You are on page 1of 46

2EUDGDSULURGQLKMH]LND

(OHNWURWHKQLĆNLIDNXOWHW8QLYHU]LWHWDX%HRJUDGX
0DVWHUDNDGHPVNHVWXGLMH
PRGXO6RIWYHUVNRLQçHQMHUVWYR

/LQHDUQDUHJUHVLMD
9XN%DWDQRYLĄ(OHNWURWHKQLĆNLIDNXOWHW8QLYHU]LWHWDX%HRJUDGX
(OHNWURWHKQLĆNL IDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

/LQHDUQDUHJUHVLMD

X 2VQRYQLWLSUHJUHVLMH² SUHGYLćDQMDNRQWLQXDOQLKQXPHULĆNLKYUHGQRVWL
X 3UYLREOLNOLQHDUQHUHJUHVLMHSUHGVWDYOMHQJRGLQH
X 3URVWDMHGQRVWUXNDOLQHDUQDUHJUHVLMD² SRVWRMLVDPRMHGQDXOD]QD
SURPHQOMLYDRGOLND‫ݔ‬
X 9LåHVWUXNDOLQHDUQDUHJUHVLMD² SRVWRMLYLåH ݊ XOD]QLK
SURPHQOMLYLKRGOLND‫ݔ‬ଵ ǡ ‫ݔ‬ଶ ǡ ǥ ǡ ‫ݔ‬௡
X 8QLYDULMDQWQDOLQHDUQDUHJUHVLMD² VDPRMHGQDL]OD]QDSURPHQOMLYD‫ݕ‬
X 0XOWLYDULMDQWQDOLQHDUQDUHJUHVLMD² YLåHL]OD]QLKSURPHQOMLYLK


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

/LQHDUQDUHJUHVLMD

X /LQHDUQDUHJUHVLMDSUHWSRVWDYOMDGD]DYLVQRVW‫ ݕ‬RG‫ ݔ‬LPDREOLNOLQHDUQH


NRPELQDFLMHRGOLND LQMLKRYLKWHçLQD
X 'YHJODYQHYUVWHXSRWUHEHOLQHDUQHUHJUHVLMHVX
X 3UHGYLćDQMHYUHGQRVWLL]OD]D‫] ݕ‬DQRYHSRGDWNHQDRVQRYXSR]QDWLK
YUHGQRVWLWRJL]OD]DQDVWDULPSRGDFLPD
X $QDOL]DVWHSHQDSRYH]DQRVWLL]PHćXYUHGQRVWLL]OD]D‫ ݕ‬LYUHGQRVWL
SURPHQOMLYLK‫ݔ‬ଵ ǡ ‫ݔ‬ଶ ǡ ǥ ǡ ‫ݔ‬௡
X äLURNRNRULåĄHQDLXSULURGQLPLXGUXåWYHQLPQDXNDPD


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

-HGQRVWUXNDXQLYDULMDQWQDOLQHDUQD
UHJUHVLMD
X +LSRWH]DMHGQRVWUXNHXQLYDULMDQWQHOLQHDUQHUHJUHVLMH
݄ ‫ ݔ‬ൌ ‫ݓ‬଴ ൅ ‫ݓ‬ଵ ‫ݔ‬
X ‫ݓ‬଴ ǡ ‫ݓ‬ଵ VXWHçLQH² SDUDPHWULPRGHOD QHJGHVHR]QDĆDYDMXVDߠ଴ ǡ ߠଵ
X 2EXĆDYDQMHPRGHODSUHGVWDYOMDRGDELURSWLPDOQLKYUHGQRVWL
SDUDPHWDUDPRGHODWDNRGD݄ ‫ ݔ‬EXGHEOLVNRVWYDUQRP‫] ݕ‬DVYHXOD]QH
SDURYH ‫ݔ‬ǡ ‫ݕ‬
X 'DELVHPRGHOREXĆLRQHRSKRGQRMHRGDEUDWLIXQNFLMXFHQHJUHåNH
NRMDJRYRULNROLNRKLSRWH]D VDWUHQXWQLPYUHGQRVWLPDSDUDPHWDUD 
RGVNDĆHRGVWYDUQLKYUHGQRVWL‫ݕ‬


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

)XQNFLMDJXELWNDLIXQNFLMDJUHåNH

X )XQNFLMDJXELWND‫ܮ‬ሺ݄ ‫ ݔ‬ǡ ‫ݕ‬ሻ HQJOORVVIXQFWLRQ GHILQLåHPHUX


RGVWXSDQMDYUHGQRVWLKLSRWH]H݄ሺ‫ݔ‬ሻ ]DQHNR‫ݔ‬VDWUHQXWQLP
YUHGQRVWLPDSDUDPHWDUD‫ ݓ‬RGWDĆQHYUHGQRVWL‫ ݕ‬QDSRMHGLQDĆQRP
SRGDWNX
X )XQNFLMDJUHåNHFHQH‫ܬ‬ሺ‫ݓ‬ሻ HQJOHUURUFRVWIXQFWLRQ MHSURVHN
YUHGQRVWLIXQNFLMHJXELWNDQDVYLPSRGDFLPDL]SRVPDWUDQRJVNXSD
ͳ ௠
‫ ݓ ܬ‬ൌ ෍ ‫ܮ‬ሺ݄ ‫ ݔ‬ሺ௜ሻ ǡ ‫ ݕ‬ሺ௜ሻ ሻ
݉ ௜ୀଵ

