You are on page 1of 43

798(2



7HOHNRPXQLNDFLMVNLVXVWDYL
.RPXWDFLMVNLVXVWDYL
7HOHIRQVNHFHQWUDOH

'UVFL3UHGUDJ9DORåLü

76 
2PRJXüLWLUD]JRYRUVYDNRP
SUHWSODWQLNXSULNOMXþHQRPQD
WHOHIRQVNXPUHåXVELORNRMLP
GUXJLPSUHWSODWQLNRP
WHPHOMQDMH
XVOXJD HQJ VHUYLFH
NRPXWDFLMVNRJ SRGVXVWDYD
WHOHIRQVNRJ76D

76 
'LUHNWQRSRYH]LYDQMH³VYDNRJDVDVYDNLP´
‡ ]DGYDSUHWSODWQLNDWUHEDPRMHGDQYRGLSUHNLGDþ
‡ ]DWULSUHWSODWQLNDWULYRGDLSUHNLGDþD
‡ ]DSUHWSODWQLND
‡ RSüHQLWR ]D V SUHWSODWQLND WUHEDOR EL QDP ⋅V⋅ V  YRGRYD L
SUHNLGDþD SUHWSODWQLNDSUHWSODWQLND«
'LUHNWQDPUHåD YUOREU]RSRVWDMHQHSUDNWLþQR³JXVWD´

76 
76 
-HGQRVWDYQR NRPXWDFLMVNR SROMH FHQWUDOL]LUDQH PUHåH LPDOR EL LVWL
EURMSUHNLGDþD

.RPXWDFLMVND SROMDFHQWUDOL]LUDQHPUHåHVDSUHNLGDþLPD]D
SRYH]LYDQMHLSUHWSODWQLND
76 
3UHWSODWQLþNLYRGRYL
Q ³3UYDQDSUDYD]D
SRVUHGRYDQMHYH]DPRQWLUDQD
MHJX1HZ+DYHQX
&RQQHFWLFDW86$ DLPDOD
MHSULNOMXþDN,]JOHGDODMH
NDRUHãHWNDRGPMHGHQLKãLSNL
PHÿXVREQRL]ROLUDQLK V
UXSDPD7HOHIRQLVWMHYH]X
XVSRVWDYOMDRSURYODþHQMHP
PMHGHQRJþHSD NUR]UXSHQD
.RPXWDFLMVND PDWULFD VMHFLãWXãLSNL´

0LURVODY0LNXOD
5D]YRMWHOHNRPXQLNDFLMD
âNROVNDNQMLJD=DJUHE
.RPXWDFLMVNRSROMH

.ROLNRMHLVWRYUHPHQLKYH]DPRJXüH"
76 
3UHWSODWQLþNLYRGRYL
Q

3UHWSODWQLþNLYRGRYL
]DYUãDYDMXQD³þHSLãWLPD´

3UHVSRMQL NDEHOL
V³þHSRYLPD´

.RPXWDFLMVNRSROMH

.ROLNRMHLVWRYUHPHQLKYH]DPRJXüH"
76 
7DEOH7\SHVRI(QG2IILFH6ZLWFKLQJDQG7KHLU(YROXWLRQ

6ZLWFKLQJ 0HWKRGRI
2SHUDWLRQ 7\SHRI&RQWURO 7\SHRI1HWZRUN
6\VWHP 6ZLWFKLQJ

0DQXDO 0DQXDO 6SDFH$QDORJ +XPDQ 3OXJ&RUG-DFN
2SHUDWRU
 (OHFWURPHFK 'LVWULEXWHG6WDJH
6SDFH$QDORJ 6WHSSLQJ6ZLWFK7UDLQ
6WHSE\6WHS DQLFDO E\6WDJH
 (OHFWURPHFK
6SDFH$QDORJ &RPPRQ&RQWURO ;%DU6ZLWFK
&URVV%DU DQLFDO

