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"Abstrak.Penelitian ini bertujuan untuk menganalisis Proforma Saham Syariah Antara Yang Konsisten dan Yang Tidak Konsisten Dalam Jakarta Islamic Index-Jil. Penelitian diawali dengan upaya mengetahui saham apa saja yang konsisten dan yang tidak konsisten yang berada pada Jakarta Islamic Index selama periode tahun 2002-2004. Kemudian saham-saham tersebut akan diukur sehingga dapat dibandingkan kinerja portofolio saham syariah yang konsisten dan yang tidak selama tahun 2002-2004.Variabel-variabef yang coba dilakukan perhitungan diantaranya ada]ah return, variance, covariance, correlation dan Beta saham baik secara individu maupun dalam bentuk portofolio.Hasil dari penelitian didapatkan bahwa terdapat 13 saham yang konsisten berada pada Jakarta Islamic Index selama periode tahun 2002-2004. Sedangkan sisanya dari 30 saham III tersebut merupakan saham-saham yang senantiasa berubah dari setiap periodenya.Secara keseluruhan return dari portofolio saham konsisten lebih baik daripada saham tidak konsisten dalam Jakarta Islamic Index. Sedangkan kondisi Beta portofolio saham semester 4 tidak sama dengan kondisi Beta portofolio saham semester 1, semester 2 dan semester 3 yaitu kondisi saham yang konsisten memiliki Beta yang lebih kecil. Hasil penelitian ini secara keseluruhan setelah diukur dengan Sharpe Index, Traynor Index dan Alpha Jensen Index didapatkan kinerja saham syariah yang konsisten masih lebih baik dibandingkan dengan kinerja saham syariah yang tidak konsisten.

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The aim of this research is to analysis the consistent and inconsistent sharia Asset in Jakarta Islamic Index by using Proforma Analysis. Research was started by classifying the consistent and inconsistent sharia Asset listed on Jakarta Islamic Index between the period of 2002-2004. Then, those Assets were measured so that the portfolio performance of the consistent and inconsistent sharia Asset can be compared.

The kind of variables which can be measured are : return; variance, covariance; correlation; and Beta; individually, or as portfolio.

As results, there are thirteen (13) consistent Assets in Jakarta Islamic Index at that period of time (year of 2002-2004). While the rest of the thirty (30) other Assets are often changing in every period.

The whole condition of consistent Assets' portfolio compared with those inconsistent ones in Jakarta Islamic Index are better. Meanwhile the Beta of Assets' portfolio on the fourth semester is different with the first, second, and third semester, where consistent Assets have smaller Beta. The result of this research is, as a whole, after measurement with The Sharpe Index, Treynor Index and Alpha Jensen Index can be explained the performance of consistent Assets portfolio compared with those inconsistent ones in Jakarta Islamic Index is better."

"Strategic Management has been widely discussed in the context of competitive advantage building a fundamental need by firms for competition Competitive advantage of a firm may be reached by implementing distinguished strategies where its resources and capabilities are leveraged to overcome extemal environment forces. Strategic decision works at the operational level of strategy implementation. Strategic decision is getting more relevant for an industry risking massive capital and requiring high technology in environment uncertainties like oil and gas industry.This research has surveyed upstream oil and gas business segment of PT Medcol-Energi International Tbk to study the roles of ?strategic decision? thru ?asset portfolio management", ?operational success?, and ?financial risk management? tasks that have influences to its company?s performances. MedcoEnergi is a holding company which has several entities in its portfolio. Underneath the parent's company consists of business units and assets portfolio. Strategic decision consequently should occupy either at corporate level or at business level. Organizational structure, executive paradigms, functional perspective integration dimensions should have shaped the strategic decisions.This study addresses three main questions. First, do the strategic decision roles effects on company?s perfonnances thru asset portfolio management. Second, do the strategic decision roles effects on company?s performances thru operational success. Third, do strategic decision roles effects on oompany's performances thru financial risk management. In making strategic decision "organizational structure", "executive paradigm", and "functional perspective" dimensions are measured.A survey was conducted in MedcoEnergi group companies to measure the roles of strategic decision in achieving its performances through asset portfolio management, operational success, and inancial risk management. Questionnaires were distributed along to samples under criteria reaching 55 respondents across the organizational structures, job positions, and job unit so the profiles has represented strategic decision makers and supporter around the group that focused on up stream oil and gas industry.The results indicate that strategic decision has not been accordingly practiced to support asset portfolio management but slightly support operational success and financial risk management which remarked by insignificant relationship among the variables. As conclusion, the performance within the time name surveyed of MedocEnergi generated from its up stream oil and gas exploration and development business segment not appeared to reach its optimality.This study should make important contributions which would promote the importance of further research of strategic decision roles in the up stream oil and gas industry as a whole. The Endings here offer to practice strategic decision in tackling strategic issues such as to manage portfolio of assets (proved reserves), to manage operational success more sharply, to manage financial risk more expanded to capability of the companies to reduce risks. By having those issues considered through strategic decision, the company's? performances would be expected higher than current level."