X JGHMH݉ EURMSRGDWDNDXVNXSX
X 2EXĆDYDQMHPRGHODVHVYRGLQDRGDELURSWLPDOQLKYUHGQRVWL
SDUDPHWDUDPRGHOD‫ݓ‬଴ ǡ ǥ ǡ ‫ݓ‬௡ WDNRGDIXQNFLMDJUHåNH‫ ݓ ܬ‬EXGH

PLQLPDOQD]DSDURYH ‫ݔ‬ǡ ‫ ݕ‬L]VNXSD]DREXĆDYDQMH
(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

)XQNFLMDJUHåNHXOLQHDUQRMUHJUHVLML

X 8OLQHDUQRMUHJUHVLMLVHQDMĆHåĄHNDRIXQNFLMDJUHåNHNRULVWLSURVHN
NYDGUDWDRGVWXSDQMD݄ ‫ ݔ‬RG‫ ݕ‬HQJO0HDQ6TXDUHG(UURU ² 06( 
ͳ ௠ ଶ
‫ ݓ ܬ‬ൌ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ
ʹ݉ ௜ୀଵ

X 0RJXĄHMHSURQDĄLPLQLPXPDQDOLWLĆNL SRGUD]XPHYDUDĆXQDQMH
LQYHU]QLKPDWULFD
X 0RçHELWLSUHVNXSDRSHUDFLMDNDGDMHEURMNRULåĄHQLKRGOLNDYHOLNL


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

2EXĆDYDQMHXOLQHDUQRMUHJUHVLML

X 8SUDNVLVHQDMĆHåĄH]DREXĆDYDQMHPRGHODNRULVWLPHWRGD
JUDGLMHQWQRJVSXVWD
X *UDGLMHQWQLVSXVWMHLWHUDWLYQLPHWRGWUDçHQMDPLQLPXPDIXQNFLMH
X =DVQLYDVHQDNRULåĄHQMXJUDGLMHQWD² JHQHUDOL]DFLMHL]YRGDQDYHĄL
EURMSURPHQOMLYLK
X *UDGLMHQWMHYHNWRUĆLMLVXHOHPHQWLSDUFLMDOQLL]YRGLIXQNFLMH
X *UDGLMHQWIXQNFLMHJUHåNH

߲‫ܬ‬ሺ‫ݓ‬ሻ ߲‫ܬ‬ሺ‫ݓ‬ሻ ߲‫ܬ‬ሺ‫ݓ‬ሻ


ߘ‫ܬ‬ሺ‫ݓ‬ሻ ൌ ǡ ǡǥǡ
߲‫ݓ‬଴ ߲‫ݓ‬ଵ ߲‫ݓ‬௡

X 3DUDPHWUH‫ݓ‬଴ ǡ ǥ ǡ ‫ݓ‬௡ WUHEDPHQMDWLXVPHUXRSDGDQMDIXQNFLMHJUHåNH 


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

,OXVWUDFLMDJUDGLMHQWQRJVSXVWD
6OLNDSUHX]HWDVDKWWSVHEDVWLDQUDVFKNDFRPIDTGRFVFORVHGIRUPYVJGKWPO


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

*UDGLMHQWQLVSXVW

X ,]UD]]DDçXULUDQMHWHçLQVNLKYUHGQRVWL‫ݓ‬

߲‫ܬ‬ሺ‫ݓ‬ሻ
‫ݓ‬௜ ؔ ‫ݓ‬௜ െ ߙ
߲‫ݓ‬௜
X ߙ MHSR]LWLYDQEURMNRMLSUHGVWDYOMDEU]LQXXĆHQMD HQJOOHDUQLQJUDWH 
² RQDRGUHćXMHNROLNRĄHVHYHOLNLVNRNRYLQL]JUDGLMHQWSUDYLWLSUL
REXĆDYDQMX
X %U]LQDXĆHQMDPRUDGDEXGHSDçOMLYRRGDEUDQD
X .DGDMHߙ SUHPDORXĆHQMHMHYHRPDVSRURWMLPDYHOLNLEURMNRUDND8
]DYLVQRVWLRGREOLNDIXQNFLMHJUHåNHPRJXĄHMHL]DJODYOMLYDQMHXORNDOQLP
PLQLPXPLPD
X .DGDMHߙ SUHYHOLNRRSWLPL]DFLMDPRçHGDSUHVNRĆLPLQLPXPLOLĆDNLGD 
GLYHUJLUD
(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

,OXVWUDFLMDXWLFDMDSUHYHOLNHLSUHPDOHEU]LQHXĆHQMDQD
REXĆDYDQMHPRGHOD
6OLNHSUHX]HWHVD

KWWSZLQJVKRUHZRUGSUHVVFRPOLQHDUUHJUHVVLRQLQRQHYDULDEOHJUDGLHQWGHVFHQWFRQWG

KWWSVHEDVWLDQUDVFKNDFRP$UWLFOHVBVLQJOHOD\HUBQHXURQVKWPO

(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

$çXULUDQMHYUHGQRVWLSDUDPHWDUD SULPHU
MHGQRVWUXNHUHJUHVLMH
X 2EDYH]QRWUHEDDçXULUDWLVYHWHçLQVNHYUHGQRVWLRGMHGQRPQDSULPHU

߲‫ݓ ܬ‬
‫݌݉݁ݐ‬଴ ؔ ‫ݓ‬଴ െ ߙ
߲‫ݓ‬଴

߲‫ݓ ܬ‬
‫݌݉݁ݐ‬ଵ ؔ ‫ݓ‬ଵ െ ߙ
߲‫ݓ‬ଵ
‫ݓ‬଴ ؔ ‫݌݉݁ݐ‬଴
‫ݓ‬ଵ ؔ ‫݌݉݁ݐ‬ଵ
X 8VXSURWQRPSURPHQDMHGQRJSDUDPHWUDXWLĆHQDSDUFLMDOQHL]YRGH
SRGUXJLPSDUDPHWULPD² YLåHVHQHYUåLVSXVWXVPHUXJUDGLMHQWD