6HPLHOHFWUR
(66²VW 6SDFH$QDORJ &RPPRQ&RQWURO 5HHG6ZLWFK
QLF
*HQHUDWLRQ

6HPLHOHFWUR 6WRUHG3URJUDP
(66²QG 6SDFH$QDORJ 5HHGVZLWFK
QLF &RQWURO
*HQHUDWLRQ

(66²UG (OHFWURQLF 6WRUHG3URJUDP
7LPH'LJLWDO 3XOVH&RGH0RGXODWLRQ
*HQHUDWLRQ &RPPRQ&RQWURO

*HQHUDFLMHWHOHIRQVNLKNRPXWDFLMVNLKVXVWDYD

76 
0DQXDOQD UXþQD
NRPXWDFLMD 
6YDNLSRVOXåLWHOM RELþQRVXWRELOH
åHQHWHOHIRQLVWLFH VMHGLLVSUHG
SXOWDV QSUSDULSUHVSRMQLK
NDEHODVXWLNDþLPD þHSRYLPD
NRMLPDPRåHSRYH]DWLORNDOQHSHWOMH
GYDMXSUHWSODWQLND3DUNDEHOD
VDVWRMLRGSUHGQMHJ L ]DGQMHJ
XWLNDþDNDEHODNRMLLKSRYH]XMXWH
RG]LYQH L SR]LYQHWLSNH
1DRNRPLWRMSORþLQDOD]LVH QSU
RG]LYQLK XWLþQLFD þHSLãWD VD
VLJQDOQLP åDUXOMLFDPDLGR
XWLþQLFDRVWDOLKSUHWSODWQLND3ROMH
XWLþQLFDSRQDYOMDVHQDVYLPUDGQLP
PMHVWLPD=DSRYH]LYDQMHVGUXJLP
FHQWUDODPDVOXåHVSRMQLYRGRYL
VDXWLþQLFDPDVPMHãWHQLPL]QDG
76 RG]LYQLK XWLþQLFD 


76 
76 


76 


76 
76 
76 
3ULPMHU PDQXDOQH NRPXWDFLMH LOXVWULUD QHNH RG WHPHOMQLK
IXQNFLMD NRPXWDFLMVNRJ VXVWDYD 
•2GJRYRU SRVOXåLWHOMD QD ]DKWMHY SUHWSODWQLND $ GD
XVSRVWDYLNRPXQLNDFLMXVSUHWSODWQLNRP%
•3ULMDPWHOHIRQVNRJEURMDWUDåHQRJVXJRYRUQLND%
•3URYMHUD ]DX]HüD % L REDYMHãWHQMH $X R HYHQWXDOQRP
]DX]HüX%D
•3RYH]LYDQMHORNDOQLKNUXJRYD$L%
•³=YRQMHQMH´%XLXVSRVWDYHYH]H
•3RYUDW X PLUQR VWDQMH QDNRQ ]DYUãHWND UD]JRYRUD UDVNLG
VSRMD$L%

76 

3RþHWDN
SRVOXåLYDQMDW

ýHNDQMHW

.RPXQLNDFLMDVSRVOXåLWHOMHPW

3URYMHUDW

=DX]HWRWE

3RYH]LYDQMHWD
76 
$XWRPDWVNDNRPXWDFLMD 

%ORNVKHPD
NRPXWDFLMVNRJ
FHQWUD

76 
7DEOH7\SHVRI(QG2IILFH6ZLWFKLQJDQG7KHLU(YROXWLRQ

6ZLWFKLQJ 0HWKRGRI
2SHUDWLRQ 7\SHRI&RQWURO 7\SHRI1HWZRUN
6\VWHP 6ZLWFKLQJ

0DQXDO 0DQXDO 6SDFH$QDORJ +XPDQ 3OXJ&RUG-DFN
2SHUDWRU
 (OHFWURPHFK 'LVWULEXWHG6WDJH
6SDFH$QDORJ 6WHSSLQJ6ZLWFK7UDLQ
6WHSE\6WHS DQLFDO E\6WDJH
 (OHFWURPHFK
6SDFH$QDORJ &RPPRQ&RQWURO ;%DU6ZLWFK
&URVV%DU DQLFDO

