Professional Documents
Culture Documents
com
ȅįȘȖȓİȢ
¿ODLUHYRLUGRFXPHQW
YHUVOHKDXWVXUODODPH¿QDOHSODFpHjFPGHVDSRVLWLRQWRWDOHPHQWGpSOR\pH
H[FOXUDLWFRPPHWRXWLUUHVSHFWGHVLQVWUXFWLRQV¿JXUDQWGDQVFHWWHQRWLFHHWGDQVOHGRFXPHQWMRLQW
ȁ
1
1
1
1
L1 = …
L1
/HVYLVRXOHVULYHWVSRSQHGRLYHQWSDVrWUH¿[pVVXUOD
S S S
1
L1
0RQWHUHW¿[HUO¶HQVHPEOHWXEHPRWRULVDWLRQVXUOHVXSSRUW
1
O¶HQVHPEOHWXEHPRWRULVDWLRQGHVRUWLUGHOD¿[DWLRQGX
1
1
ȁ9
/DPRWRULVDWLRQHVWHQPRGHSURJUDPPDWLRQSHQGDQW§
HVWPRGL¿p
ȁ
5pJODJHGHV¿QVGHFRXUVH
/HV¿QVGHFRXUVHSHXYHQWrWUHUpJOpHVGDQVQ¶LPSRUWHTXHORUGUH
/D¿QGHFRXUVHKDXWHHVWPpPRULVp
ȁ
ȁ
/D¿QGHFRXUVHEDVVHHVWPpPRULVp/HSURGXLWPRWRULVp
3RXUFRQ¿UPHUOHV¿QVGHFRXUVHV$SSX\HUVXUODWRXFKH
/HV¿QVGHFRXUVHVVRQWHQUHJLVWUpHV
ĺ/HSURGXLWPRWRULVpHIIHFWXHXQYDHWYLHQWFHSRLQWGH
&RQWU{OHUOHFkEODJHHWOHPRGL¿HUVL
UpJODJHGHV¿QVGHFRXUVH
5pDMXVWHPHQWGHOD¿QGHFRXUVHKDXWH
ȁ
MXVTX¶DOD¿QGHFRXUVHjUpDMXVWHU
ȁ
3RXUFRQ¿UPHUODQRXYHOOH¿QGHFRXUVHDSSX\HUVXUOD
5pDMXVWHPHQWGHOD¿QGHFRXUVHEDVVH
MXVTX¶DOD¿QGHFRXUVHjUpDMXVWHU
ȁ
3RXUFRQ¿UPHUODQRXYHOOH¿QGHFRXUVHDSSX\HUVXUOD
1
UpJODJHVGH¿QGHFRXUVHHWODSRVLWLRQIDYRULWHVRQWFRQVHUYpV
HVWHQ¿QGHFRXUVHKDXWHRXEDVVHHOOHHIIHFWXHUDXQEUHI
5HWRXUHQFRQ¿JXUDWLRQG¶RULJLQH
1
¿QGHFRXUVHHWUpLQLWLDOLVHODSRVLWLRQIDYRULWHP\GHODPRWRULVDWLRQ
HVWHQ¿QGHFRXUVHKDXWHRXEDVVHHOOHHIIHFWXHUDXQEUHI
3RXUPRGL¿HURXVXSSULPHUODSRVLWLRQIDYRULWHP\YRLUFKDSLWUH5pJODJHVVXSSOpPHQWDLUHV
0RGL¿FDWLRQGHODSRVLWLRQIDYRULWHP\
$MRXW6XSSUHVVLRQGHSRLQWVGHFRPPDQGHHWFDSWHXUV6RPI\
FDODZQLQJVODWHUDODUPDZQLQJVDQGLQWHULRUEOLQGVZKLFKIXO¿ODWOHDVWRQHRIWKHIROORZLQJ
,WLVSURKLELWHGWRXVHWKHGULYHRXWVLGHWKH¿HOGVRIDSSOLFDWLRQGHVFULEHGDERYH6XFKXVH
1 ȁ
1
1
1
(LWKHU¿WWKHGULYHZKHHO
2U¿WWKHFURZQ
L1 = …
L1
'ULYHWXEH DVVHPEO\
1
L1
'HSHQGLQJRQWKHW\SHRIEUDFNHW¿WWKHVWRSULQJ
1
1
ȁ9
7KHPRWRULVDWLRQLVLQSURJUDPPLQJPRGHIRU§PLQ
URWDWLRQKDVEHHQPRGL¿HG
ȁ
ȁ
ȁ
7RFRQ¿UPWKHQHZHQGOLPLWSUHVVWKH
7RFRQ¿UPWKHQHZHQGOLPLWSUHVVWKH
1
5HVWRULQJWKHRULJLQDOFRQ¿JXUDWLRQ
IRU§VHFRQGVXQWLOWKH
ĺ 7KHPRWRULVDWLRQLVUHVHWWRWKHRULJLQDOFRQ¿JXUDWLRQ
ȁ
%ULHÀ\
%ULHÀ\
IRU§VHFRQGVXQWLOWKH
$GGLQJ'HOHWLQJ6RPI\FRQWUROSRLQWVDQGVHQVRUV
VHQWLGRDVFHQGHQWHVREUHODOiPLQD¿QDOFRORFDGDDFPGHVXSRVLFLyQFRPSOHWDPHQWHGHVSOHJDGD
FRPRWRGRLQFXPSOLPLHQWRGHODVLQVWUXFFLRQHVTXH¿JXUDQHQHVWHPDQXDO\HQHOGRFXPHQWRDGMXQWR
ȁ
1
1
1
1
L1 = …
L1
/RV WRUQLOORV R ORV UHPDFKHV 3RS
S QR GHEHQ ¿MDUVH
M DO
1
L1
0RQWH\¿MHHOFRQMXQWRWXERPRWRUDOVRSRUWHGHOH[WUHPR
1
TXH HO FRQMXQWR
T M WXERPRWRU VH VDOJD
J GH OD ¿MDFLyQ
M GHO
1
1
ȁ9
¿QDOHVGHFDUUHUDª
DXWRPDWL]DGRHOVHQWLGRGHURWDFLyQTXHGDPRGL¿FDGR
ȁ
$MXVWHGHORV¿QDOHVGHFDUUHUD
/RV¿QDOHVGHFDUUHUDSXHGHQDMXVWDUVHHQFXDOTXLHURUGHQ
(O¿QDOGHFDUUHUDVXSHULRUHVWiPHPRUL]DGR
ȁ
ȁ
/RV¿QDOHVGHFDUUHUDHVWiQUHJLVWUDGRV
ĺ(OSURGXFWRDXWRPDWL]DGRUHDOL]DXQPRYLPLHQWRGHVXELGD
9HUL¿TXHHOFDEOHDGR\PRGLItTXHORVLHVSUHFLVR
9HUL¿TXHODFRPSDWLELOLGDG\VXVWLWX\DHOSXQWR
DMXVWHGHORV¿QDOHVGHFDUUHUD
5HDMXVWHGHO¿QDOGHFDUUHUDVXSHULRU
ȁ
OOHJXHDO¿QDOGHFDUUHUDTXHVHYDDUHDMXVWDU
ȁ
3DUDFRQ¿UPDUHOQXHYR¿QDOGHFDUUHUDSXOVHHOERWyQ
5HDMXVWHGHO¿QDOGHFDUUHUDLQIHULRU
OOHJXHDO¿QDOGHFDUUHUDTXHVHYDDUHDMXVWDU
ȁ
3DUDFRQ¿UPDUHOQXHYR¿QDOGHFDUUHUDSXOVHHOERWyQ
1
ORVDMXVWHVGH¿QDOGHFDUUHUD
DSOLFDFLyQHVWiHQ¿QDOGHFDUUHUDVXSHULRURLQIHULRUUHDOL
5HVWDEOHFLPLHQWRGHODFRQ¿JXUDFLyQRULJLQDO
1