(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

,OXVWUDFLMDVPHUDVSXVWDX]DYLVQRVWLRGWUHQXWQRJSRORçDMD
6OLNDSUHX]HWDVDKWWSVWDFNRYHUIORZFRPTXHVWLRQVJUDGLHQWGHVFHQWLQOLQHDUUHJUHVVLRQ


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

.RQYHUJHQFLMD

X *UDGLMHQWQLVSXVWPRçHGDNRQYHUJLUDLVDILNVQRPYUHGQRåĄXEU]LQH
XĆHQMDߙ
߲‫ܬ‬ሺ‫ݓ‬ሻ
‫ݓ‬௜ ؔ ‫ݓ‬௜ െ ߙ
߲‫ݓ‬௜
X .DNRVHVSXVWSULEOLçDYDPLQLPXPXYUHGQRVWSDUFLMDOQLKL]YRGDVH
VDPDVPDQMXMHWDNRGDDXWRPDWVNLGROD]LGRNRQYHUJHQFLMH
X 9UHGQRVWL]YRGDXPLQLPXPXMHMHGQDNDQXOLWDNRGDVHSDUDPHWUL‫ݓ‬
YLåHQHPHQMDMXNDGGRVWLJQXRSWLPDOQHYUHGQRVWL
X 2EXĆDYDQMHVHQHNDGREXVWDYOMDNDGDSURPHQDYUHGQRVWLSDUDPHWDUD
XMHGQRPNRUDNXSRVWDQHPDQMDRGQHNHSUHGHILQLVDQHYUHGQRVWL


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

.RQYHUJHQFLMD

X 8NROLNRMHEU]LQDXĆHQMDGREURRGDEUDQDJUDGLMHQWQLVSXVWĄHXYHN
NRQYHUJLUDWLNDJOREDOQRPPLQLPXPX
X )XQNFLMDJUHåNH‫ܬ‬ሺ‫ݓ‬ሻ MHNYDGUDWQDIXQNFLMDåWR]QDĆLGDMHNRQYHNVQDWM
LPDVDPRMHGDQPLQLPXPNRMLMHJOREDODQ
X %URMNRUDNDSRWUHEQLK]DNRQYHUJHQFLMX]DYLVLRGNRQNUHWQRJ]DGDWND
NRMLVHUHåDYDLPRçHGD]QDWQRYDULUD
X $XWRPDWVNDSURYHUDNRQYHUJHQFLMH² GDOLVHJUHåNDVPDQMXMHX
VYDNRPNRUDNX"
X =DGRYROMQRPDORߙ JUHåNDWUHEDGDVHVPDQMXMHXVYDNRPNRUDNX


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

2EXĆDYDQMHXMHGQRVWUXNRMOLQHDUQRM
UHJUHVLMLSRPRĄXJUDGLMHQWQRJVSXVWD

ͳ ௠ ͳ ௠
ሺ௜ሻ ଶ ଶ
‫ ݓ ܬ‬ൌ ෍ ݄ ‫ݔ‬ ௜
െ‫ݕ‬ ൌ ෍ ‫ݓ‬଴ ൅ ‫ݓ‬ଵ ‫ ݔ‬ሺ௜ሻ െ ‫ ݕ‬ሺ௜ሻ
ʹ݉ ௜ୀଵ ʹ݉ ௜ୀଵ

߲‫ܬ‬ሺ‫ݓ‬ሻ ͳ ௠ ͳ ௠
ሺ௜ሻ ሺ௜ሻ
ൌ ෍ ‫ݓ‬଴ ൅ ‫ݓ‬ଵ ‫ ݔ‬െ ‫ݕ‬ ൌ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ
߲‫ݓ‬଴ ݉ ௜ୀଵ ݉ ௜ୀଵ

߲‫ܬ‬ሺ‫ݓ‬ሻ ͳ ௠ ͳ ௠
ൌ ෍ ‫ݓ‬଴ ൅ ‫ݓ‬ଵ ‫ ݔ‬ሺ௜ሻ െ ‫ ݕ‬ሺ௜ሻ ‫ ݔ‬ሺ௜ሻ ൌ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ ‫ ݔ‬ሺ௜ሻ
߲‫ݓ‬ଵ ݉ ௜ୀଵ ݉ ௜ୀଵ


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

2EXĆDYDQMHXMHGQRVWUXNRMOLQHDUQRM
UHJUHVLMLSRPRĄXJUDGLMHQWQRJVSXVWD
X $OJRULWDPVSXVWD² SRQDYOMDWLGRNRQYHUJHQFLMH
ͳ ௠
‫ݓ‬଴ ؔ ‫ݓ‬଴ െ ߙ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ
݉ ௜ୀଵ

ͳ ௠
‫ݓ‬ଵ ؔ ‫ݓ‬ଵ െ ߙ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ ‫ ݔ‬ሺ௜ሻ
݉ ௜ୀଵ

X 2YDNDYUHçLPREXĆDYDQMDVHQD]LYDJUXSQLJUDGLMHQWQLVSXVW HQJO
EDWFKJUDGLHQWGHVFHQW MHUVHXVYDNRPNRUDNXVSXVWDNRULVWLVYLK݉
SRGDWDNDL]VNXSD]DREXĆDYDQMH