6HPLHOHFWUR
(66²VW 6SDFH$QDORJ &RPPRQ&RQWURO 5HHG6ZLWFK
QLF
*HQHUDWLRQ

6HPLHOHFWUR 6WRUHG3URJUDP
(66²QG 6SDFH$QDORJ 5HHGVZLWFK
QLF &RQWURO
*HQHUDWLRQ

(66²UG (OHFWURQLF 6WRUHG3URJUDP
7LPH'LJLWDO 3XOVH&RGH0RGXODWLRQ
*HQHUDWLRQ &RPPRQ&RQWURO

0DWULþQH
FURVVEDU
;EDU
SUHNORSNH

76 




6WURZJHURYNRUDþQL ELUDþ
76 




6WURZJHURYNRUDþQL ELUDþ
76 


8VSRVWDYDYH]H X NRUDþQRP
VXVWDYX V SUHWSODWQLND

8VSRVWDYDYH]H X NRUDþQRPVXVWDYX V
SUHWSODWQLND

76 
7DEOH7\SHVRI(QG2IILFH6ZLWFKLQJDQG7KHLU(YROXWLRQ

6ZLWFKLQJ 0HWKRGRI
2SHUDWLRQ 7\SHRI&RQWURO 7\SHRI1HWZRUN
6\VWHP 6ZLWFKLQJ

0DQXDO 0DQXDO 6SDFH$QDORJ +XPDQ 3OXJ&RUG-DFN
2SHUDWRU
 (OHFWURPHFK 'LVWULEXWHG6WDJH
6SDFH$QDORJ 6WHSSLQJ6ZLWFK7UDLQ
6WHSE\6WHS DQLFDO E\6WDJH
 (OHFWURPHFK
6SDFH$QDORJ &RPPRQ&RQWURO ;%DU6ZLWFK
&URVV%DU DQLFDO

6HPLHOHFWUR
(66²VW 6SDFH$QDORJ &RPPRQ&RQWURO 5HHG6ZLWFK
QLF
*HQHUDWLRQ

6HPLHOHFWUR 6WRUHG3URJUDP
(66²QG 6SDFH$QDORJ 5HHGVZLWFK
QLF &RQWURO
*HQHUDWLRQ

(66²UG (OHFWURQLF 6WRUHG3URJUDP
7LPH'LJLWDO 3XOVH&RGH0RGXODWLRQ
*HQHUDWLRQ &RPPRQ&RQWURO

76 
%ORNVKHPD
VXVWDYDV
]DMHGQLþNLP
XSUDYOMDQMHP



76 
&URVVEDU PDWULþQD NRRUGLQDWQD VNORSND 



76 

76 


76 &URVVEDUWHOHIRQVNDFHQWUDOD 
3RJOHG QD MHGDQ RG UHJDOD
FURVVEDU WHOHIRQVNHFHQWUDOH



76 
76 
7DEOH7\SHVRI(QG2IILFH6ZLWFKLQJDQG7KHLU(YROXWLRQ

6ZLWFKLQJ 0HWKRGRI
2SHUDWLRQ 7\SHRI&RQWURO 7\SHRI1HWZRUN
6\VWHP 6ZLWFKLQJ

0DQXDO 0DQXDO 6SDFH$QDORJ +XPDQ 3OXJ&RUG-DFN
2SHUDWRU
 (OHFWURPHFK 'LVWULEXWHG6WDJH
6SDFH$QDORJ 6WHSSLQJ6ZLWFK7UDLQ
6WHSE\6WHS DQLFDO E\6WDJH
 (OHFWURPHFK
6SDFH$QDORJ &RPPRQ&RQWURO ;%DU6ZLWFK
&URVV%DU DQLFDO