(VWDSXHVWDDFHURHOLPLQDWRGRVORVSXQWRVGHPDQGRWRGRVORVVHQVRUHV\WRGRVORVDMXVWHVGH¿QDO
FDFLyQHVWiHQ¿QDOGHFDUUHUDVXSHULRURLQIHULRUUHDOL]DUi
GXUDQWH§VKDVWDTXHVHUHDOLFHQGRVPRYLPLHQWRV
ĺ (OPRWRUUHFXSHUDVXFRQ¿JXUDFLyQGHRULJHQ
ȁ
3DUDPRGL¿FDURVXSULPLUODSRVLFLyQIDYRULWD0\YpDVHHOFDStWXOR©$MXVWHVDGLFLRQDOHVª
0RGL¿FDFLyQGHODSRVLFLyQIDYRULWD0\
GXUDQWH§VKDVWDTXHVHSURGX]FD
VXOODODPD¿QDOHSRVWDDFPGDOODVXDSRVL]LRQHFRPSOHWDPHQWHGLVSLHJDWD
,Q FDVR GL GXEEL YHUL¿FDWLVL GXUDQWH O¶LQVWDOOD]LRQH GHOOD PRWRUL]]D]LRQH R SHU RWWHQHUH GHOOH
ȁ
1
1
1
1
1 9HUL¿FDUHFKHLOGLDPHWURLQWHUQRGHOWXERVLDVXSHULRUHR
L1 = …
L1
,Q¿ODUHODPRWRUL]]D]LRQHQHOWXERGLDYYROJLPHQWR
1
L1
1
¿VVDJJLRGHOVXSSRUWRFDORWWD
JJ SS
1 LQ¿OWUD]LRQLGLDFTXDDOO¶LQWHUQRGHOODPRWRUL]]D]LRQH
T
1
ȁ
¿QHFRUVD´
GHOSXQWRGLFRPDQGR576¿QRDO
VHQVRGLURWD]LRQHqVWDWRPRGL¿FDWR
ȁ
5HJROD]LRQHGHL¿QHFRUVD
,¿QHFRUVDSRVVRQRHVVHUHUHJRODWLLQTXDOVLDVLRUGLQH
ȁ
¿QRDFKH
,O¿QHFRUVDDOWRqVWDWRPHPRUL]]DWR
ȁ
ȁ¿QRDFKH
,O¿QHFRUVDEDVVRqVWDWRPHPRUL]]DWR,OSURGRWWRPRWRUL]]DWR
,¿QHFRUVDVRQRVWDWLUHJLVWUDWL
ĺ ,O SURGRWWR PRWRUL]]DWR HIIHWWXD XQ PRYLPHQWR VDOLWD
&RQWUROODUHLOFDEODJJLRHPRGL¿FDUORVH
UHJROD]LRQHGHL¿QHFRUVD
1XRYDUHJROD]LRQHGHO¿QHFRUVDDOWR
ȁ
¿QRDO¿QHFRUVDGDUHJRODUHQXRYDPHQWH
ȁ ¿QRDO
3HUFRQIHUPDUHLOQXRYR¿QHFRUVDSUHPHUHLOSXOVDQWH
GHOSXQWRGLFRPDQGR576¿QRDOEUHYHPRYLPHQWRGL
1XRYDUHJROD]LRQHGHO¿QHFRUVDEDVVR
¿QRDO¿QHFRUVDGDUHJRODUHQXRYDPHQWH
ȁ ¿QRDO
3HUFRQIHUPDUHLOQXRYR¿QHFRUVDSUHPHUHLOSXOVDQWH
GHOSXQWRGLFRPDQGR576¿QRDOEUHYHPRYLPHQWRGL
1 4XHVWRUHVHWHOLPLQDWXWWLLSXQWLGLFRPDQGRORFDOLPDVHQVRULUHJRODWRULGL¿QHFRUVDHSRVL]LRQH
VLWURYDLQSRVL]LRQHGL¿QHFRUVDDOWRREDVVRHVHJXLUjXQ
5LWRUQRDOODFRQ¿JXUD]LRQHRULJLQDOH
1 4XHVWRD]]HUDPHQWRHOLPLQDWXWWLLSXQWLGLFRPDQGRWXWWLLVHQVRULWXWWHOHUHJROD]LRQLGL¿QHFRUVDH
LQSRVL]LRQHGL¿QHFRUVDDOWRREDVVRHVHJXLUjXQEUHYH
SHU§V¿QRDTXDQGRLOSURGRWWRPRWRUL]]DWR
QRQHVHJXHGXHPRYLPHQWLGLVDOLWDGLVFHVD
ĺ /DPRWRUL]]D]LRQHYLHQHUHLQL]LDOL]]DWDQHOODFRQ¿JX
ȁ
3HUPRGL¿FDUHRHOLPLQDUHODSRVL]LRQHSUHIHULWDP\YHGHUHLOFDSLWROR³5HJROD]LRQLVXSSOHPHQWDUL´
0RGL¿FDGHOODSRVL]LRQHSUHIHULWDP\
SHU§V¿QRDOEUHYHPRYLPHQWRGLVDOLWD
¿QRDOPRYLPHQWRGHO
$JJLXQWD(OLPLQD]LRQHGLSXQWLGLFRPDQGRHVHQVRUL6RPI\
'HU 5ROOODGHQSDQ]HU NDQQ PLW HLQHU .UDIW YRQ 1 DP$EVFKOXVVSUR¿O XP FP DQJHKREHQ
ȁ
1
1
1
1
L1 = …
L1
1 L1
1
1
ȁ
ȁ
ĺ'HU%HKDQJIKUWHLQHNXU]H$XIXQG$EEHZHJXQJDXV
ȁ
1
LQVHLQHUREHUHQRGHUXQWHUHQ(QGODJHEH¿QGHWIKUWHUHLQH
ĺ
ȁ
+LQ]XIJHQ/|VFKHQYRQ6RPI\)XQNVHQGHUQXQG6RPI\6HQVRUHQ
ȁ
1
1
1
1
L1 = …
L1
1
L1
1
1
ȁ 9
§PLQ
ȁ
ĺ+HW JHPRWRULVHHUGH V\VWHHP PDDNW HHQ RS HQ
ȁ
1
7HUXJQDDUGHRRUVSURQNHOLMNHFRQ¿JXUDWLH
JHGXUHQGH§V
ĺ
FRQ¿JXUDWLH
ȁ
'UXNJHGXUHQGH§VHFRQGHQRS
7RHYRHJHQ:LVVHQYDQEHGLHQLQJVSXQWHQHQ6RPI\VHQVRUHQ
ȆȇȍȉȅȉȊȆȅȈȅǻǾīȅȈ
ȉȠʌĮȡȩȞİȖȤİȚȡȓįȚȠȚıȤȪİȚȖȚĮȩȜȠȣȢIJȠȣȢȝȘȤĮȞȚıȝȠȪȢ$OWXVĮȞİȟȐȡIJȘIJĮĮʌȩIJȚȢʌĮȡĮȜ
ȜĮȖȑȢȡȠʌȒȢ IJĮȤȪIJȘIJĮȢ
ȆǿȃǹȀǹȈȆǼȇǿǼȋȅȂǼȃȍȃ
ǼȚıĮȖȦȖȚțȑȢʌȜȘȡȠijȠȡȓİȢ ȋȡȒıȘțĮȚıȣȞIJȒȡȘıȘ
ȆİįȚĮİijĮȡȝȠȖȘȢ ȀȠȣȝʌȚȐǹȞȩįȠȣțĮȚȀĮșȩįȠȣ
ǼȣșȪȞȘ ȁİȚIJȠȣȡȖȓĮ6723
ǼȖțĮIJȐıIJĮıȘ ǹȖĮʌȘȝȑȞȘșȑıȘP\
ǼȖțĮIJȐıIJĮıȘ ȁİȚIJȠȣȡȖȓĮȝİȘȜȚĮțȩĮȚıșȘIJȒȡĮ
ȀĮȜȦįȓȦıȘ
DzȞĮȡȟȘȜİȚIJȠȣȡȖȓĮȢ ȆȡȩıșİIJİȢȡȣșȝȓıİȚȢ
ȈȣȝȕȠȣȜȑȢțĮȚȣʌȠįİȓȟİȚȢȖȚĮIJȘȞ ȈȣȝȕȠȣȜȑȢțĮȚȣʌȠįİȓȟİȚȢȖȚĮIJȘ
İȖțĮIJȐıIJĮıȘ ȤȡȒıȘ
ȉİȤȞȚțȐȤĮȡĮțIJȘȡȚıIJȚțȐ
ǼǿȈǹīȍīǿȀǼȈȆȁǾȇȅĭȅȇǿǼȈ
ȆǼǻǿǹǼĭǹȇȂȅīǾȈ
