producing alternative concept for the trans sumatera toll road project development using location quotient method

Available online at www.sciencedirect.com ScienceDirect Procedia Engineering 171 (2017) 265 – 273 6XVWDLQDEOH&LYLO(QJLQHHULQJ6WUXFWXUHVDQG&RQVWUXFWLRQ0DWHULDOV6&(6&0 3URGXFLQJDOWHUQDWLYHFRQFHSWIRUWKH7UDQV6XPDWHUDWROOURDG SURMHFWGHYHORSPHQWXVLQJORFDWLRQTXRWLHQWPHWKRG 0RKDPPHG$OL%HUDZLD 7HXNX@7KHGDWDVKRZV HFRQRPLFVHFWRUVLQVHOHFWHGVL[FLWLHVDQGGLVWULFWVRI1$'SURYLQFH7KHHFRQRPLFVHFWRULVPRVWO\JDLQHGIURP VWDWLVWLFV RI ,QGRQHVLD UDQJLQJ IURP DJULFXOWXUH PLQLQJ DQG H[FDYDWLRQ SURFHVVLQJ LQGXVWU\ WR VHUYLFHV 7KH FRPSDULVRQRIWKHFLWLHVGLVWULFWVLQWHUPRIHFRQRPLFVHFWRUVLVVKRZQLQ7DEOH      268 Mohammed Ali Berawi et al / Procedia Engineering 171 (2017) 265 –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 D *5'3 YDOXH DURXQG HWRWDO*5'3RIDJULFXOWXUHVHFWRUDERXW(LDQG7RWDO*5'3IURPRYHUDOO HFRQRPLFVHFWRUVDERXW(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ohammed Ali Berawi et al / Procedia Engineering 171 (2017) 265 – 273 /HJHQG ([LVWLQJ5RXWH 3URSRVHG5RXWH  )LJ5RXWHVNHWFKRI1DQJJURH$FHK'DUXVVDODPSURYLQFH 7KLVUHVHDUFKSURGXFHVDQDOWHUQDWLYHURXWHFRPSDUHGWRWKHH[LVWLQJURXWHDVVKRZQLQ)LJ7KHSURSRVHGURXWH GHWHUPLQHV/KRNVXNRQDVWKHFDSLWDOFLW\RI1RUWK$FHKGLVWULFWWREHLQFOXGHGLQ7UDQV6XPDWHUD7ROO5RDG7KH UHDVRQ EHKLQG WKLV VHOHFWLRQ LV GHULYHG IURP LWV SRWHQWLDO WKDW VKRZV D JUHDW QXPEHU RI SRSXODWLRQ DQG *5'3 $FFRUGLQJ WR VWDWLVWLFV LW KDV WKH KLJKHVW SRSXODWLRQ LQ WKH 1$' SURYLQFH RI DERXW  LQKDELWDQWV ZLWK 5S RI*5'3DQGSODFHGVHFRQGKLJKHVWIURPRWKHUGLVWULFWV 0RUHRYHU/4DQDO\VLVKDVSURGXFHGHFRQRPLFVHFWRUVWKDWSRWHQWLDOO\JHQHUDWHUHJLRQDOLQFRPH%DVHGRQ7DEOH WKHKLJKHVWYDOXHZLWKLV$FHK7LPXUGLVWULFWIRUPLQLQJDQGH[FDYDWLRQIROORZHGE\WKHFLW\RI/KRNVHXPDZH ZLWKIRULWVSURFHVVLQJLQGXVWU\DQG$FHK8WDUDGLVWULFWZLWKIRULWVPLQLQJDQGH[FDYDWLRQ )XUWKHUPRUHVL[FLWLHVGLVWULFWVLQ1$'SURYLQFHKDYHDWOHDVWWZRSRWHQWLDOHFRQRPLFVHFWRUVWKDWFDQEHGHYHORSHG WRLQFUHDVHORFDOFRPSHWLWLYHQHVV7KHFLW\RI%DQGD$FHKKDVILYHSRWHQWLDOVHFWRUVIURPHOHFWULFLW\JDVDQGZDWHU 7UDGH+RWHODQG5HVWDXUDQW7UDQVSRUWDWLRQDQG&RPPXQLFDWLRQ)LQDQFH5HDO(VWDWHDQG%XVLQHVVDQGVHUYLFHV 0HDQZKLOHWKHFLW\RI/KRNVHXPDZHKDVWKHORZHVWSRWHQWLDOZLWKRQO\SURFHVVLQJLQGXVWU\DQG7UDGH+RWHODQG 