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Application of dynamic programming for students financial planning / Najihah Mohd Hasnan, Afiqah Nornajwa Huda Yahya Haris and Siti Noor Ameera Syuhada Mohd Hisham

Managing a financial plan might be known to everyone, but there is still a lack of systematic allocation and expense calculation among youths. Financial planning is not merely a process to achieve financial goals, but it is a necessary step in determining a person's requirements in terms of mon...

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Main Authors: Mohd Hasnan, Najihah, Yahya Haris, Afiqah Nornajwa Huda, Mohd Hisham, Siti Noor Ameera Syuhada
Format: Student Project
Language:English
Published: 2023
Subjects:
Mathematical statistics. Probabilities
Online Access:https://ir.uitm.edu.my/id/eprint/83666/1/83666.pdf
https://ir.uitm.edu.my/id/eprint/83666/
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spelling my.uitm.ir.836662023-09-13T07:00:37Z https://ir.uitm.edu.my/id/eprint/83666/ Application of dynamic programming for students financial planning / Najihah Mohd Hasnan, Afiqah Nornajwa Huda Yahya Haris and Siti Noor Ameera Syuhada Mohd Hisham Mohd Hasnan, Najihah Yahya Haris, Afiqah Nornajwa Huda Mohd Hisham, Siti Noor Ameera Syuhada Mathematical statistics. Probabilities Managing a financial plan might be known to everyone, but there is still a lack of systematic allocation and expense calculation among youths. Financial planning is not merely a process to achieve financial goals, but it is a necessary step in determining a person's requirements in terms of money. The idea of proposing this study is because it is proven by numerous numbers of research papers that Malaysian has a weak hold on managing their finances and a high number of retirees has insufficient fund for retirement. Therefore, finances need to be handled from a youthful age. In addition, based on past studies made by previous researchers, there are bunch of financial studies using Goal programming, Linear programming, Fuzzy Application, Stochastic programming, and Dynamic programming. However, there is no previous study made for students’ financial planning using Dynamic programming (DP) in optimizing money allocation and utilizing spending based on selected attributes annually. This study apprises also about other financial studies from various area such as retirement as a guide into financial studies but focuses on the execution of DP model for FSKM students in Universiti Teknologi MARA branch Negeri Sembilan campus Seremban 3 as data obtained of money allocation and level of spending through an online survey. This study is divided into two objectives, which are: to investigate financial behavior of tertiary level students using online survey and to formulate a DP approach to construct financial guidelines for optimize students' expenses using forward recursive. The budget allocation and spending are analyzed using pie charts and bar charts before adding into forward recursive based on DP model. Calculation is made quarterly where each quarter covers for a period of three months. Total allocation is then divided into four quarters before subtracting with 12 attributes which is significant to students’ lifestyles. Reasons to dispose of three attributes is discussed in Chapter 4. This study has produced a perfect budget and spending allocation especially for students as they need to manage their funds very well within a fixed period. Result analysis using Excel Solver is then performed to acquire optimal value for Balance. Six students that fits the criteria of analysis is later chosen and from that, one best student was chosen. From this one best student, three cases were further performed varying the parameter during validation of results using Sensitivity Analysis. 2023 Student Project NonPeerReviewed text en https://ir.uitm.edu.my/id/eprint/83666/1/83666.pdf Application of dynamic programming for students financial planning / Najihah Mohd Hasnan, Afiqah Nornajwa Huda Yahya Haris and Siti Noor Ameera Syuhada Mohd Hisham. (2023) [Student Project] (Unpublished)
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Mathematical statistics. Probabilities
spellingShingle Mathematical statistics. Probabilities
Mohd Hasnan, Najihah
Yahya Haris, Afiqah Nornajwa Huda
Mohd Hisham, Siti Noor Ameera Syuhada
Application of dynamic programming for students financial planning / Najihah Mohd Hasnan, Afiqah Nornajwa Huda Yahya Haris and Siti Noor Ameera Syuhada Mohd Hisham
description Managing a financial plan might be known to everyone, but there is still a lack of systematic allocation and expense calculation among youths. Financial planning is not merely a process to achieve financial goals, but it is a necessary step in determining a person's requirements in terms of money. The idea of proposing this study is because it is proven by numerous numbers of research papers that Malaysian has a weak hold on managing their finances and a high number of retirees has insufficient fund for retirement. Therefore, finances need to be handled from a youthful age. In addition, based on past studies made by previous researchers, there are bunch of financial studies using Goal programming, Linear programming, Fuzzy Application, Stochastic programming, and Dynamic programming. However, there is no previous study made for students’ financial planning using Dynamic programming (DP) in optimizing money allocation and utilizing spending based on selected attributes annually. This study apprises also about other financial studies from various area such as retirement as a guide into financial studies but focuses on the execution of DP model for FSKM students in Universiti Teknologi MARA branch Negeri Sembilan campus Seremban 3 as data obtained of money allocation and level of spending through an online survey. This study is divided into two objectives, which are: to investigate financial behavior of tertiary level students using online survey and to formulate a DP approach to construct financial guidelines for optimize students' expenses using forward recursive. The budget allocation and spending are analyzed using pie charts and bar charts before adding into forward recursive based on DP model. Calculation is made quarterly where each quarter covers for a period of three months. Total allocation is then divided into four quarters before subtracting with 12 attributes which is significant to students’ lifestyles. Reasons to dispose of three attributes is discussed in Chapter 4. This study has produced a perfect budget and spending allocation especially for students as they need to manage their funds very well within a fixed period. Result analysis using Excel Solver is then performed to acquire optimal value for Balance. Six students that fits the criteria of analysis is later chosen and from that, one best student was chosen. From this one best student, three cases were further performed varying the parameter during validation of results using Sensitivity Analysis.
format Student Project
author Mohd Hasnan, Najihah
Yahya Haris, Afiqah Nornajwa Huda
Mohd Hisham, Siti Noor Ameera Syuhada
author_facet Mohd Hasnan, Najihah
Yahya Haris, Afiqah Nornajwa Huda
Mohd Hisham, Siti Noor Ameera Syuhada
author_sort Mohd Hasnan, Najihah
title Application of dynamic programming for students financial planning / Najihah Mohd Hasnan, Afiqah Nornajwa Huda Yahya Haris and Siti Noor Ameera Syuhada Mohd Hisham
title_short Application of dynamic programming for students financial planning / Najihah Mohd Hasnan, Afiqah Nornajwa Huda Yahya Haris and Siti Noor Ameera Syuhada Mohd Hisham
title_full Application of dynamic programming for students financial planning / Najihah Mohd Hasnan, Afiqah Nornajwa Huda Yahya Haris and Siti Noor Ameera Syuhada Mohd Hisham
title_fullStr Application of dynamic programming for students financial planning / Najihah Mohd Hasnan, Afiqah Nornajwa Huda Yahya Haris and Siti Noor Ameera Syuhada Mohd Hisham
title_full_unstemmed Application of dynamic programming for students financial planning / Najihah Mohd Hasnan, Afiqah Nornajwa Huda Yahya Haris and Siti Noor Ameera Syuhada Mohd Hisham
title_sort application of dynamic programming for students financial planning / najihah mohd hasnan, afiqah nornajwa huda yahya haris and siti noor ameera syuhada mohd hisham
publishDate 2023
url https://ir.uitm.edu.my/id/eprint/83666/1/83666.pdf
https://ir.uitm.edu.my/id/eprint/83666/
_version_ 1778165956097343488
score 13.211869

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