ȅȝȘȤĮȞȚıȝȩȢ$/786ȅȝȘȤĮȞȚıȝȩȢ[[[ıȤİįȚȐıIJȘțİȖȚĮȞĮİijȠįȚȐȗİȚȝİȘȜİțIJȡȠțȓȞȘıȘȩȜȠȣȢ
IJȠȣȢIJȪʌȠȣȢȡȠȜȫȞțĮIJĮțȩȡȣijȦȞıIJȠȡȚȫȞİȟȦIJİȡȚțȠȪȤȫȡȠȣįȚĮțȠıȝȘIJȚțȫȞțȠȣȡIJȚȞȫȞıIJȠȡȚȫȞ
ȝİʌȜİȣȡȚțȠȪȢȕȡĮȤȓȠȞİȢțĮȚıIJȠȡȚȫȞİıȦIJİȡȚțȠȪȤȫȡȠȣİijȩıȠȞʌȜȘȡȠȪȞIJȠȣȜȐȤȚıIJȠȞȝȓĮĮʌȩIJȚȢ
ĮțȩȜȠȣșİȢʌȡȠȨʌȠșȑıİȚȢ
ȉȠ ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ İȜȑȖȤİIJĮȚ ĮʌȠ įȚĮțȩʌIJȘ ıIJȚȖȝȚĮȓȠȣ ʌĮIJȒȝĮIJȠȢ țĮȜȦįȚĮțȩ Ȓ ȝİ
ȡĮįȚȠIJİȤȞȠȜȠȖȓĮĮȞĮIJȡȑȟIJİıIJȠİıȦțȜİȚȩȝİȞȠȑȖȖȡĮijȠȅįȘȖȓİȢĮıijĮȜİȓĮȢ
ǾȗȫȞȘıȣȞșȜȓȥİȦȢȒįȚĮIJȝȒıİȦȢȕȡȓıțİIJĮȚıİȝȑȖȚıIJȠȪȥȠȢPĮʌȩIJȠȑįĮijȠȢȒĮʌȩțȐșİ
ıIJĮșİȡȩİʌȓʌİįȠ
ȅȚIJȑȞIJİȢįȚĮșȑIJȠȣȞıȣıțİȣȒĮıijĮȜİȓĮȢʌȠȣİȝʌȠįȓȗİȚțȐșİİʌĮijȒıIJȘȗȫȞȘįȚĮIJȝȒıİȦȢȒıȣȞșȜȓ
ȥİȦȢıȪıIJȘȝĮĮıijĮȜİȓĮȢʌȠȣįİȞĮʌȠıȣȞĮȡȝȠȜȠȖİȓIJĮȚȤȦȡȓȢİȡȖĮȜİȓĮ
ȉȠȡȠȜȩįȚĮșȑIJİȚıȪıIJȘȝĮĮıijĮȜİȓĮȢʌȠȣİȝʌȠįȓȗİȚțȐșİİʌĮijȒıIJȘȗȫȞȘıȣȞșȜȓȥİȦȢıȪıIJȘȝĮ
ʌȡȠıIJĮıȓĮȢʌȠȣįİȞĮʌȠıȣȞĮȡȝȠȜȠȖİȓIJĮȚȤȦȡȓȢİȡȖĮȜİȓĮ
ǵıȠȞĮijȠȡȐıİIJȑȞIJİȢȒȤȦȡȓıȝĮIJĮȘȡȐȕįȠȢijȠȡIJȓȠȣȝİIJĮțȚȞİȓIJĮȚȝȩȞȠİȟĮȚIJȓĮȢIJȘȢȕĮȡȪIJȘIJĮȢ
țĮȚȗȣȖȓȗİȚȜȚȖȩIJİȡȠĮʌȩNJ
ȉȠșȣȡȩijȣȜȜȠIJȠȣȡȠȜȠȪȝʌȠȡİȓȞĮĮȞȣȥȦșİȓțĮIJȐFPȩIJĮȞİijĮȡȝȠıIJİȓįȪȞĮȝȘ1ʌȡȠȢ
IJĮʌȐȞȦıIJȠĮțȡĮȓȠʌIJİȡȪȖȚȠʌȠȣİȓȞĮȚIJȠʌȠșİIJȘȝȑȞȠıIJĮFPĮʌȩIJȘȞIJİȜİȓȦȢțĮIJİȕĮıȝȑȞȘ
șȑıȘIJȠȣ
ǹȞ IJȠ ıIJȩȡȚ İȓȞĮȚ İȟȠʌȜȚıȝȑȞȠ ȝİ įȚȐIJȡȘIJȠȣȢ ʌȒȤİȚȢ įİȞ ʌȡȑʌİȚ ȞĮ įȚȑȡȤİIJĮȚ Įʌȩ IJĮ ĮȞȠȓȖȝĮIJĮ
ȡȐȕįȠȢįȚĮȝȑIJȡȠȣPP
ȅȚİȚțȩȞİȢįİȞİȓȞĮȚįİıȝİȣIJȚțȑȢ
ǼȊĬȊȃǾ
ȆȡȚȞİȖțĮIJĮıIJȒıİIJİțĮȚȤȡȘıȚȝȠʌȠȚȒıİIJİIJȠȝȘȤĮȞȚıȝȩįȚĮȕȐıIJİʌȡȠıİțIJȚțȐIJȠʌĮȡȩȞİȖȤİȚȡȓįȚȠ
ǼțIJȩȢ Įʌȩ IJȚȢ ȠįȘȖȓİȢ ʌȠȣ ʌİȡȚȖȡȐijȠȞIJĮȚ ıIJȠ ʌĮȡȩȞ İȖȤİȚȡȓįȚȠ IJȘȡȒıIJİ İʌȓıȘȢ IJȚȢ ȠįȘȖȓİȢ ʌȠȣ
ĮȞĮijȑȡȠȞIJĮȚĮȞĮȜȣIJȚțȐıIJȠıȣȞȘȝȝȑȞȠȑȖȖȡĮijȠȅįȘȖȓİȢĮıijĮȜİȓĮȢ
ǾİȖțĮIJȐıIJĮıȘIJȠȣȝȘȤĮȞȚıȝȠȪțȓȞȘıȘȢʌȡȑʌİȚȞĮʌȡĮȖȝĮIJȠʌȠȚȘșİȓĮʌȩİʌĮȖȖİȜȝĮIJȓĮIJİȤȞȚțȩİȖțĮ
IJȐıIJĮıȘȢȝȘȤĮȞȚıȝȫȞțȓȞȘıȘȢțĮȚȠȚțȚĮțȫȞıȣıIJȘȝȐIJȦȞĮȣIJȠȝĮIJȚıȝȠȪıȪȝijȦȞĮȝİIJȚȢȠįȘȖȓİȢIJȘȢ
6RPI\țĮȚIJȠȞȚıȤȪȠȞIJĮțĮȞȠȞȚıȝȩıIJȘȤȫȡĮİȖțĮIJȐıIJĮıȘȢ
ǹʌĮȖȠȡİȪİIJĮȚȠʌȠȚĮįȒʌȠIJİȤȡȒıȘIJȠȣȝȘȤĮȞȚıȝȠȪțȓȞȘıȘȢİțIJȩȢIJȠȣʌİįȓȠȣİijĮȡȝȠȖȒȢʌȠȣʌİȡȚȖȡȐ
ijİIJĮȚ ʌĮȡĮțȐIJȦ ȀȐșİ IJȑIJȠȚĮ ȐȜȜȘ ȤȡȒıȘ ȩʌȦȢ țĮȚ ȠʌȠȚĮįȒʌȠIJİ ĮįȣȞĮȝȓĮ ıȣȝȝȩȡijȦıȘȢ ȝİ IJȚȢ
ȠįȘȖȓİȢʌȠȣȠȡȓȗȠȞIJĮȚıIJȠʌĮȡȩȞțĮȚıIJȠİıȦțȜİȚȩȝİȞȠȑȖȖȡĮijȠȅįȘȖȓİȢĮıijĮȜİȓĮȢțĮșȚıIJȐȐțȣȡȘ
IJȘȞİȖȖȪȘıȘțĮȚĮʌĮȜȜȐııİȚIJȘ6RPI\ĮʌȩțȐșİİȣșȪȞȘ
ȅ IJİȤȞȚțȩȢ İȖțĮIJȐıIJĮıȘȢ ʌȡȑʌİȚ ȞĮ İȞȘȝİȡȫȞİȚ IJȠȣȢ ʌİȜȐIJİȢ IJȠȣ ıȤİIJȚțȐ ȝİ IJȚȢ ʌȡȠȨʌȠșȑıİȚȢ
ȜİȚIJȠȣȡȖȓĮȢ țĮȚ ıȣȞIJȒȡȘıȘȢ IJȠȣ ȝȘȤĮȞȚıȝȠȪ țȓȞȘıȘȢ țĮȚ ʌȡȑʌİȚ ȞĮ IJȠȣȢ ʌĮȡĮįȓįİȚ IJȚȢ ȠįȘȖȓİȢ
ȤȡȒıȘȢțĮȚıȣȞIJȒȡȘıȘȢțĮșȫȢțĮȚIJȠİıȦțȜİȚȩȝİȞȠȑȖȖȡĮijȠȅįȘȖȓİȢĮıijĮȜİȓĮȢȝİIJȐIJȘȞİȖțĮ
IJȐıIJĮıȘIJȠȣȝȘȤĮȞȚıȝȠȪțȓȞȘıȘȢ
ȅʌȠȚĮįȒʌȠIJİ ȣʌȘȡİıȓĮ ȝİIJȐ IJȘȞ ʌȫȜȘıȘ ıIJȠȞ ȝȘȤĮȞȚıȝȩ țȓȞȘıȘȢ ĮʌĮȚIJİȓ IJȘȞ ʌĮȡȑȝȕĮıȘ İȞȩȢ
İʌĮȖȖİȜȝĮIJȓĮIJİȤȞȚțȠȪİȖțĮIJȐıIJĮıȘȢȝȘȤĮȞȚıȝȫȞțȓȞȘıȘȢțĮȚȠȚțȚĮțȫȞıȣıIJȘȝȐIJȦȞĮȣIJȠȝĮIJȚıȝȠȪ
ǼȐȞ ȑȤİIJİ IJȘȞ ʌĮȡĮȝȚțȡȒ ĮȝijȚȕȠȜȓĮ țĮIJȐ IJȘȞ İȖțĮIJȐıIJĮıȘ IJȠȣ ȝȘȤĮȞȚıȝȠȪ țȓȞȘıȘȢ Ȓ ȖȚĮ
İʌȚʌȜȑȠȞʌȜȘȡȠijȠȡȓİȢİʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞĮȞIJȚʌȡȩıȦʌȠIJȘȢ6RPI\ȒĮȞĮIJȡȑȟIJİıIJȘįȚİȪ
șȣȞıȘZZZVRPI\FRP
ȆȡȠİȚįȠʌȠȓȘıȘ
ĮıijĮȜİȓĮȢ 1 ȆȡȠıȠȤȒ ȆȜȘȡȠijȠȡȓĮ ȁ DZȞȠįȠȢ ȀȐșȠįȠȢ
ǼīȀǹȉǹȈȉǹȈǾ
1 ȅįȘȖȓİȢʌȠȣʌȡȑʌİȚȞĮIJȘȡȠȪȞIJĮȚĮʌȩIJȠȞİʌĮȖȖİȜȝĮIJȓĮȝİȖȞȫıİȚȢıIJȠȣȢȝȘȤĮȞȚıȝȠȪȢ
țĮȚĮȣIJȠȝĮIJȚıȝȠȪȢțĮIJȠȚțȚȫȞțĮIJȐIJȘȞİȖțĮIJȐıIJĮıȘIJȠȣȝȘȤĮȞȚıȝȠȪ$OWXV
1 ȂȘȞȡȓȤȞİIJİȤIJȣʌȐIJİIJȡȣʌȐIJİȒȕȣșȓȗİIJİʌȠIJȑIJȠȝȘȤĮȞȚıȝȩ
1 ǼȖțĮIJĮıIJȒıIJİȟİȤȦȡȚıIJȩȤİȚȡȚıIJȒȡȚȠȖȚĮțȐșİȝȘȤĮȞȚıȝȩ
ǼīȀǹȉǹȈȉǹȈǾ
ȆȡȠİIJȠȚȝĮıȓĮIJȠȣȝȘȤĮȞȚıȝȠȪ