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

6WRKDVWLĆNLJUDGLMHQWQLVSXVW

X $OWHUQDWLYDQSULVWXSMHGDVHSRGDFLL]VNXSD]DREXĆDYDQMHREUDćXMX
MHGDQSRMHGDQWMGDVHSDUDPHWUL‫ ݓ‬DçXULUDMXGRNRQYHUJHQFLMHNDR
‫ܽݐܽ݀ ݄݁ݐ ݈݂݂݁ݑ݄ݏ ݕ݈݉݋݀݊ܽݎ‬
݂‫ ݅ ݎ݋‬ൌ ͳ ‫݉ ݋ݐ‬ǣ
ͳ ௜ ௜
‫ݓ‬଴ ؔ ‫ݓ‬଴ െ ߙ ݄ ‫ݔ‬ െ‫ݕ‬
݉
ͳ
‫ݓ‬ଵ ؔ ‫ݓ‬ଵ െ ߙ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ ‫ ݔ‬ሺ௜ሻ
݉
X 2YDNDYUHçLPREXĆDYDQMDVHQD]LYDVWRKDVWLĆNLJUDGLMHQWQLVSXVW HQJO
VWRFKDVWLFJUDGLHQWGHVFHQW² 6*'

(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

*UXSQLYVVWRKDVWLĆNLJUDGLMHQWQLVSXVW

X *UXSQLJUDGLMHQWQLVSXVWPRUDGDSURćHNUR]FHRVNXS]DREXĆDYDQMH
GDELQDSUDYLRMHGDQNRUDN
X 2YRPRçHGDEXGHVNXSDRSHUDFLMDDNRMHEURMSRGDWDND݉ YHOLNL
X 6WRKDVWLĆNLJUDGLMHQWQLVSXVWPRçHGDNUHQHVDPLQLPL]DFLMRPIXQNFLMH
JUHåNHQDRVQRYXVDPRMHGQRJSRGDWND
X 6WRKDVWLĆNLVSXVWVHĆHVWRSULEOLçLPLQLPXPX]QDWQREUçHQHJRJUXSQL
X 6WRKDVWLĆNLVSXVWLPDYHĄXYDULMDQVXQHJRJUXSQLMHUMHVYDNLJUDGLMHQW
QHåWRGUXJDĆLML
X 9HĄDYDULMDQVDXVSRUDYDNRQYHUJHQFLMX
X =DKWHYDGDEU]LQDXĆHQMDߙ YUHPHQRPRSDGD

(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

*UXSQLYVVWRKDVWLĆNLJUDGLMHQWQLVSXVW

X 0RçHVHGHVLWLGDVWRKDVWLĆNLVSXVWQLNDGQHNRQYHUJLUDVDVYLPYHĄGD
YUHGQRVWL‫ ݓ‬EODJRRVFLOXMXRNRPLQLPXPD
X 8JODYQRPQLMHSUREOHPMHUVXYUHGQRVWLRNRPLQLPXPDRELĆQRGRYROMQR
GREUH
X =ERJHILNDVQRVWLVHNRGYHOLNLKVNXSRYDSRGDWDNDSUHIHULUDVWRKDVWLĆNL
VSXVW
X 6WRKDVWLĆNLVSXVWMHSRJRGDQ]DRQOLQH REXĆDYDQMH² VLWXDFLMHNDGD
QRYLSRGDFLSULVWLçXVHNYHQFLMDOQR
X .DRNRPSURPLVVHĆHVWRNRULVWLREXĆDYDQMHQDPDQMLPSRGVNXSRYLPD
SRGDWDND HQJOPLQLEDWFKJUDGLHQWGHVFHQW


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

9LåHVWUXNDXQLYDULMDQWQDOLQHDUQD
UHJUHVLMD
X +LSRWH]DYLåHVWUXNHXQLYDULMDQWQHOLQHDUQHUHJUHVLMH
݄ ‫ ݔ‬ൌ ‫ݓ‬଴ ൅ ‫ݓ‬ଵ ‫ݔ‬ଵ ൅ ‫ݓ‬ଶ ‫ݔ‬ଶ ൅ ‫ ڮ‬൅ ‫ݓ‬௡ ‫ݔ‬௡
X ‫ݓ‬଴ ǡ ‫ݓ‬ଵ ǡ ǥ ǡ ‫ݓ‬௡ VXWHçLQH² SDUDPHWULPRGHOD
X ‫ݔ‬଴ ǡ ‫ݔ‬ଵ ǡ ǥ ǡ ‫ݔ‬௡ VXRGOLNHNRMHVHNRULVWHXPRGHOX
X )XQNFLMDJUHåNHVDGDLPDREOLN
ͳ ௠ ଶ
ሺ௜ሻ ሺ௜ሻ ሺ௜ሻ
‫ ݓ ܬ‬ൌ ෍ ‫ݓ‬଴ ൅ ‫ݓ‬ଵ ‫ݔ‬ଵ ൅ ‫ݓ‬ଶ ‫ݔ‬ଶ ൅ ‫ ڮ‬൅ ‫ݓ‬௡ ‫ݔ‬௡ െ ‫ ݕ‬ሺ௜ሻ
ʹ݉ ௜ୀଵ


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

2EXĆDYDQMHXYLåHVWUXNRMOLQHDUQRMUHJUHVLML
SRPRĄXJUXSQRJJUDGLMHQWQRJVSXVWD

߲‫ܬ‬ሺ‫ݓ‬ሻ ͳ ௠
ൌ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ
߲‫ݓ‬଴ ݉ ௜ୀଵ

߲‫ܬ‬ሺ‫ݓ‬ሻ ͳ ௠
ሺ௜ሻ
ൌ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ ‫ݔ‬ଵ
߲‫ݓ‬ଵ ݉ ௜ୀଵ