5HVWDXUDQW7KHRWKHUIRXUFLWLHVGLVWULFWVKDYHWZRXSWRIRXUSRWHQWLDOHFRQRPLFVHFWRUV 3.2 North Sumatera Province 0HDQZKLOHIURPFLWLHVGLVWULFWVLQ1RUWK6XPDWHUDSURYLQFHIRXURIWKHPZHUHVHOHFWHGDVWKHKLJKHVWLQWHUPV RI*5'3DQGSRSXODWLRQ,QWHUPVRI*5'3WKHUHDUHWKH&LW\RI0HGDQ'HOL6HUGDQJ'LVWULFW/DQJNDW'LVWULFWDQG %DWXEDUD'LVWULFW:KLOHWKH&LW\RI0HGDQ'HOL6HUGDQJ'LVWULFW/DQJNDW'LVWULFWDQG6LPDOXQJXQ'LVWULFWEHFRPH PDMRUFRQWULEXWRUVLQWHUPVRISRSXODWLRQ7KHGHWDLOUDQNLQJIURPERWK*5'3DQGSRSXODWLRQFDQEHVHHQLQ7DEOH 7DEOH7DEOHRI*5'3DQG3RSXODWLRQIRU1RUWK6XPDWHUD3URYLQFH 5DQN &LWLHV'LVWULFWV &DSLWDO *5'3 5S 1XPEHURI3RSXODWLRQ 5DQNLQJRI*5'3  &LW\RI0HGDQ 0HGDQ   'HOL6HUGDQJ'LVWULFW /XEXNSDNDP   /DQJNDW'LVWULFW 6WDEDW   %DWXEDUD'LVWULFW /LPDSXOXK   5DQNLQJRI3RSXODWLRQ  &LW\RI0HGDQ 0HGDQ  'HOL6HUGDQJ'LVWULFW /XEXNSDNDP  /DQJNDW'LVWULFW 6WDEDW  6LPDOXQJXQ'LVWULFW 5D\D      270 Mohammed Ali Berawi et al / Procedia Engineering 171 (2017) 265 – 273 %DVHGRQWKHWDEOHDERYHWKHURXWHVNHWFKLQJRI7UDQV6XPDWHUD7ROO5RDGLQ1RUWK6XPDWHUDSURYLQFHZLOOFRQQHFW FLW\RI0HGDQ/XEXNSDNDP6WDEDW/LPD3XOXKDQG5D\D7KLVURXWHH[FOXGHV0HGDQ±6LEROJDDVVWDWHGLQH[LVWLQJ URXWH&LW\RI6LEROJDKDVDORZ*5'3WULOOLRQUXSLDKDQGORZSRSXODWLRQLQKDELWDQWV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ohammed Ali Berawi et al / Procedia Engineering 171 (2017) 265 – 273 271 )RU1RUWK6XPDWHUDSURYLQFHWKLVUHVHDUFKSURGXFHVDQHZURXWHIURP/LPD3XOXK±7HELQJ7LQJJLDQG5D\D± 3HPDWDQJ6LDQWDU7KHFRQVLGHUDWLRQLQVHOHFWLQJWKLVURXWHLVEHFDXVH%DWXEDUDGLVWULFWWKDWLVORFDWHGEHWZHHQ/LPD 3XOXK DQG 7HELQJ 7LQJJL KDV WKH IRXUWK KLJKHVW *5'3 LQ WKH 1RUWK 6XPDWHUD SURYLQFH IRU DERXW 5S :KLOH5D\D±3HPDWDQJ6LDQWDUZDVVHOHFWHGE\FRQVLGHULQJ6LPDOXQJXQGLVWULFWZKLFKUDQNVDV WKHIRXUWKKLJKHVWSRSXODWLRQIRUDERXWLQKDELWDQWV 'LVWULFWVLQ1RUWK6XPDWHUDSURYLQFHWKDWDUHH[FOXGHGIRUWKH7UDQV6XPDWHUD7ROO5RDGDUH.LVDUDQ7DQMXQJ %DODL.DEDQMDKH%DOLJHDQG6LEROJD.LVDUDQDVWKH$VDKDQGLVWULFWFDSLWDORQO\KDVDSRSXODWLRQRIDERXW LQKDELWDQWVDQG*5'53DURXQG5S7DQMXQJEDODLKDV*5'3DURXQG5SZLWK SRSXODWLRQRIDERXWLQKDELWDQWVUDQNHGWKDQGWKUHVSHFWLYHO\.DEDQMDKHDVWKH.DURGLVWULFWFDSLWDOKDV LQKDELWDQWVUDQNHGWKZLWK*5'3DURXQG5SSODFHGWK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¶VORQJWHUPVXVWDLQDELOLW\ZKLOHWKHILQDQFLDOPDQDJHURI 62( LQ 7ROO URDG SURMHFW DUJXHV WKDW VWUDWHJLF GHYHORSPHQW LQ WKLV FRQFHSW PD\ LQFOXGH WKH FRQQHFWLYLW\ RI.XDOD 7DQMXQJ3RUWLQ%DWXEDUD'LVWULFWDQG6HL0DQJNHL,QGXVWULDODUHDGHYHORSPHQWWRLPSURYHWKHSURMHFW¶VIHDVLELOLW\ )LJVKRZVWKHFRPSDULVRQRIH[LVWLQJURXWHZLWKWKHDOWHUQDWLYHURXWHSURGXFHGIURPWKLVUHVHDUFKIRU1RUWKHUQSDUW RI6XPDWHUD 272 Mohammed Ali Berawi et al / Procedia Engineering 171 (2017) 265 – 273 /HJHQG ([LVWLQJ5RXWH 3URSRVHG5RXWH  )LJ&RPSDULVRQRIH[LVWLQJDQGDOWHUQDWLYHURXWH &RQFOXVLRQ 5RXWH VHOHFWLRQ SOD\V D VLJQLILFDQW UROH LQ JHQHUDWLQJ GHPDQG DQG FUHDWLQJ FRQQHFWLYLW\ EHWZHHQ UDZ PDWHULDO VRXUFHVWRSURFHVVLQJFHQWHUV7KLVUHVHDUFKKDVSURGXFHGDOWHUQDWLYHVURXWHVIRUWKHQRUWKHUQSDUWRI7UDQV±6XPDWHUD 7ROO5RDGE\FRQVLGHULQJ3URGXFW'RPHVWLF%UXWH5HJLRQDO3'5%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3KLOLSSLQHV >@ 0LQLVWU\RI3XEOLF:RUNV7UDQV±6XPDWHUD7ROO5RDG5HSRUW3ODQ-DNDUWD >@ %HO*HUPj,QIUDVWUXFWXUHDQGQDWLRQEXLOGLQJ7KHUHJXODWLRQDQGILQDQFLQJRIQHWZRUNWUDQVSRUWDWLRQLQIUDVWUXFWXUHVLQ6SDLQ± %XVLQHVV+LVWRU\ >@ 0HLMHUV (YHUW -RULV +RHNVWUD 0DUWLMQ /HLMWHQ (ULN /RXZ DQG 0DUMROHLQ 6SDDQV &RQQHFWLQJ WKH SHULSKHU\ GLVWULEXWLYH HIIHFWV RI QHZ LQIUDVWUXFWXUH-RXUQDORI7UDQVSRUW*HRJUDSK\ >@ 2WVXND$NLKLUR0LND*RWRDQG7RVKL\XNL6XH\RVKL,QGXVWULDODJJORPHUDWLRQHIIHFWVLQ-DSDQ3URGXFWLYHHIILFLHQF\PDUNHWDFFHVVDQG SXEOLFILVFDOWUDQVIHU3DSHUVLQ5HJLRQDO6FLHQFH >@ %HUDZL 0RKDPPHG $OL %DPEDQJ 6XVDQWRQR 3HUGDQD 0LUDM $EGXU 5RKLP %R\ %HUDZL +HUDZDWL =HWKD 5DKPDQ DQG $OEHUW +XVLQ (QKDQFLQJ9DOXHIRU0RQH\RI0HJD,QIUDVWUXFWXUH3URMHFWV'HYHORSPHQW8VLQJ9DOXH(QJLQHHULQJ0HWKRG3URFHGLD7HFKQRORJ\  Mohammed Ali Berawi et al / Procedia Engineering 171 (2017) 265 – 273 >@ /HGXF6\OYDLQDQG'DQLHO:LOVRQ5RDGVWRSURVSHULW\RUEULGJHVWRQRZKHUH"WKHRU\DQGHYLGHQFHRQWKHLPSDFWRISXEOLFLQIUDVWUXFWXUH LQYHVWPHQW1RZ1DWLRQDO%XUHDXRI(FRQRPLF5HVHDUFK >@ %HUDZL0RKDPPHG$OL$EGXU5RKLP%R\%HUDZL,VWL6XUMDQGDUL3UDMLWQR1DKU\1DKU\3HUGDQD0LUDM2QOLQH@  >@ %LOOLQJV6WHSKHQ%DQG(ULN%-RKQVRQ7KHORFDWLRQTXRWLHQWDVDQHVWLPDWRURILQGXVWULDOFRQFHQWUDWLRQ 5HJLRQDO6FLHQFHDQG8UEDQ (FRQRPLFV >@0RUULVVH\.DU\Q3URGXFLQJUHJLRQDOSURGXFWLRQPXOWLSOLHUVIRU,ULVKPDULQHVHFWRUSROLF\$ORFDWLRQTXRWLHQWDSSURDFK2FHDQ &RDVWDO 0DQDJHPHQW >@7UDSSH\$P\-&&KDUOHV97UDSSH\3HQQ\+@/HVOLH7LPRWK\)&DUD/)UDQNHQIHOGDQG0DWWKHZ$0DNDUD7KHVSDWLDOIRRGHQYLURQPHQWRIWKH'&PHWURSROLWDQDUHD&OXVWHULQJFR ORFDWLRQDQGFDWHJRULFDOGLIIHUHQWLDWLRQ$SSOLHG*HRJUDSK\ >@:DQJ@+H