6HPLHOHFWUR
(66²VW 6SDFH$QDORJ &RPPRQ&RQWURO 5HHG6ZLWFK
QLF
*HQHUDWLRQ

6HPLHOHFWUR 6WRUHG3URJUDP
(66²QG 6SDFH$QDORJ 5HHGVZLWFK
QLF &RQWURO
*HQHUDWLRQ

(66²UG (OHFWURQLF 6WRUHG3URJUDP
7LPH'LJLWDO 3XOVH&RGH0RGXODWLRQ
*HQHUDWLRQ &RPPRQ&RQWURO

76 


5HHGNRQWDNWL

76 
8SUDYOMDþNDNRQ]ROD
$7 7(661ƒ

76 
76 
7DEOH7\SHVRI(QG2IILFH6ZLWFKLQJDQG7KHLU(YROXWLRQ

6ZLWFKLQJ 0HWKRGRI
2SHUDWLRQ 7\SHRI&RQWURO 7\SHRI1HWZRUN
6\VWHP 6ZLWFKLQJ

0DQXDO 0DQXDO 6SDFH$QDORJ +XPDQ 3OXJ&RUG-DFN
2SHUDWRU
 (OHFWURPHFK 'LVWULEXWHG6WDJH
6SDFH$QDORJ 6WHSSLQJ6ZLWFK7UDLQ
6WHSE\6WHS DQLFDO E\6WDJH
 (OHFWURPHFK
6SDFH$QDORJ &RPPRQ&RQWURO ;%DU6ZLWFK
&URVV%DU DQLFDO

6HPLHOHFWUR
(66²VW 6SDFH$QDORJ &RPPRQ&RQWURO 5HHG6ZLWFK
QLF
*HQHUDWLRQ

6HPLHOHFWUR 6WRUHG3URJUDP
(66²QG 6SDFH$QDORJ 5HHGVZLWFK
QLF &RQWURO
*HQHUDWLRQ

(66²UG (OHFWURQLF 6WRUHG3URJUDP
7LPH'LJLWDO 3XOVH&RGH0RGXODWLRQ
*HQHUDWLRQ &RPPRQ&RQWURO

76 
3ULQFLS
YUHPHQVNH
NRPXWDFLMH



%ORN]DUD]PMHQXYUHPHQVNLKRGVMHþDND76,8
76 
'LJLWDOQDNRPXWDFLMDVDVWDYOMHQD L] EORNRYDYUHPHQVNH L SURVWRUQHNRPXWDFLMH
9ULMHPH 76,2$ 76,8% 706 76,8; 76,8<
   $< %;   
   $< %;  
   $; %<  
   $; %<  

$ < % ;
$ < % ;
→ →

$ ; % <
→ →
76 
$ ; % <
→ →
→ →
[

[
7'0[6 [

NDQ 
 
NRP]D 7'0
6
VXVWDY 6 [ 
UHNRQILJXUDFLMDX
VHNXQGL

7LPH6ORW 7LPH0XOWLSOH[HG6SDFH

,QWHUFKDQJH8QLW

N[76,8 NDQDOD

76
.RPXWDFLMVNLVXVWDY (661ƒ 
$7 7RYVXVWDY (661ƒ

76 
0RQRFHQWULþQD D L SROLFHQWULþQD E PUHåD



76 


+LMHUDUKLMVNDPUHåD D  UHãHWNDVWD E L NRPELQLUDQDPUHåD F

76 
.RPXWDFLMVNLVXVWDY VWUL UD]LQHFHQWUDOD

76 
3RGMHODXNXSQRJLQIRUPDFLMVNRJWRND

76 
,VSLWQDSLWDQMD
2SLãLWHL]JOHGLIXQNFLMXPDQXDOQRJWHOHIRQVNRJ
NRPXWDFLMVNRJ VXVWDYD
2SLãLWHWRNSURFHVDXVSRVWDYHWHOHIRQVNHYH]H
1DFUWDMWHLSRMDVQLWHEORNVKHPXDXWRPDWVNRJNRPXWDFLMVNRJ
VXVWDYD
2SLãLWHL]YHGEXLIXQNFLMXNRUDþQRJNRPXWDFLMVNRJVXVWDYD
2SLãLWHL]YHGEXLIXQNFLMXNURVEDUNRPXWDFLMVNHSUHNORSNHL
L]JOHGWHOHIRQVNHFHQWUDOHVWLPSUHNORSNDPD
2SLãLWHSULQFLSHUDGDNRPXWDFLMVNLKSUHNORSNL
2SLãLWHSULQFLSUDGDYUHPHQVNHNRPXWDFLMH
2SLãLWHSULQFLSUDGDYUHPHQVNRSURVWRUQRJNRPXWDFLMVNRJ
VXVWDYD
1DFUWDMWHLSRMDVQLWHWHPHOMQHWRSRORãNHVWUXNWXUHWHOHIRQVNLK
PUHåD

76 

You might also like