߲‫ܬ‬ሺ‫ݓ‬ሻ ͳ ௠
ሺ௜ሻ
ൌ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ ‫ݔ‬ଶ
߲‫ݓ‬ଶ ݉ ௜ୀଵ

‫ڭ‬


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

2EXĆDYDQMHXYLåHVWUXNRMOLQHDUQRMUHJUHVLML
SRPRĄXJUXSQRJJUDGLMHQWQRJVSXVWD

X $OJRULWDPVSXVWD² SRQDYOMDWLGRNRQYHUJHQFLMH
ͳ ௠
‫ݓ‬଴ ؔ ‫ݓ‬଴ െ ߙ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ
݉ ௜ୀଵ

ͳ ௠
ሺ௜ሻ
‫ݓ‬ଵ ؔ ‫ݓ‬ଵ െ ߙ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ ‫ݔ‬ଵ
݉ ௜ୀଵ

ͳ ௠
ሺ௜ሻ
‫ݓ‬ଶ ؔ ‫ݓ‬ଶ െ ߙ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ ‫ݔ‬ଶ
݉ ௜ୀଵ

‫ڭ‬


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

2EXĆDYDQMHXYLåHVWUXNRMOLQHDUQRMUHJUHVLML
SRPRĄXVWRKDVWLĆNRJJUDGLMHQWQRJVSXVWD

$OJRULWDPVSXVWD² SRQDYOMDWLGRNRQYHUJHQFLMH
‫ܽݐܽ݀ ݄݁ݐ ݈݂݂݁ݑ݄ݏ ݕ݈݉݋݀݊ܽݎ‬
݂‫ ݅ ݎ݋‬ൌ ͳ ‫݉ ݋ݐ‬ǣ
ͳ ௜ ௜
‫ݓ‬଴ ؔ ‫ݓ‬଴ െ ߙ ݄ ‫ݔ‬ െ‫ݕ‬
݉
ͳ ௜ ௜ ሺ௜ሻ
‫ݓ‬ଵ ؔ ‫ݓ‬ଵ െ ߙ ݄ ‫ݔ‬ െ‫ݕ‬ ‫ݔ‬ଵ
݉
ͳ ሺ௜ሻ
‫ݓ‬ଶ ؔ ‫ݓ‬ଶ െ ߙ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ ‫ݔ‬ଶ
݉

‫ڭ‬
(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

5HJXODUL]DFLMD

X 5HJXODUL]DFLMDMHQDĆLQVSUHĆDYDQMDSUHWHUDQHSULODJRćHQRVWLPRGHOD
SRGDFLPD HQJORYHUILWWLQJD SHQDOL]RYDQMHPL]X]HWQRYHOLNLK
PDJQLWXGDQHNLKSDUDPHWDUD‫ݓ‬
X -DNRYHOLNHPDJQLWXGHQHNLKSDUDPHWDUD‫ ݓ‬QDVWDMXNDRSRVOHGLFD
SRNXåDMDPRGHODGDSULODJRGLREOLNIXQNFLMHL]OD]DåXPXLL]X]HFLPDX
SRGDFLPD]DREXĆDYDQMH UDGLVPDQMHQMDIXQNFLMHJUHåNH
X 7DNYLPRGHOLVHXRGUHćHQLPVLWXDFLMDPD WM]DRGUHćHQHYUHGQRVWL
XOD]QRJSRGDWND HIHNWLYQRUXNRYRGHVDPRPDOLPEURMHPRGOLND LOL
QMLKRYLKNRPELQDFLMD NRMHLPDMXYHOLNHPDJQLWXGH‫ݓ‬
X äLUHJRYRUHĄLSRGUHJXODUL]DFLMRPVHSRGUD]XPHYDELORNRMLSRVWXSDN
NRML]DFLOMLPDVPDQMHQMHJUHåNHJHQHUDOL]DFLMH WMJUHåNHQDGQRYLP
SRGDFLPDVNXSRP]DWHVWLUDQMH DGDVHSULWRPQHSRYHĄDJUHåNDQDG
VNXSRP]DREXĆDYDQMH 
(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

5HJXODUL]DFLMD

X 3ULPHU² SUHGLNFLMDFHQHDNFLMDQDEHU]L
X 3UHWHUDQRSULODJRćHQPRGHOĄHPRçGD]DNOMXĆLWLGDVXXSUNRVRSåWLP
WUHQGRYLPDNUHWDQMDFHQDDNFLMDDNFLMH$SSOHDVNRĆLOHXRGUHćHQRP
WUHQXWNX]DWRåWRDNFLMHILUPLNRMHLPDMXNDSLWDOL]DFLMXYHĄXRG
PLOLMDUGLGRODUDLSUHWKRGQXFHQXDNFLMDPDQMXRGUDVWXGDQDX
JRGLQL
X 0RGHOYHURYDWQRQHPRçHGD]ERJRYRJQHXRELĆDMHQRJSULPHUDPHQMD
YUHGQRVWLWHçLQVNLKSDUDPHWDUD]DRGOLNHNRPELQDFLMHRGOLNDNRMHUHDOQR
MHVXSUHGLNWLYQHMHUĄHWLPHSRYHĄDWLJUHåNXQDVYLPRVWDOLPSRGDFLPD
X 7DYHRPDVSHFLILĆQDNRPELQDFLMDRGOLNDQDMYHURYDWQLMHQHPDXWLFDMDQLQD
MHGDQGUXJLSRGDWDNXVNXSX]DREXĆDYDQMHDRPRJXĄDYDPRGHOXGD
WDĆQRSRJRGLFHQXDNFLMD$SSOHDXSRVPDWUDQRPWUHQXWNX
X 6WRJDĄHPRGHOWRMNRPELQDFLMLRGOLNDGDWLYHOLNXWHçLQX 
(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