1 ǺİȕĮȚȦșİȓIJİȩIJȚȘİıȦIJİȡȚțȒįȚȐȝİIJȡȠȢIJȠȣıȦȜȒȞĮİȓȞĮȚ
ȝİȖĮȜȪIJİȡȘĮʌȩȒȓıȘȝİ
ȉȠʌȠșİIJȒıIJİ IJĮ İȟĮȡIJȒȝĮIJĮ ʌȠȣ ĮʌĮȚIJȠȪȞIJĮȚ ȖȚĮ IJȘȞ
İȞıȦȝȐIJȦıȘIJȠȣȝȘȤĮȞȚıȝȠȪıIJȠıȦȜȒȞĮIJȠȣȡȩȜİȡ
ȉȠʌȠșİIJȒıIJİIJȠȞIJȡȠȤȩțȓȞȘıȘȢ ıIJȠȝȘȤĮȞȚıȝȩ
dzIJȠʌȠșİIJȒıIJİIJȘȞțȠȡȫȞĮ țĮȚIJȠȞIJȡȠȤȩțȓȞȘıȘȢ ıIJȠ
ȝȘȤĮȞȚıȝȩ L1 = …
ȂİIJȡȒıIJİ IJȠ ȝȒțȠȢ / ĮȞȐȝİıĮ ıIJȠ İıȦIJİȡȚțȩ ȐțȡȠ L1
IJȘȢ țİijĮȜȒȢ IJȠȣ ȝȘȤĮȞȚıȝȠȪ țĮȚ IJȠ ȤİȓȜȠȢ IJȠȣ IJȡȠȤȠȪ
țȓȞȘıȘȢ
ȆȡȠİIJȠȚȝĮıȓĮIJȠȣıȦȜȒȞĮ
ȀȩȥIJİ IJȠ ıȦȜȒȞĮ IJȠȣ ȡȩȜİȡ ıIJȠ ĮʌĮȚIJȠȪȝİȞȠ ȝȒțȠȢ
ĮȞȐȜȠȖĮȝİIJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞ
ǹijĮȚȡȑıIJİ IJĮ ȖȡȑȗȚĮ Įʌȩ IJȠ ıȦȜȒȞĮ IJȠȣ ȡȩȜİȡ țĮȚ
ĮʌȠȝĮțȡȪȞİIJİIJĮȡȚȞȓıȝĮIJĮ
Ȉİ ıȦȜȒȞİȢ ȡȩȜİȡ ʌȠȣ İȓȞĮȚ ȜİȓȠȚ İıȦIJİȡȚțȐ
įȘȝȚȠȣȡȖȒıIJİȝȚĮİȖțȠʌȒȝİIJȚȢİȟȒȢįȚĮıIJȐıİȚȢ
ȅȚİȚțȩȞİȢįİȞİȓȞĮȚįİıȝİȣIJȚțȑȢ
ȈȣȖțȡȩIJȘȝĮ ȝȘȤĮȞȚıȝȠȪıȦȜȒȞĮ
ȆİȡȐıIJİIJȠȝȘȤĮȞȚıȝȩȝȑıĮıIJȠıȦȜȒȞĮIJȠȣȡȩȜİȡ
Ȉİ ıȦȜȒȞİȢ ȡȩȜİȡ ʌȠȣ İȓȞĮȚ ȜİȓȠȚ İıȦIJİȡȚțȐ IJȠʌȠșİIJȒıIJİ
IJȘȞ İȖțȠʌȒ ʌȠȣ įȘȝȚȠȣȡȖȒıĮIJİ ʌȡȠȘȖȠȣȝȑȞȦȢ ʌȐȞȦ ıIJȠ
İȟȩȖțȦȝĮIJȘȢțȠȡȫȞĮȢ
ȈIJİȡİȫıIJİ IJȠ ıȦȜȒȞĮ IJȪȜȚȟȘȢ ıIJȘ ȡȩįĮ ȝİ
ȤĮȜȪȕįȚȞĮ IJȣijȜȐ ʌȡȚIJıȓȞȚĮ PP IJȠʌȠșİIJȘȝȑȞĮ
IJȠȣȜȐȤȚıIJȠȞPPĮʌȩIJȠİȟȦIJİȡȚțȩȐțȡȠIJȘȢȡȩįĮȢ/
țĮȚ IJȠȣȜȐȤȚıIJȠȞ PP Įʌȩ IJȠ İȟȦIJİȡȚțȩ ȐțȡȠ IJȘȢ ȡȩįĮȢ
ȅȚ ȕ
ȕȓįİȢ
Ȣ Ȓ
Ȓ IJĮ IJȣijȜȐ
ij ʌȡȚIJıȓȞȚĮ
ȡ ʌȡȑʌİȚ
ȡ ȞĮ ıIJİȡİȫȞȠȞIJĮȚ
ȡ L1
1 ȝȩȞȠıIJȠȞIJȡȠȤȩțȓȞȘıȘȢțĮȚȩȤȚıIJȠȝȘȤĮȞȚıȝȩ
ȝ ȡ Ȥ Ș ȘȢ Ȥ ȝȘȤ ȝ
1 ǺİȕĮȚȦșİȓIJİ
ȕ ȩIJȚ IJȠ ıȪȞȠȜȠ ıȦȜȒȞĮȝȘȤĮȞȚıȝȠȪ
Ȓ ȝȘȤ ȝ ȑȤİȚ
Ȥ
ĮıijĮȜȓıİȚıIJȠıIJȒȡȚȖȝĮȐțȡȠȣǾİȡȖĮıȓĮĮȣIJȒĮʌȠIJȡȑʌİȚ
ij Ȓȡ Ȗȝ ȡ ȡȖ Ȓ ȡ
IJȘȞ
Ș ȑȟȠįȠ
ȟ IJȠȣ ıȣȞȩȜȠȣ ıȦȜȒȞĮȝȘȤĮȞȚıȝȠȪ
Ȓ ȝȘȤ ȝ Įʌȩ IJȘȘ
ıIJİȡȑȦıȘIJȠȣıIJȘȡȓȖȝĮIJȠȢȐțȡȠȣ
ȡ Ș Șȡ Ȗȝ Ȣ ȡ
ǹȞȐȜȠȖĮ ȝİ IJȠȞ IJȪʌȠ IJȠȣ ıIJȘȡȓȖȝĮIJȠȢ IJȠʌȠșİIJİȓıIJİ IJȠ
ıIJȒȡȚȖȝĮțİijĮȜȒȢıIJȘșȑıȘ
ȀǹȁȍǻǿȍȈǾ
ȉĮțĮȜȫįȚĮʌȠȣįȚȑȡȤȠȞIJĮȚĮʌȩȝİIJĮȜȜȚțȩIJȠȓȤȠʌȡȑʌİȚȞĮʌȡȠıIJĮIJİȪȠȞIJĮȚțĮȚȞĮȝȠȞȫȞȠȞIJĮȚ
ȉĮțĮȜȫįȚĮʌȠȣįȚȑȡȤȠȞIJĮȚĮʌȩȝİIJĮȜȜȚțȩIJȠȓȤȠʌȡȑʌİȚȞĮʌȡȠıIJĮIJİȪȠȞIJĮȚțĮȚȞĮȝȠȞȫȞȠȞIJĮȚ
ȡȤ
ȝ
ȝİʌİȡȓȕȜȘȝĮȒȤȚIJȫȞȚȠ
ȡ ȕ Șȝ Ȓ Ȥ
ȈIJİȡİȫıIJİIJĮțĮȜȫįȚĮȫıIJİȞĮĮʌȠijİȣȤșİȓȠʌȠȚĮįȒʌȠIJİİʌĮijȒȝİ
ȈIJİȡİȫıIJİIJĮțĮȜȫįȚĮȫıIJİȞĮĮʌȠijİȣȤșİȓȠʌȠȚĮįȒʌȠIJİİʌĮijȒȝİ
ȡ
țȚȞȠȪȝİȞĮȝȑȡȘ
ȝ ȝ ȡȘ
ǹȞ ȤȡȘıȚȝȠʌȠȚİȓIJİ
ȤȡȘ ȝ IJȠ ȝȠIJȑȡ
ȝ ȡ ıİ İȟȦIJİȡȚțȩ
ȟ ȡ ȤȫȡȠ
Ȥ ȡ Ȓ Ȓ IJȠ țĮȜȫįȚȠ
IJȡȠijȠįȠıȓĮȢ
ȡ ij Ȣ İȓȞĮȚ IJȪʌȠȣ +99) IJȠʌȠșİIJȒıIJİ
Ȓ IJȠ țĮȜȫįȚȠ ıİ
İȟȦIJİȡȚțȩ
ȟ ȡ țĮȞȐȜȚ ȝİ
ȝ ĮȞIJȓıIJĮıȘ ıIJȘȞ ȣʌİȡȚȫįȘ ĮțIJȚȞȠȕȠȜȓĮ ʌȤ
țȐIJȦĮʌȩIJȠıIJȩȝȚȠ
ȝ
ȉȠțĮȜȫįȚȠIJȠȣ$OWXVįİȞİȓȞĮȚĮijĮȚȡȠȪȝİȞȠǹȞȣʌȠıIJİȓȗȘȝȚȐ
ij ȡ ȝ ȗȘȝ
1 İʌȚıIJȡȑȥIJİIJȠȝȘȤĮȞȚıȝȩıIJȠIJȝȒȝĮıȑȡȕȚȢ
ȡ ȥ ȝȘȤ ȝ ȝȒȝ ȡȕ Ȣ
ĭIJȚȐȤȞİIJİ
Ȥ ʌȐȞIJȠIJİ ȝȚĮ
ȝ șȘȜȚȐ
Ș ıIJȠ țĮȜȫįȚȠ IJȡȠijȠįȠıȓĮȢ
ȡ ȖȚĮ ȞĮ
1 ĮʌȠIJȡȑʌİIJĮȚȘįȚİȓıįȣıȘȞİȡȠȪıIJȠȝȘȤĮȞȚıȝȩ
ȡ Ș Ș ȡ ȝȘȤ ȝ
ǼȟĮıijĮȜȓıIJİ
ȟ ij IJȘȞ
Ș ʌȡȩıȕĮıȘ
ȡ ȕ Ș ıIJȠ țĮȜȫįȚȠ IJȡȠijȠįȠıȓĮȢ
ȡ ij Ȣ IJȠȣ
ȝȘȤĮȞȚıȝȠȪʌȡȑʌİȚȞĮȝʌȠȡİȓȞĮĮȞIJȚțĮșȓıIJĮIJĮȚİȪțȠȜĮ
ȝȘȤ ȝ ȡ ȝ ȡ
ǻȚĮțȩȥIJİIJȘȞIJȡȠijȠįȠıȓĮ
ȈȣȞįȑıIJİ IJȠ ȝȘȤĮȞȚıȝȩ ıȪȝijȦȞĮ ȝİ IJĮ ıIJȠȚȤİȓĮ IJȠȣ ʌĮȡĮțȐIJȦ
ʌȓȞĮțĮ
ȂʌȜİ ȀĮijȑ
ȁİȣțȩ ȂĮȪȡȠ ȆȡȐıȚȞȠ
ȅȚİȚțȩȞİȢįİȞİȓȞĮȚįİıȝİȣIJȚțȑȢ
ǼȃǹȇȄǾȁǼǿȉȅȊȇīǿǹȈ
ȆȡȠȖȡĮȝȝĮIJȚıȝȩȢIJȠȣȤİȚȡȚıIJȘȡȓȠȣ576
ǼȞİȡȖȠʌȠȚȒıIJİIJȘȞIJȡȠijȠįȠıȓĮ
ȆĮIJȒıIJİIJĮȣIJȩȤȡȠȞĮIJĮțȠȣȝʌȚȐȁ9ıIJȠȤİȚȡȚıIJȒȡȚȠ576
IJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞțȚȞİȓIJĮȚʌȐȞȦțȐIJȦȖȡȒȖȠȡȘȐȞȠįȠȢ
țĮȚ țȐșȠįȠȢ țĮȚ IJȠ ȤİȚȡȚıIJȒȡȚȠ 576 ʌȡȠȖȡĮȝȝĮIJȓȗİIJĮȚ ıIJȠ
ȝȠIJȑȡ
ȅȝȘȤĮȞȚıȝȩȢȕȡȓıțİIJĮȚıIJȘȜİȚIJȠȣȡȖȓĮʌȡȠȖȡĮȝȝĮIJȚıȝȠȪİʌȓ
