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%XKDU LOH JHUoHNOHúWLULOHQ DNWLYDV\RQGD NDUERQXQ VX EXKDUÕ LOH RODQ HQ WHPHO WHSNLPHVLHQGRWHUPLNWLUYHVWRNLRPHWULNWHSNLPHGHQNOHPLúXúHNLOGH\D]ÕODELOLU
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.DUERQ LOH VX EXKDUÕ UHDNVL\RQX + JD]ÕQÕQ PHYFXGL\HWLQGHQ ROXPVX] \|QGH
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%XKDU LOH DNWLYDV\RQ RNVLMHQVL] RUWDPGD . VÕFDNOÕNODUGD JHUoHNOHúWLULOPHNWHGLU 2UWDPGD RNVLMHQ ROPDVÕQÕQ LVWHQPHPHVLQLQ QHGHQL EX VÕFDNOÕNODUGD RNVLMHQLQ NDUERQ \]H\LQH úLGGHWOH KFXP HWPHVL YH \]H\ NWOH D]DOÕPÕLOHUQPLNWDUÕQÕD]DOWPDVÕGÕU.DUERQXQEXKDULOHUHDNVL\RQXDONDOLPHWDO RNVLWYHNDUERQDWODUGHPLUEDNÕUYHGL÷HUPHWDOOHULQLOHNDWDOL]OHQHELOPHNWHGLU .DUERQGLRNVLWLOHJHUoHNOHúWLULOHQDNWLYDV\RQGDLVHNDUERQXQ&2 LOHRODQHQWHPHO
WHSNLPHVLHQGRWHUPLNWLUYHVWRNLRPHWULNWHSNLPHGHQNOHPLúXúHNLOGH\D]ÕODELOLU
&NDWÕ &2JD] : &2JD] N-
%X UHDNVL\RQXQ DúD÷ÕGD EHOLUWLOHQ UHDNVL\RQ PHNDQL]PDODUÕQD J|UH JHUoHNOHúWL÷L EHOLUWLOPHNWHGLU>@
0HNDQL]PD, &&2 : &2&2 &2: &2 &2&< &&2 0HNDQL]PD,, &&2 < &2&2 &2: &2
%X LNL PHNDQL]PDQÕQ DUDVÕQGDNL WHPHO IDUNOÕOÕN &2¶LQ ROXPVX] HWNLVLQLQ DoÕNODQPDVÕQGDQ ND\QDNODQPDNWDGÕU &2 KHP DNWLI PHUNH]OHU WDUDIÕQGDQ NLP\DVDO RODUDNDGVRUSODQPDNWDKHPGHJHULUHDNVL\RQXQKÕ]ÕQÕDUWÕUPDNWDGÕU5HDNVL\RQKÕ]Õ VHUEHVWDNWLINÕVÕPODUÕQVD\ÕVÕQDED÷OÕGÕU
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&2 LOH DNWLYDV\RQ EXKDU LOH JHUoHNOHúWLULOHQ DNWLYDV\RQGDQ GDKD \NVHN VÕFDNOÕN
JHUHNWLUPHNWHGLU.&2 LOHUHDNVL\RQLoLQNXOODQÕODELOHFHNNDWDOL]|UOHU
DONDOL PHWDO NDUERQDWODUGÕU &2 LOH DNWLYDV\RQXQ HQGVWUL\HO X\JXODPDODUÕQGD
DNWLYDV\RQGD NXOODQÕODQ JD] LoHULVLQH ELU PLNWDU EXKDU LODYH HGLOPLú EDFD JD]Õ NDUÕúÕPÕGÕU
.LP\DVDO$NWLYDV\RQ
.LP\DVDO DNWLYDV\RQ LúOHPL JHQHO RODUDN NLP\DVDO DNWLIOH\LFL ELU PDGGH LOH KDPPDGGHQLQEHOLUOLELUVÕFDNOÕNWDER]XQGXUXOPDVÕHVDVÕQDGD\DQPDNWDGÕU
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NDUÕúWÕUÕOPDVÕ
x +DPPDGGH LOH DNWLYH HGLFL PDGGHQLQ ELUOLNWH \R÷XUXODUDN KDPXU KDOLQH JHWLULOPHVLQGHQVRQUD.¶GHNXUXWXOPDVÕ
+DPPDGGHQLQ DNWLYH HGLFL PDGGHQLQ GHULúLN o|]HOWLVL LOH NDUÕúWÕUÕOPDVÕ VXUHWL\OH JHUoHNOHúWLULOHQ KD]ÕUODQPD DúDPDVÕQGD VHOOR]LN \DSÕ YH GL÷HU ED]Õ ELOHúHQOHU SDUoDODQPDNWDGÕU
dLQNR NORUU SRWDV\XP VOIDW SRWDV\XP WL\RVL\RQDW IRVIRULN DVLW VOIULN DVLW DONDOLPHWDOKLGURNVLWOHUPDJQH]\XPNORUUNDOVL\XPNORUUJLELNLP\DVDOPDGGHOHU HQ\D\JÕQRODUDNNXOODQÕODQDNWLYHHGLFLPDGGHOHUGLU
.LP\DVDO DNWLYDV\RQ JHQHOOLNOH . DUDVÕQGDNL VÕFDNOÕNODUGD JHUoHNOHúWLULOPHNWHGLU oLQNR NORUUQ DNWLYH HGLFL PDGGH RODUDN NXOODQÕOPDVÕ GXUXPXQGD RSWLPXP DNWLYDV\RQ VÕFDNOÕ÷ÕQÕQ . IRVIRULN DVLWOH DNWLYDV\RQ LoLQ LVH . ROGX÷X EHOLUWLOPHNWHGLU >@ %X PDGGHOHU DURPDWLN \DSÕGDNL NDUERQLVNHOHWLSDUoDOD\DUDNJ|]HQHNOL\DSÕQÕQROXúPDVÕQÕVD÷ODPDNWDGÕU
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