1DVWDYLWHVHNYHQFXEURMHYD
"

3ULPHUMDYOMDQMDYHOLNLKPDJQLWXGDWHçLQVNLKSDUDPHWDUDNRGSUHWHUDQR
SULODJRćHQLKPRGHOD


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

1DVWDYLWHVHNYHQFXEURMHYD
"

7DĆDQRGJRYRU


3ULPHUMDYOMDQMDYHOLNLKPDJQLWXGDWHçLQVNLKSDUDPHWDUDNRGSUHWHUDQR
SULODJRćHQLKPRGHOD


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

3ULPHUMDYOMDQMDYHOLNLKPDJQLWXGDWHçLQVNLKSDUDPHWDUDNRG
SUHWHUDQRSULODJRćHQLKPRGHOD
6OLNHSUHX]HWHVDKWWSEORJVSWFFRPLEHW\RXFDQWJXHVVWKHQH[WYDOXHLQWKHVHTXHQFH


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

3ULPHUMDYOMDQMDYHOLNLKPDJQLWXGDWHçLQVNLKSDUDPHWDUDNRG
SUHWHUDQRSULODJRćHQLKPRGHOD
6OLNHSUHX]HWHVDKWWSEORJVSWFFRPLEHW\RXFDQWJXHVVWKHQH[WYDOXHLQWKHVHTXHQFH


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

5HJXODUL]DFLMD

X .RGSUHWHUDQRSULODJRćHQLKPRGHODIXQNFLMDL]OD]DMHYHRPDYLMXJDYD
LVDPLPWLPNRPSOHNVQD L]QDVWRMDQMDGDVHJUHåNDQDVNXSX]D
REXĆDYDQMHVPDQMLNROLNRJRGWRIOHNVLELOQRVWPRGHODGR]YROMDYD
X 7RMHSRVOHGLFDSRVWRMDQMDåXPDXSRGDFLPD]DREXĆDYDQMHLLOL
QHGRYROMQRSRGDWDND
X 5HJXODUL]DFLMDMHGRELODLPHSRWRPHåWRMRMMHFLOMGDIXQNFLMXL]OD]D
XĆLQLUHJXODUQLMRPWMSUDYLOQLMRPĆLPHVHVSUHĆDYDSUHWHUDQD
SULODJRćHQRVWPRGHOD
X 0RGHOVHUHJXODUL]XMHWDNRåWRVHXIXQNFLMXJUHåNHXEDFXMH
UHJXODUL]DFLRQLL]UD]ɉܴ ‫ ݓ‬ĆLPHVHIRUVLUDMXPDQMHPDJQLWXGH‫ݓ‬
X ߣ ² KLSHUSDUDPHWDUPRGHODNRMLRGUHćXMHMDĆLQXUHJXODUL]DFLMH
X ܴ ‫  ݓ‬UHJXODUL]DFLRQDIXQNFLMD 
(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

5HJXODUL]DFLMD

X 5HJXODUL]DFLMDWDNRćHVPDQMXMHQHOLQHDUQRVWPRGHOD DNRMHLPD
X 9UHGQRVWKLSHUSDUDPHWUDߣ VHRELĆQRRGUHćXMHHNVSHULPHQWDOQR
NRULåĄHQMHPXQDNUVQHYDOLGDFLMH
X 8NROLNRVHXQDNUVQDYDOLGDFLMDNRULVWLL]DHYDOXDFLMXPRGHODQHRSKRGQR
MHSULPHQLWLXJQHçćHQXXQDNUVQXYDOLGDFLMX]DL]ERUKLSHUSDUDPHWUDߣ
X 3UHYLåHPDODYUHGQRVWߣ ² UHJXODUL]DFLMDQHĄHLPDWL GRYROMQRJ HIHNWD
X 3UHYLåHYHOLNDYUHGQRVWߣ
X 'RYRGLGRQHGRYROMQHSULODJRćHQRVWLPRGHODSRGDFLPD HQJOXQGHUILWWLQJ
X *UDGLMHQWQLVSXVWQHĄHXVSHWLGDNRQYHUJLUD

X 3RåWRYUHGQRVWL‫] ݓ‬DYLVHLRGYUHGQRVWLRGOLNDRELĆQRVHSUH
UHJXODUL]DFLMHVSURYRGLVNDOLUDQMHYUHGQRVWLRGOLND

(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

5HJXODUL]DFLMD

X 5HJXODUL]DFLRQDIXQNFLMDܴሺ‫ݓ‬ሻ MH‫݌‬QRUPDYHNWRUDSDUDPHWDUD‫ ݓ‬SUL


ĆHPXVHVDPRVWDOQLĆODQ‫ݓ‬଴ RELĆQRL]X]LPD 
೛ ௡ ௣
‫ݓ‬ ௣ ൌ ෍ ‫ݓ‬௝
௝ୀଵ

X 8ĆHVWRMXSRWUHELVX
X ‫ܮ‬ଶ 7LKRQRYOMHYDUHJXODUL]DFLMD
௡ ଶ ௡

ܴ ‫ ݓ‬ൌ ‫ݓ‬ ଶ ൌ෍ ‫ݓ‬௝ ൌ෍ ‫ݓ‬௝ ଶ
௝ୀଵ ௝ୀଵ

X ‫ܮ‬ଵ UHJXODUL]DFLMD

ܴ ‫ ݓ‬ൌ ‫ݓ‬ ଵ ൌ෍ ‫ݓ‬௝
௝ୀଵ

(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

*UHEHQDUHJUHVLMD

X *UHEHQD HQJOULGJH UHJUHVLMDMHWHUPLQNRMLVHNRULVWL]DOLQHDUQX


UHJUHVLMXVD‫ܮ‬ଶ UHJXODUL]DFLMRP
X )XQNFLMDJUHåNHNRGJUHEHQHUHJUHVLMHMH

ͳ ௠ ଶ ௡
ሺ௜ሻ ሺ௜ሻ
‫ ݓ ܬ‬ൌ ෍ ‫ݓ‬଴ ൅ ‫ݓ‬ଵ ‫ݔ‬ଵ ൅ ‫ ڮ‬൅ ‫ݓ‬௡ ‫ݔ‬௡ െ ‫ ݕ‬ሺ௜ሻ ൅ߣ෍ ‫ݓ‬௝ଶ
ʹ݉ ௜ୀଵ ௝ୀଵ