§ȜİʌIJȐ
DzȜİȖȤȠȢIJȘȢijȠȡȐȢʌİȡȚıIJȡȠijȒȢ
ȆĮIJȒıIJİIJȠțȠȣȝʌȓȁıIJȠȤİȚȡȚıIJȒȡȚȠ576
D ǹȞ IJȠ ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ ĮȞȑȕİȚ D Ș ijȠȡȐ
ʌİȡȚıIJȡȠijȒȢ İȓȞĮȚ ıȦıIJȒ ȆİȡȐıIJİ ıIJȘȞ ʌĮȡȐȖȡĮijȠ
©ȇȪșȝȚıȘIJȦȞȠȡȓȦȞįȚĮįȡȠȝȒȢª
E ǹȞ IJȠ ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ țĮIJȑȕİȚ E Ș ijȠȡȐ
ʌİȡȚıIJȡȠijȒȢ įİȞ İȓȞĮȚ ıȦıIJȒ ȆİȡȐıIJİ ıIJȠ İʌȩȝİȞȠ
ȕȒȝĮ
ȆĮIJȒıIJİIJȠțȠȣȝʌȓ ıIJȠȤİȚȡȚıIJȒȡȚȠ576ȑȦȢȩIJȠȣIJȠ
ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ İțIJİȜȑıİȚ ȝȚĮ țȓȞȘıȘ ʌȐȞȦțȐIJȦ Ǿ
ijȠȡȐʌİȡȚıIJȡȠijȒȢȑȤİȚIJȡȠʌȠʌȠȚȘșİȓ
ȆĮIJȒıIJİIJȠțȠȣȝʌȓȁıIJȠȤİȚȡȚıIJȒȡȚȠ576ȖȚĮȞĮİȜȑȖȟİIJİIJȘijȠȡȐʌİȡȚıIJȡȠijȒȢ
ȇȪșȝȚıȘIJȦȞȠȡȓȦȞįȚĮįȡȠȝȒȢ
ȉĮȩȡȚĮįȚĮįȡȠȝȒȢȝʌȠȡȠȪȞȞĮȡȣșȝȚıIJȠȪȞȝİȠʌȠȚĮįȒʌȠIJİıİȚȡȐ
ǹȞİȕȐıIJİIJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞıIJȘȞİʌȚșȣȝȘIJȒșȑıȘʌĮIJȫȞIJĮȢIJȠțȠȣȝʌȓȁ
ȆĮIJȒıIJİ IJĮȣIJȩȤȡȠȞĮ IJĮ țȠȣȝʌȚȐ țĮȚ ȑȦȢ ȩIJȠȣ IJȠ
ȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞİțIJİȜȑıİȚȝȚĮțȓȞȘıȘ
ȉȠİʌȐȞȦȩȡȚȠįȚĮįȡȠȝȒȢȑȤİȚĮʌȠȝȞȘȝȠȞİȣIJİȓ
ȆĮIJȒıIJİ IJȠ țȠȣȝʌȓ ȩIJĮȞ IJȠ ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ
ijIJȐıİȚ ıIJȘȞ İʌȚșȣȝȘIJȒ țȐIJȦ șȑıȘ ȇȣșȝȓıIJİ IJȘ șȑıȘ IJȠȣ
ȝȘȤĮȞȠțȓȞȘIJȠȣ ʌȡȠȧȩȞIJȠȢ ȝİ IJĮ țȠȣȝʌȚȐ ȁ țĮȚ İȐȞ
ȤȡİȚȐȗİIJĮȚ
ȆĮIJȒıIJİ IJĮȣIJȩȤȡȠȞĮ IJĮ țȠȣȝʌȚȐ țĮȚ ȁ ȑȦȢ ȩIJȠȣ IJȠ
ȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞİțIJİȜȑıİȚȝȚĮțȓȞȘıȘ
ȉȠțȐIJȦȩȡȚȠįȚĮįȡȠȝȒȢȑȤİȚĮʌȠȝȞȘȝȠȞİȣIJİȓȉȠȝȘȤĮȞȠțȓȞȘIJȠ
ʌȡȠȧȩȞĮȞİȕĮȓȞİȚțĮȚıIJĮȝĮIJȐıIJȘșȑıȘĮȞȪȥȦıȘȢ
īȚĮ ȞĮ İʌȚȕİȕĮȚȫıİIJİ IJĮ ȩȡȚĮ įȚĮįȡȠȝȒȢ ʌĮIJȒıIJİ IJȠ
țȠȣȝʌȓ ȑȦȢȩIJȠȣIJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞİțIJİȜȑıİȚȝȚĮ
țȓȞȘıȘʌȐȞȦțȐIJȦ
ȉĮȩȡȚĮįȚĮįȡȠȝȒȢȑȤȠȣȞʌȡȠȖȡĮȝȝĮIJȚıIJİȓ
ȅȚİȚțȩȞİȢįİȞİȓȞĮȚįİıȝİȣIJȚțȑȢ
ȀĮIJĮȤȫȡȚıȘIJȠȣȤİȚȡȚıIJȘȡȓȠȣ576
ȅȝȘȤĮȞȚıȝȩȢȕȡȓıțİIJĮȚıIJȘȜİȚIJȠȣȡȖȓĮʌȡȠȖȡĮȝȝĮIJȚıȝȠȪ
ȆĮIJȒıIJİ ȖȡȒȖȠȡĮ IJȠ țȠȣȝʌȓ 352* ıIJȠ ȤİȚȡȚıIJȒȡȚȠ 576
ʌȠȣșȑȜİIJİȞĮʌȡȠȖȡĮȝȝĮIJȓıİIJİ
ĺȉȠ ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ İțIJİȜİȓ ȝȚĮ țȓȞȘıȘ ʌȐȞȦțȐIJȦ
IJȠ ıȣȖțİțȡȚȝȑȞȠ ȤİȚȡȚıIJȒȡȚȠ 576 ȑȤİȚ ʌȡȠȖȡĮȝȝĮIJȚıIJİȓ ıIJȠ
ȝȘȤĮȞȚıȝȩ
ǹȞȠȝȘȤĮȞȚıȝȩȢįİȞȕȡȓıțİIJĮȚʌȜȑȠȞıIJȘȜİȚIJȠȣȡȖȓĮʌȡȠȖȡĮȝȝĮIJȚıȝȠȪİțIJİȜȑıIJİȟĮȞȐ
IJȠȕȒȝĮțĮȚȝİIJȐIJȠȕȒȝĮ
ȈȊȂǺȅȊȁǼȈȀǹǿȊȆȅǻǼǿȄǼǿȈīǿǹȉǾȃǼīȀǹȉǹȈȉǹȈǾ
DzȤİIJİİȡȦIJȒıİȚȢȖȚĮIJȠȝȘȤĮȞȚıȝȩ$OWXV
ǻȚĮʌȚıIJȫıİȚȢ ȆȚșĮȞȑȢĮȚIJȓİȢ ȁȪıİȚȢ
ǼȜȑȖȟIJİIJȘȞțĮȜȦįȓȦıȘțĮȚIJȡȠʌȠʌȠȚȒıIJİIJȘȞ
ǾțĮȜȦįȓȦıȘįİȞİȓȞĮȚıȦıIJȒ
İȐȞȤȡİȚȐȗİIJĮȚ
ȉȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞ
įİȞȜİȚIJȠȣȡȖİȓ DzȤİȚİȞİȡȖȠʌȠȚȘșİȓȘșİȡȝȚțȒ
ȆİȡȚȝȑȞİIJİȞĮțȡȣȫıİȚIJȠȝȠIJȑȡ
ʌȡȠıIJĮıȓĮIJȠȣȝȘȤĮȞȚıȝȠȪ
ǾȝʌĮIJĮȡȓĮIJȠȣȤİȚȡȚıIJȘȡȓȠȣȑȤİȚ ǼȜȑȖȟIJİİȐȞȘȝʌĮIJĮȡȓĮȑȤİȚİȟĮıșİȞȒıİȚțĮȚ
İȟĮıșİȞȒıİȚ ĮȞIJȚțĮIJĮıIJȒıIJİIJȘȞİȐȞȤȡİȚȐȗİIJĮȚ
ǼȜȑȖȟIJİIJȘıȣȝȕĮIJȩIJȘIJĮțĮȚĮȞIJȚțĮIJĮıIJȒıIJİIJȠ
ȉȠȤİȚȡȚıIJȒȡȚȠįİȞİȓȞĮȚıȣȝȕĮIJȩ
ȤİȚȡȚıIJȒȡȚȠİȐȞȤȡİȚȐȗİIJĮȚ
ȋȡȘıȚȝȠʌȠȚȒıIJİȑȞĮʌȡȠȖȡĮȝȝĮIJȚıȝȑȞȠ
ȉȠȤİȚȡȚıIJȒȡȚȠʌȠȣȤȡȘıȚȝȠʌȠȚİȓIJĮȚįİȞ
ȤİȚȡȚıIJȒȡȚȠȒʌȡȠȖȡĮȝȝĮIJȓıIJİIJȠıȣȖțİțȡȚȝȑȞȠ
ȑȤİȚʌȡȠȖȡĮȝȝĮIJȚıIJİȓıIJȠȝȠIJȑȡ
ȤİȚȡȚıIJȒȡȚȠ
ǼʌĮȞĮȡȪșȝȚıȘȠȡȓȦȞįȚĮįȡȠȝȒȢǼʌĮȞĮʌȡȠıĮȡȝȠȖȒIJȠȣİʌȐȞȦȠȡȓȠȣįȚĮįȡȠȝȒȢ
ȆĮIJȒıIJİIJȠțȠȣȝʌȓȁȖȚĮȞĮȝİIJĮțȚȞȘșİȓIJȠȝȘȤĮȞȠțȓȞȘIJȠ
ʌȡȠȧȩȞıIJȠȩȡȚȠįȚĮįȡȠȝȒȢʌȠȣșȑȜİIJİȞĮȡȣșȝȓıİIJİ
ȆĮIJȒıIJİIJĮȣIJȩȤȡȠȞĮIJĮțȠȣȝʌȚȐȁțĮȚ ȑȦȢȩIJȠȣIJȠ
ȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞİțIJİȜȑıİȚȝȚĮțȓȞȘıȘʌȐȞȦțȐIJȦ
