Formulation and selection of blue economy operational business strategy using Montecarlo Simulation and Multi Criteria Decision Making

N. Siswanto*, M. Rayhan, S. I. Rosdaniah

*Corresponding author for this work

Research output: Contribution to journalConference articlepeer-review

Abstract

The Cirebon Government has provided guidelines for the establishment of mangrove ecotourism aimed at reducing the level of mangrove damage in Cirebon, which has reached 75%. One of the newly established mangrove ecotourism sites in January 2023 is the "Kasih Sayang Mangrove Ecotourism Area."This tourism destination focuses solely on the natural beauty of the mangrove ecosystem, generating revenue from entrance tickets and parking fees. Therefore, a business operational strategy is needed to increase income and the number of visitors. The strategy design is based on the Internal Factor Evaluation (IFE) Matrix, External Factor Evaluation (EFE) Matrix, Internal-External (IE) Matrix, and the General Strategy of Blue Economy, resulting in three alternative strategies: Mangrove Planting Scheme for Tourists, Paddling Attractions for Tourists, and Utilization of Mangrove Trees as Souvenirs. The selected alternative strategy, using the Monte Carlo Simulation and Multi-Criteria Decision-Making approach, is the Paddling Attractions for Tourists, with an average Net Present Value of Rp 92,210,01, an investment of Rp 544,298,000, an additional 5 local workers, and an estimated 14,598 kg of waste.

Original languageEnglish
Article number012033
JournalIOP Conference Series: Earth and Environmental Science
Volume1298
Issue number1
DOIs
Publication statusPublished - 2024
Event11th International Seminar on Ocean, Coastal Engineering, Environmental and Natural Disaster Management, ISOCEEN 2023 - Surabaya, Indonesia
Duration: 27 Sept 2023 → …

Keywords

  • Blue Economy
  • IE Matrix
  • Kasih Sayang Ecotourism Area
  • Montecarlo Simulation
  • Strategy

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