X 3DUFLMDOQLL]YRGLNRGJUHEHQHUHJUHVLMHLPDMXREOLN

߲‫ܬ‬ሺ‫ݓ‬ሻ ͳ ௠
ሺ௜ሻ
ൌ ෍ ݄ ‫ݔ‬ ௜
െ ‫ ݕ‬ሺ௜ሻ ‫ݔ‬௥ ൅ ߣ‫ݓ‬௥
߲‫ݓ‬௥ ݉ ௜ୀଵ


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

*UHEHQDUHJUHVLMD

X 3DUDPHWUL‫ ݓ‬VHXJUHEHQRMUHJUHVLMLDçXULUDMXQDVOHGHĄLQDĆLQ
ͳ ௠
௜ ௜ ௜
‫ݓ‬௥ ؔ ‫ݓ‬௥ െ ߙ ෍ ݄ ‫ݔ‬ െ‫ݕ‬ ‫ݔ‬௥ ൅ ߣ‫ݓ‬௥
݉ ௜ୀଵ

ߣ ͳ ௠
௜ ௜ ௜
ൌ ‫ݓ‬௥ ͳെߙ െߙ ෍ ݄ ‫ݔ‬ െ‫ݕ‬ ‫ݔ‬௥
݉ ݉ ௜ୀଵ

X 3RåWRUHJXODUL]DFLMDRELĆQRQHREXKYDWD‫ݓ‬଴ SUDYLORDçXULUDQMD]D‫ݓ‬଴
RVWDMHLVWRNDRXQHUHJXODUL]RYDQRMUHJUHVLML


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

*UHEHQDUHJUHVLMD

X $NRSRVWRMLYLVRNDNRUHOLVDQRVWL]PHćXRGOLNDIXQNFLMDFHQH
QHUHJXODUL]RYDQHOLQHDUQHUHJUHVLMHQHPDMHGLQVWYHQPLQLPXPYHĄ
ÅJUHEHQ´PLQLPDOQLKYUHGQRVWL
X 7RĆLQLPRGHOQHVWDELOQLP² PDOHSURPHQHXXOD]QLPSRGDFLPDGRYRGHGR
YHOLNLKSURPHQDXYUHGQRVWLPDWHçLQVNLKSDUDPHWDUD
X 2YDQHVWDELOQRVWRWHçDYDLQWHUSUHWDFLMXPRGHOD
X ‫ܮ‬ଶ UHJXODUL]DFLMD]DPHQMXMHJUHEHQMHGLQVWYHQLPPLQLPXPRP


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

,OXVWUDFLMDHIHNWDXYRćHQMD‫ܮ‬ଶ UHJXODUL]DFLMH
6OLNDSUHX]HWDVDKWWSVWDWVVWDFNH[FKDQJHFRPTXHVWLRQVZK\LVULGJHUHJUHVVLRQFDOOHGULGJHZK\LVLW
QHHGHGDQGZKDWKDSSHQVZKHQ


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

/$662UHJUHVLMD

X /$662 HQJO/HDVW$EVROXWH6KULQNDJHDQG6HOHFWLRQ2SHUDWRU 
UHJUHVLMDMHWHUPLQNRMLVHNRULVWL]DOLQHDUQXUHJUHVLMXVD‫ܮ‬ଵ
UHJXODUL]DFLMRP
X )XQNFLMDJUHåNHNRG/$662 UHJUHVLMHMH

ͳ ௠ ଶ ௡
ሺ௜ሻ ሺ௜ሻ
‫ ݓ ܬ‬ൌ ෍ ‫ݓ‬଴ ൅ ‫ݓ‬ଵ ‫ݔ‬ଵ ൅ ‫ ڮ‬൅ ‫ݓ‬௡ ‫ݔ‬௡ െ ‫ ݕ‬ሺ௜ሻ ൅ߣ෍ ‫ݓ‬௝
ʹ݉ ௜ୀଵ ௝ୀଵ

X ‫ܮ‬ଵ UHJXODUL]DWRUQLMHGLIHUHQFLMDELODQ]ERJDSVROXWQHYUHGQRVWL
X =DDçXULUDQMHYUHGQRVWL‫ ݓ‬NRULVWHVHQDSUHGQLMLPHKDQL]PL
RSWLPL]DFLMHNDRåWRVXVXEJUDGLMHQWQHPHWRGH
X .RRUGLQDWQLVSXVW