ȆĮIJȒıIJİIJȠțȠȣȝʌȓȁȒIJȠțȠȣȝʌȓ ȖȚĮȞĮȝİIJĮțȚȞȘșİȓIJȠ
ȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞıIJȘȞȑĮİʌȚșȣȝȘIJȒșȑıȘ
īȚĮȞĮİʌȚȕİȕĮȚȫıİIJİIJȠȞȑȠȩȡȚȠįȚĮįȡȠȝȒȢʌĮIJȒıIJİIJȠ
țȠȣȝʌȓ ȑȦȢȩIJȠȣIJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞİțIJİȜȑıİȚȝȚĮ
țȓȞȘıȘʌȐȞȦțȐIJȦ
ǼʌĮȞĮʌȡȠıĮȡȝȠȖȒIJȠȣțȐIJȦȠȡȓȠȣįȚĮįȡȠȝȒȢ
ȆĮIJȒıIJİIJȠțȠȣȝʌȓȁȖȚĮȞĮȝİIJĮțȚȞȘșİȓIJȠȝȘȤĮȞȠțȓȞȘIJȠ
ʌȡȠȧȩȞıIJȠȩȡȚȠįȚĮįȡȠȝȒȢʌȠȣșȑȜİIJİȞĮȡȣșȝȓıİIJİ
ȆĮIJȒıIJİIJĮȣIJȩȤȡȠȞĮIJĮțȠȣȝʌȚȐȁțĮȚ ȑȦȢȩIJȠȣIJȠ
ȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞİțIJİȜȑıİȚȝȚĮțȓȞȘıȘʌȐȞȦțȐIJȦ
ȆĮIJȒıIJİIJȠțȠȣȝʌȓȁȒIJȠțȠȣȝʌȓ ȖȚĮȞĮȝİIJĮțȚȞȘșİȓIJȠ
ȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞıIJȘȞȑĮİʌȚșȣȝȘIJȒșȑıȘ
īȚĮȞĮİʌȚȕİȕĮȚȫıİIJİIJȠȞȑȠȩȡȚȠįȚĮįȡȠȝȒȢʌĮIJȒıIJİIJȠ
țȠȣȝʌȓ ȑȦȢȩIJȠȣIJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞİțIJİȜȑıİȚȝȚĮ
țȓȞȘıȘʌȐȞȦțȐIJȦ
ȅȚİȚțȩȞİȢįİȞİȓȞĮȚįİıȝİȣIJȚțȑȢ
ǹȞIJȚțĮIJȐıIJĮıȘȤİȚȡȚıIJȘȡȓȠȣ6RPI\ʌȠȣȑȤİȚȤĮșİȓȒȤĮȜȐıİȚ
1 ǻȚĮțȩȥIJİIJȠȘȜİțIJȡȚțȩȡİȪȝĮȝȩȞȠıIJȠʌȡȠȧȩȞȖȚĮIJȠȠʌȠȓĮșȑȜİIJİȞĮȖȓȞİȚİʌĮȞĮijȠȡȐ
Ȃİ ĮȣIJȒȞ IJȘȞ İʌĮȞĮijȠȡȐ țĮIJĮȡȖȠȪȞIJĮȚ ȩȜĮ IJĮ IJȠʌȚțȐ ȤİȚȡȚıIJȒȡȚĮ ȦıIJȩıȠ įȚĮIJȘȡȠȪȞIJĮȚ ȠȚ
ĮȚıșȘIJȒȡİȢȠȚȡȣșȝȓıİȚȢȠȡȓȦȞįȚĮįȡȠȝȒȢțĮȚȘĮȖĮʌȘȝȑȞȘșȑıȘ
ǺȐȜIJİ IJȠ ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ ıIJȘ șȑıȘ İȞįȚȐȝİıȠȣ
ȪȥȠȣȢ
ǻȚĮțȩȥIJİIJȘȞIJȡȠijȠįȠıȓĮȖȚĮįİȣIJİȡȩȜİʌIJĮ
ǹʌȠțĮIJĮıIJȒıIJİ IJȘȞ IJȡȠijȠįȠıȓĮ įȚțIJȪȠȣ ȖȚĮ ȑȦȢ
įİȣIJİȡȩȜİʌIJĮ
ǻȚĮțȩȥIJİIJȘȞIJȡȠijȠįȠıȓĮȖȚĮįİȣIJİȡȩȜİʌIJĮ
ǹʌȠțĮIJĮıIJȒıIJİIJȘȞIJȡȠijȠįȠıȓĮįȚțIJȪȠȣIJȠȝȘȤĮȞȠțȓȞȘIJȠ
ʌȡȠȧȩȞ țȚȞİȓIJĮȚ ȖȚĮ ȜȓȖĮ įİȣIJİȡȩȜİʌIJĮ İȐȞ IJȠ ʌȡȠȧȩȞ
ȕȡȓıțİIJĮȚıIJȘșȑıȘİʌȐȞȦȒțȐIJȦȠȡȓȠȣșĮİțIJİȜȑıİȚȝȚĮ
ıȪȞIJȠȝȘțȓȞȘıȘʌȐȞȦțȐIJȦ
ȆĮIJȒıIJİ IJȠ țȠȣȝʌȓ 352* ıIJȠ ȞȑȠ ȤİȚȡȚıIJȒȡȚȠ ȑȦȢ ȩIJȠȣ
IJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞİțIJİȜȑıİȚȝȚĮțȓȞȘıȘʌȐȞȦțȐIJȦ
IJȠ ȞȑȠ ȤİȚȡȚıIJȒȡȚȠ ȑȤİȚ ʌȡȠȖȡĮȝȝĮIJȚıIJİȓ țĮȚ ȩȜĮ IJĮ ȐȜȜĮ
ȤİȚȡȚıIJȒȡȚĮȑȤȠȣȞțĮIJĮȡȖȘșİȓ
ǼʌĮȞĮijȠȡȐĮȡȤȚțȫȞȡȣșȝȓıİȦȞ
1 ǻȚĮțȩȥIJİIJȠȘȜİțIJȡȚțȩȡİȪȝĮȝȩȞȠıIJȠʌȡȠȧȩȞȖȚĮIJȠȠʌȠȓĮșȑȜİIJİȞĮȖȓȞİȚİʌĮȞĮijȠȡȐ
ȂİĮȣIJȒȞIJȘȞİʌĮȞĮijȠȡȐțĮIJĮȡȖȠȪȞIJĮȚȩȜĮIJĮȤİȚȡȚıIJȒȡȚĮȩȜȠȚȠȚĮȚıșȘIJȒȡİȢȩȜİȢȠȚȡȣșȝȓıİȚȢ
ȠȡȓȦȞįȚĮįȡȠȝȒȢțĮȚİțIJİȜİȓIJĮȚİʌĮȞĮijȠȡȐIJȘȢĮȖĮʌȘȝȑȞȘȢșȑıȘȢP\IJȠȣȝȠIJȑȡ
ǺȐȜIJİ IJȠ ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ ıIJȘ șȑıȘ İȞįȚȐȝİıȠȣ
ȪȥȠȣȢ
ǻȚĮțȩȥIJİIJȘȞIJȡȠijȠįȠıȓĮȖȚĮįİȣIJİȡȩȜİʌIJĮ
ǹʌȠțĮIJĮıIJȒıIJİ IJȘȞ IJȡȠijȠįȠıȓĮ įȚțIJȪȠȣ ȖȚĮ ȑȦȢ
įİȣIJİȡȩȜİʌIJĮ
ǻȚĮțȩȥIJİIJȘȞIJȡȠijȠįȠıȓĮȖȚĮįİȣIJİȡȩȜİʌIJĮ
ǹʌȠțĮIJĮıIJȒıIJİIJȘȞIJȡȠijȠįȠıȓĮįȚțIJȪȠȣIJȠȝȘȤĮȞȠțȓȞȘIJȠ
ʌȡȠȧȩȞ țȚȞİȓIJĮȚ ȖȚĮ ȜȓȖĮ įİȣIJİȡȩȜİʌIJĮ İȐȞ IJȠ ʌȡȠȧȩȞ
ȕȡȓıțİIJĮȚ ıIJȠ İʌȐȞȦ Ȓ ıIJȠ țȐIJȦ ȩȡȚȠ įȚĮįȡȠȝȒȢ șĮ
İțIJİȜȑıİȚȝȚĮıȪȞIJȠȝȘțȓȞȘıȘʌȐȞȦțȐIJȦ
ȆĮIJȒıIJİ IJȠ țȠȣȝʌȓ 352* ıIJȠ IJȠʌȚțȩ ȤİȚȡȚıIJȒȡȚȠ 6RPI\
İʌȓ § įİȣIJİȡȩȜİʌIJĮ ȑȦȢ ȩIJȠȣ IJȠ ȝȘȤĮȞȠțȓȞȘIJȠ
ʌȡȠȧȩȞİțIJİȜȑıİȚįȪȠijȠȡȑȢȝȚĮțȓȞȘıȘʌȐȞȦțȐIJȦ
ĺ ǼțIJİȜİȓIJĮȚ İʌĮȞĮijȠȡȐ IJȠȣ ȝȘȤĮȞȚıȝȠȪ ıIJȚȢ ĮȡȤȚțȑȢ
ȡȣșȝȓıİȚȢ
ǼʌĮȞĮȜȐȕİIJİIJȘįȚĮįȚțĮıȓĮȑȞĮȡȟȘȢȜİȚIJȠȣȡȖȓĮȢĮȞĮIJȡȑȟIJİ
ıIJȘȞİȞȩIJȘIJĮDzȞĮȡȟȘȜİȚIJȠȣȡȖȓĮȢ
ȅȚİȚțȩȞİȢįİȞİȓȞĮȚįİıȝİȣIJȚțȑȢ
ȋȇǾȈǾȀǹǿȈȊȃȉǾȇǾȈǾ
ȅʌĮȡȫȞȝȘȤĮȞȚıȝȩȢįİȞȤȡİȚȐȗİIJĮȚıȣȞIJȒȡȘıȘ
ȀȅȊȂȆǿǹǹȃȅǻȅȊȀǹǿȀǹĬȅǻȅȊ
ǵIJĮȞʌĮIJȒıİIJİIJȠțȠȣȝʌȓȁȒIJȠțȠȣȝʌȓ IJȠȝȘȤĮȞȠțȓȞȘIJȠ
ʌȡȠȧȩȞĮȞİȕĮȓȞİȚȒțĮIJİȕĮȓȞİȚȝȑȤȡȚIJȑȡȝĮ
ȁǼǿȉȅȊȇīǿǹ
ȉȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞțȚȞİȓIJĮȚ
ȆĮIJȒıIJİıIJȚȖȝȚĮȓĮIJȠ IJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞıIJĮȝĮIJȐ
ĮȣIJȩȝĮIJĮ
ǹīǹȆǾȂǼȃǾĬǼȈǾ
ǼțIJȩȢ Įʌȩ IJȘȞ ʌȐȞȦ țĮȚ IJȘȞ țȐIJȦ șȑıȘ ıIJȠ$OWXV İȓȞĮȚ
ıIJȐȞIJĮȡ ʌȡȠȖȡĮȝȝĮIJȚıȝȑȞȘ țĮȚ ȝȚĮ İȞįȚȐȝİıȘ șȑıȘ ʌȠȣ
ȠȞȠȝȐȗİIJĮȚ©ĮȖĮʌȘȝȑȞȘșȑıȘP\ª
īȚĮȞĮȤȡȘıȚȝȠʌȠȚȒıİIJİIJȘȞĮȖĮʌȘȝȑȞȘșȑıȘP\
ȆĮIJȒıIJİıIJȚȖȝȚĮȓĮIJȠ IJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞĮȡȤȓȗİȚ
ȞĮțȚȞİȓIJĮȚțĮȚıIJĮȝĮIJȐıIJȘȞĮȖĮʌȘȝȑȞȘșȑıȘP\
īȚĮȞĮIJȡȠʌȠʌȠȚȒıİIJİȒȖȚĮȞĮțĮIJĮȡȖȒıİIJİIJȘȞĮȖĮʌȘȝȑȞȘșȑıȘĮȞĮIJȡȑȟIJİıIJȘȞİȞȩIJȘIJĮȝİIJȓIJȜȠ
©ȆȡȩıșİIJİȢȡȣșȝȓıİȚȢª
ȁǼǿȉȅȊȇīǿǹȂǼǾȁǿǹȀȅǹǿȈĬǾȉǾȇǹ620)<
ǹȞĮIJȡȑȟIJİıIJȠȞĮȞIJȓıIJȠȚȤȠȠįȘȖȩ
ȆȇȅȈĬǼȉǼȈȇȊĬȂǿȈǼǿȈ
ȉȡȠʌȠʌȠȓȘıȘIJȘȢĮȖĮʌȘȝȑȞȘȢșȑıȘȢP\
ǺȐȜIJİIJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞıIJȘȞİʌȚșȣȝȘIJȒĮȖĮʌȘȝȑȞȘ
șȑıȘP\
ȆĮIJȒıIJİ IJȠ İʌȓ§ įİȣIJİȡȩȜİʌIJĮ ȑȦȢ ȩIJȠȣ IJȠ
ȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞİțIJİȜȑıİȚȝȚĮțȓȞȘıȘʌȐȞȦțȐIJȦȘİʌȚșȣȝȘIJȒĮȖĮʌȘȝȑȞȘșȑıȘP\ȑȤİȚ
ʌȡȠȖȡĮȝȝĮIJȚıIJİȓ
ȀĮIJȐȡȖȘıȘIJȘȢĮȖĮʌȘȝȑȞȘȢșȑıȘȢP\
ȆĮIJȒıIJİIJȠ IJȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞĮȡȤȓȗİȚȞĮțȚȞİȓIJĮȚ
țĮȚıIJĮȝĮIJȐıIJȘȞĮȖĮʌȘȝȑȞȘșȑıȘP\
ȆĮIJȒıIJİ ȟĮȞȐ IJȠ ȑȦȢ ȩIJȠȣ IJȠ ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ
İțIJİȜȑıİȚȝȚĮțȓȞȘıȘȘĮȖĮʌȘȝȑȞȘșȑıȘP\ȑȤİȚțĮIJĮȡȖȘșİȓ
ȆȡȠıșȒțȘțĮIJȐȡȖȘıȘ ȤİȚȡȚıIJȘȡȓȦȞ 6RPI\ țĮȚ
ĮȚıșȘIJȒȡȦȞ
ǹȞĮIJȡȑȟIJİıIJȠȞĮȞIJȓıIJȠȚȤȠȠįȘȖȩ
ȅȚİȚțȩȞİȢįİȞİȓȞĮȚįİıȝİȣIJȚțȑȢ
ȈȊȂǺȅȊȁǼȈȀǹǿȊȆȅǻǼǿȄǼǿȈīǿǹȉǾȋȇǾȈǾ
DzȤİIJİİȡȦIJȒıİȚȢȖȚĮIJȠȝȘȤĮȞȚıȝȩ$OWXV
ǻȚĮʌȚıIJȫıİȚȢ ȆȚșĮȞȑȢĮȚIJȓİȢ ȁȪıİȚȢ
ȉȠȝȘȤĮȞȠțȓȞȘIJȠʌȡȠȧȩȞ ǾȝʌĮIJĮȡȓĮIJȠȣȤİȚȡȚıIJȘȡȓȠȣȑȤİȚ ǼȜȑȖȟIJİİȐȞȘȝʌĮIJĮȡȓĮȑȤİȚİȟĮıșİȞȒıİȚțĮȚ
įİȞȜİȚIJȠȣȡȖİȓ İȟĮıșİȞȒıİȚ ĮȞIJȚțĮIJĮıIJȒıIJİIJȘȞİȐȞȤȡİȚȐȗİIJĮȚ
ȅȝȘȤĮȞȚıȝȩȢȕȡȓıțİIJĮȚıIJȘȜİȚIJȠȣȡȖȓĮ
ȆİȡȚȝȑȞİIJİȞĮțȡȣȫıİȚIJȠȝȠIJȑȡ
șİȡȝȚțȒȢʌȡȠıIJĮıȓĮȢ
ǹȞ IJȠ ȝȘȤĮȞȠțȓȞȘIJȠ ʌȡȠȧȩȞ İȟĮțȠȜȠȣșİȓ ȞĮ ȝȘȞ ȜİȚIJȠȣȡȖİȓ İʌȚțȠȚȞȦȞȒıIJİ ȝİ İʌĮȖȖİȜȝĮIJȓĮ ȝİ
ȖȞȫıİȚȢıIJȠȣȢȝȘȤĮȞȚıȝȠȪȢțĮȚĮȣIJȠȝĮIJȚıȝȠȪȢțĮIJȠȚțȚȫȞ
ǹȞIJȚțĮIJȐıIJĮıȘȤİȚȡȚıIJȘȡȓȠȣ6RPI\ʌȠȣȑȤİȚȤĮșİȓȒȤĮȜȐıİȚ
īȚĮȞĮĮȞIJȚțĮIJĮıIJȒıİIJİȑȞĮȤİȚȡȚıIJȒȡȚȠʌȠȣȑȤİȚȤĮșİȓȒȤĮȜȐıİȚİʌȚțȠȚȞȦȞȒıIJİȝİİʌĮȖȖİȜȝĮIJȓĮȝİ
ȖȞȫıİȚȢıIJȠȣȢȝȘȤĮȞȚıȝȠȪȢțĮȚĮȣIJȠȝĮIJȚıȝȠȪȢțĮIJȠȚțȚȫȞ
ȉǼȋȃǿȀǹȋǹȇǹȀȉǾȇǿȈȉǿȀǹ
ȉȡȠijȠįȠıȓĮ
ȇĮįȚȠıȣȤȞȩIJȘIJĮ
ĬİȡȝȠțȡĮıȓĮȤȡȒıȘȢ &ȑȦȢ&
ǻİȓțIJȘȢʌȡȠıIJĮıȓĮȢ
ȂȑȖȚıIJȠȢĮȡȚșȝȩȢȤİȚȡȚıIJȘȡȓȦȞ
ȂȑȖȚıIJȠȢĮȡȚșȝȩȢ
ĮȚıșȘIJȒȡȦȞ
ȂİIJȘȞʌĮȡȠȪıĮȘ6RPI\6$6)&/86(6įȘȜȫȞİȚȦȢțĮIJĮıțİȣĮıIJȒȢȩIJȚȠȝȘȤĮȞȚıȝȩȢʌȠȣțĮȜȪʌIJİIJĮȚĮʌȩĮȣIJȑȢIJȚȢ
ȠįȘȖȓİȢ İijȩıȠȞ ijȑȡİȚ ıȒȝĮȞıȘ ȖȚĮ IJȡȠijȠįȠıȓĮ 9a+] țĮȚ ȤȡȘıȚȝȠʌȠȚİȓIJĮȚ ȝİ IJȠȞ IJȡȩʌȠ ʌȠȣ ȣʌȠįİȚțȞȪİIJĮȚ ıIJȚȢ
ʌĮȡȠȪıİȢȠįȘȖȓİȢıȣȝȝȠȡijȫȞİIJĮȚȝİIJȚȢȠȣıȚȫįİȚȢĮʌĮȚIJȒıİȚȢIJȦȞİijĮȡȝȠȗȩȝİȞȦȞİȣȡȦʌĮȧțȫȞȠįȘȖȚȫȞțĮȚİȚįȚțȩIJİȡĮȝİ
IJȘȞȠįȘȖȓĮǼȀȖȚĮIJȚȢȝȘȤĮȞȑȢțĮȚIJȘȞȠįȘȖȓĮǼǼȖȚĮIJȠȡĮįȚȠİȟȠʌȜȚıȝȩ
ȉȠʌȜȒȡİȢțİȓȝİȞȠIJȘȢįȒȜȦıȘȢıȣȝȝȩȡijȦıȘȢȝİIJȘȞǼǼįȚĮIJȓșİIJĮȚıIJȘȞȚıIJȠıİȜȓįĮZZZVRPI\FRPFH
ȅ$QWRLQH&UH]HȣʌİȪșȣȞȠȢİȖțȡȓıİȦȞȠȠʌȠȓȠȢİȞİȡȖİȓȖȚĮȜȠȖĮȡȚĮıȝȩIJȠȣǻȚİȣșȣȞIJȒȉȠȝȑĮ&OXVHV
ȅȚİȚțȩȞİȢįİȞİȓȞĮȚįİıȝİȣIJȚțȑȢ
FRP¿RVRXGHUiGLR9HUGRFXPHQWR
OkPLQD¿QDOFRORFDGDDFPGDVXDSRVLomRWRWDOPHQWHDEHUWD
2PRWRUGHYHVHULQVWDODGRSRUXPSUR¿VVLRQDOGDPRWRUL]DomRHGDDXWRPDWL]DomR
RSHUDo}HVGR6HUYLoR3yV9HQGDQRPRWRUUHTXHUDLQWHUYHQomRGHXPSUR¿VVLRQDOGDPRWRUL]DomR
ȁ
1
SHORSUR¿VVLRQDOGDPRWRUL]DomRHGDDXWRPDWL]DomR
1
1
1
L1 = …
L1
SUHWHQGLGRTXHGHSHQGHUiGRSURGXWRHOHFWUL¿FDGR
0RQWDJHP PRWRUWXER GH HQURODPHQWR
