
Speculative Risk ......................................................................... 8
2.3
Operational Risk ......................................................................... 8
2.4
Measurement of Operational Risk.............................................. 8
2.5
Process ...................................................................................... 12
2.6
Product...................................................................................... 12
2.7
Production................................................................................. 13
2.8
Production Planning ................................................................. 13
2.9
Production System.................................................................... 14
2.10
Hypothesis-Testing Methodology......................................... 14
2.10.1
T-Test Methodology.......................................................... 15
2.10.2
F-Test Methodology.......................................................... 15
2.11
Joint production .................................................................... 15
CHAPTER III.......................................................................................... 16 3.1
Research Methodology Diagram .............................................. 16 viii
3.2
Problem Identification .............................................................. 17
3.3
Defining Research Objective.................................................... 17
3.4
Data Collection ......................................................................... 17
3.4.1
Interview............................................................................ 17
3.4.2
Observation ....................................................................... 18
3.4.3
Secondary Data ................................................................. 18
3.5
Data Analysis............................................................................ 18
3.5.1
Hypothesis......................................................................... 19
3.5.2
t- Test Model ..................................................................... 19
3.5.3
F-test Model ...................................................................... 20
3.5.4
Risk Measurement............................................................. 20
3.6
Conclusion and Recommendation ............................................ 21
CHAPTER IV ......................................................................................... 22 4.1
Company History...................................................................... 22
4.2
Hypothesis ................................................................................ 23
4.2.1
Unit of production Analysis .............................................. 23
4.2.2
Profit Analysis................................................................... 28
4.2.3
Work Flow......................................................................... 33
4.3
Risk Analysis............................................................................ 35
4.3.1
Risk Identification ............................................................. 36
4.3.2
Risk Measurement............................................................. 37
4.3.3
Risk Mitigation.................................................................. 41
CHAPTER V........................................................................................... 43 5.1
Conclusion ................................................................................ 43
5.2
Recommendation ...................................................................... 44
5.3
Suggestion for Next Research .................................................. 44
BIBLIOGRAPHY ................................................................................... 45
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List of Figures Figure 1 Risk Matrix ................................................................................. 9 Figure 2 Severity and Frequency Matrix................................................. 11 Figure 3 Methodology Diagram............................................................. 16 Figure 4 One-Tail t-Test (α = 0.05) for Unit Model ............................... 25 Figure 5 f-Test for Unit Model................................................................ 28 Figure 6 One-Tail t-Test (α = 0.05) for Unit Model ............................... 30 Figure 7 f-Test for Unit Model................................................................ 33 Figure 8 General Work Flow .................................................................. 33 Figure 9 New Work Flow........................................................................ 35 Figure 10 Risk Matrix ............................................................................. 40
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List of Tables Table 1 Romax’s Unit of production 2006.............................................. 23 Table 2 Romax’s Unit of production 2007.............................................. 24 Table 3 Group Statistics .......................................................................... 24 Table 4 Independent Sample Test Output ............................................... 25 Table 5 Two Sample Assuming Unequal Variances............................... 26 Table 6 F-Test Two-Sample for Variances............................................. 27 Table 7 Romax’s Profit 2006 .................................................................. 28 Table 8 Romax’s Profit 2007 .................................................................. 29 Table 9 Group Statistics .......................................................................... 29 Table 10 Independent Sample Test Output ............................................. 30 Table 11 Two Sample Assuming Unequal Variances............................. 31 Table 12 F-Test Two-Sample for Variances........................................... 32 Table 13 Probability Criteria................................................................... 38 Table 14 Severity Criteria ....................................................................... 39 Table 15 Risk Total Score....................................................................... 40
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