X 3URNVLPDOQHPHWRGH
(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

/$662UHJUHVLMD

X ‫ܮ‬ଵ UHJXODUL]DFLMDX]GRYROMQRYHOLNXYUHGQRVWߣ IRUVLUDRGUHćHQH


WHçLQVNHYUHGQRVWL‫ ݓ‬GDSRVWDQXMHGQDNHQXOL
X 7LPHVHVWYDUDMXSURUHćHQLPRGHOL HQJOVSDUVHPRGHOV ]DWRåWRVHRGOLNH
ĆLMHVXWHçLQHMHGQDNHQXOLHIHNWLYQRLJQRULåX
X .DNRVHYUHGQRVWߣ SRYHĄDYDUDVWHLEURMWHçLQVNLKYUHGQRVWLSRVWDYOMHQLK
QDQXOX
X 2YRMHNRULVQRNDGDMHSRWUHEQRLVWRYUHPHQRVSURYHVWLLUHJXODUL]DFLMX
LVHOHNFLMXRGOLND
X 0RçHELWLGREURNDGDXPRGHOXSRVWRMLRJURPDQEURMRGOLND


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

2EOLNIXQNFLMH‫ܮ‬ଵ UHJXODUL]DFLMHLQMHQRJL]YRGD
6OLNDSUHX]HWDVDKWWSVWDWVVWDFNH[FKDQJHFRPTXHVWLRQVZK\OQRUPIRUVSDUVHPRGHOV


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

3URPHQDYUHGQRVWL‫ ݓ‬SULJUDGLMHQWQRPVSXVWXNRG‫ܮ‬ଵ UHJXODUL]DFLMH


6OLNDSUHX]HWDVDKWWSVWDWVVWDFNH[FKDQJHFRPTXHVWLRQVZK\OQRUPIRUVSDUVHPRGHOV


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

2EOLNIXQNFLMH‫ܮ‬ଶ UHJXODUL]DFLMHLQMHQRJL]YRGD
6OLNDSUHX]HWDVDKWWSVWDWVVWDFNH[FKDQJHFRPTXHVWLRQVZK\OQRUPIRUVSDUVHPRGHOV


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

3URPHQDYUHGQRVWL‫ ݓ‬SULJUDGLMHQWQRPVSXVWXNRG‫ܮ‬ଶ UHJXODUL]DFLMH


6OLNDSUHX]HWDVDKWWSVWDWVVWDFNH[FKDQJHFRPTXHVWLRQVZK\OQRUPIRUVSDUVHPRGHOV


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

‫ܮ‬ଵ YV‫ܮ‬ଶ UHJXODUL]DFLMD

X 0LQLPL]DFLMDYUHGQRVWL‫ݓ‬
X ‫ܮ‬ଵ UHJXODUL]DFLMDGRYRGLGRWRJDGDQHNLSDUDPHWULSRVWDQXMHGQDNLQXOL
X 9UåLVHOHNFLMXRGOLND
X 3RYHĄDYDLQWHUSUHWDELOQRVWPRGHOD
X ‫ܮ‬ଶ UHJXODUL]DFLMDXSULQFLSXQHPDRYXRVRELQXWHVWRJDQHPRçHGDVH
NRULVWL]DVHOHNFLMXRGOLND
X 7HRULMVNLMHPRJXĄHGDQHNLSDUDPHWDUSRVWDQHMHGQDNQXOL]DRGUHćHQX
YUHGQRVWEU]LQHXĆHQMDߙ LOLNDRSRVOHGLFDVPDQMHQMDIXQNFLMHJUHåNH

X %URMRGOLNDNRMHXWLĆXQDL]OD]
X 0DOLEURMRGOLNDNRMHLPDMXYHOLNLXWLFDM² ‫ܮ‬ଵ UHJXODUL]DFLMD
X 9HOLNLEURMRGOLNDNRMHLPDMXPHćXVREQRXUDYQRWHçHQXWLFDM² ‫ܮ‬ଶ
UHJXODUL]DFLMD 
(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

‫ܮ‬ଵ YV‫ܮ‬ଶ UHJXODUL]DFLMD

X ‫ܮ‬ଵ UHJXODUL]DFLMDMHPDQMHVWDELOQDRG‫ܮ‬ଶ UHJXODUL]DFLMH


X 0DOHSURPHQHXSRGDFLPD]DREXĆDYDQMHPRJXGRYHVWLGRYHOLNLK
SURPHQDPRGHODNDGDVHNRULVWL‫ܮ‬ଵ UHJXODUL]DFLMD
X ‫ܮ‬ଶ UHJXODUL]RYDQLPRGHOLVXRWSRUQLMLQDRYHHIHNWH
X ‫ܮ‬ଶ UHJXODUL]DFLMDPRçHGDEXGHEUçD]DL]UDĆXQDYDQMH
X ,]ERUQDSUDYLWLSRPRĄXXQDNUVQHYDOLGDFLMHQDNRQNUHWQRPVNXSX
SRGDWDND


(OHNWURWHKQLĆNLIDNXOWHW² 2EUDGDSULURGQLKMH]LND² 9XN%DWDQRYLĄ

3UHGQRVWLLPDQHOLQHDUQHUHJUHVLMH

X 3UHGQRVWL
X -HGQRVWDYQRVW
X ,QWHUSUHWDELOQRVW² YHĄDWHçLQDGRGHOMHQDRGOLFLVLJQDOL]LUDQMHQXYHĄX
YDçQRVW DNRVXYUHGQRVWLRGOLNDVNDOLUDQH
X 7UHEDELWLRSUH]DQ LQWHUSUHWDELOQRVWMH]QDWQRRWHçDQDDNRSRVWRML
PHćXVREQD]DYLVQRVWL]PHćXRGOLND
X ąHVWRRVWYDUXMHGRVWDGREUXSUHGLNFLMXEXGXĄLKSRGDWDND
X 0DQH
X 5HDOQHUHJUHVLRQHIXQNFLMHVXVNRURXYHNQHOLQHDUQH
X 2VHWOMLYRVWQDRXWOLHUH



You might also like