2VSDUDIXVRVRXRVUHELWHVQmRGHYHPVHU¿[RVDRPRWRU
S
1
L1
1
HYLWDU T
TXH R FRQMXQWR
M WXERPRWRU VDLD GD ¿[DomR
o GR
1 ¿FDGRGHYROYHURPRWRUDR6HUYLoR3yV9HQGD
o
1
ȁ9
2PRWRUHVWiQRPRGRGHSURJUDPDomRGXUDQWH§PLQ
ȁ
D 6H R SURGXWR HOHFWUL¿FDGR VXELU D R VHQWLGR GH
GRV¿QVGHFXUVR´
E 6H R SURGXWR HOHFWUL¿FDGR GHVFHU E R VHQWLGR GH
GHURWDomRpPRGL¿FDGR
ȁ
YHUL¿FDURVHQWLGRGHURWDomR
5HJXODomRGRV¿QVGHFXUVR
2V¿QVGHFXUVRSRGHVHUUHJXODGRVSRUTXDOTXHURUGHP
2¿PGHFXUVRVXSHULRUHVWiPHPRUL]DGR
ȁ
ȁ
3DUDFRQ¿UPDURV¿QVGHFXUVRSUHVVLRQDURERWmR
2V¿QVGHFXUVRHVWmRPHPRUL]DGRV
ĺ 2 SURGXWR PRWRUL]DGR HIHFWXD XP PRYLPHQWR DFLPD
9HUL¿FDUDFDEODJHPHPRGL¿FiODVH
2SURGXWRHOHFWUL¿FDGR
9HUL¿FDUVHDSLOKDHVWiIUDFDHVXEVWLWXtODVH
9HUL¿FDUDFRPSDWLELOLGDGHHVXEVWLWXLURSRQWR
UHJXODomRGRV¿QVGHFXUVR
1RYDUHJXODomRGR¿PGHFXUVRVXSHULRU
ȁ
QR¿PGHFXUVRDUHJXODUGHQRYR
ȁ
3DUDFRQ¿UPDURQRYR¿PGHFXUVRSUHVVLRQDURERWmR
1RYDUHJXODomRGR¿PGHFXUVRLQIHULRU
QR¿PGHFXUVRDUHJXODUGHQRYR
ȁ
3DUDFRQ¿UPDURQRYR¿PGHFXUVRSUHVVLRQDURERWmR
6XEVWLWXLomRGHXPSRQWRGHFRPDQGR6RPI\SHUGLGRRXGDQL¿FDGR
1
DVUHJXODo}HVGH¿PGHFXUVRHDSRVLomRSUHIHULGDVmR
6HDDSOLFDomRHVWLYHUHP¿PGHFXUVRVXSHULRURXLQIH
5HJUHVVRjFRQ¿JXUDomRGHRULJHP
1
GH¿QVGHFXUVRHUHLQLFLDOL]DDSRVLomRSUHIHULGDP\GR
DSOLFDomRHVWLYHUHP¿PGHFXUVRVXSHULRURXLQIHULRUXP
GXUDQWH§VDWpDRVGRLVPRYLPHQWRVDFLPD
2SURGXWRHOHFWUL¿FDGRHVWiHPPRYLPHQWR
SRUSUpGH¿QLomRQR$OWXV
3DUDPRGL¿FDURXHOLPLQDUDSRVLomRSUHIHULGDP\FRQVXOWDURFDStWXOR³5HJXODo}HVVXSOHPHQWDUHV´
0RGL¿FDUDSRVLomRSUHIHULGDP\
GXUDQWH§VDWpDRPRYLPHQWR
$GLFLRQDU$SDJDUSRQWRVGHFRPDQGRHVHQVRUHV
2SURGXWRHOHFWUL¿FDGR 9HUL¿FDUVHDSLOKDHVWiIUDFDHVXEVWLWXtODVH
6HRSURGXWRHOHFWUL¿FDGRFRQWLQXDUDQmRIXQFLRQDUFRQWDFWDUXPSUR¿VVLRQDOGDPRWRUL]DomRHGD
6XEVWLWXLomRGHXPSRQWRGHFRPDQGR6RPI\SHUGLGRRXGDQL¿FDGR
3DUDDVXEVWLWXLomRGHXPSRQWRGHFRPDQGRSHUGLGRRXGDQL¿FDGRFRQWDFWDUXPSUR¿VVLRQDOGH
6DPPHQUXOQLQJVRPUnGHWHOOHUVDPPHQIROGQLQJVRPUnGHWEH¿QGHUVLJPLQGVWPRYHUJXOYHW
)RUPDUNLVHUHOOHUJDUGLQHUÀ\WWHUEHODVWQLQJVVWDQJHQNXQYLDW\QJGHNUDIWHQRJYHMHUPLQGUHHQG
5XOOHJDUGLQHWVWUDQVSRUW¡UNDQÀ\WWHVFPRSQnUHQVW\UNHSn1SnI¡UHVRSDGSnGHQVLGVWH
ȁ
1
1
1
1
L1 = …
L1
1
L1
1
1
ȁ9
0RWRUVW\ULQJHQHULSURJUDPPHULQJVWLOVWDQGL§PLQ
ȁ
ĺ'HWPRWRUVW\UHGHSURGXNWXGI¡UHUHQRSQHGF\NOXV'HQQH
ȁ IRUDWÀ\WWHGHW
ȁ IRUDWÀ\WWHGHW
1
ĺ
NRQ¿JXUDWLRQ
ȁ
L§VHNLQGWLOGHW
7LOI¡MVOHW6RPI\EHWMHQLQJVERNVHRJVHQVRUHU
'HQNRPSOHWWH(8RYHUHQVVWHPPHOVHVHUNO ULQJ¿QGHVSnLQWHUQHWDGUHVVHQZZZVRPI\FRPFH
ȁ
1
1
1
1
L1 = …
L1
1
L1
1
1
ȁ
0RRWWRULRQRKMHOPRLQWLWLODVVD§PLQDMDQ
ȁ
ȁ
ĺ0RRWWRURLWXWXRWHWHNHHHGHVWDNDLVHQOLLNNHHQWlPl576
ȁ
1
ĺ
ȁ
ȁ
1
1
1
1
L1 = …
L1
1
L1
1
1
ȁ 9
0RWRUHQHULSURJUDPPHULQJVPRGXVL§PLQ
ȁ
ĺ'HW PRWRULVHUWH SURGXNWHW JM¡U HQ RSS RJ QHGEHYHJHOVH
ȁ IRUnÀ\WWHGHW
ȁ IRUnÀ\WWHGHW
1
L § V KHOW WLO
ĺ
ȁ
L§VKHOWWLOGHW
/HJJHWLOVOHWWHIMHUQNRQWUROOHURJ6RPI\VHQVRUHU
'HQIXOOVWHQGLJHWHNVWHQWLO(8VDPVYDUVHUNO ULQJHQ¿QQHVWLOJMHQJHOLJSnZZZVRPI\FRPFH
.DSQLQJVHOOHUNOlPULVNRPUnGHWVNDOOEH¿QQDVLJPHUlQP|YHUJROYHOOHUPDUNQLYnQHOOHU
ȁ
1
1
1
1
L1 = …
L1
1
L1
1
1
ȁ
ȁ
ȁ
ĺ 'HQ PRWRUGULYQD SURGXNWHQ J|U HQ XSS RFK QHGU|UHOVH
ȁ I|UDWWÀ\WWD
ȁ I|UDWWÀ\WWD
1
QnJUDVHNXQGHU2PSURJUDPPHWEH¿QQHUVLJLGHW|YUH
cWHUJnQJWLOOXUVSUXQJVNRQ¿JXUDWLRQHQ
QnJUDVHNXQGHURPGHQEH¿QQHUVLJLGHW|YUHHOOHUQHGUH
ĺ
ȁ
)|UXWRPGHW|YUHRFKGHWQHGUHOlJHW¿QQVPHOODQOlJHWP\
www.somfy.com