*9001093674* Û Ø Ú Þ â é × ê ì ó Ý î ë ô Ù ,QVWUXFFLRQHV GH PRQWDMH 0RQWDJHDQOHLWXQJ ,QVWDOODWLRQ LQVWUXFWLRQV 1RWLFH GH PRQWDJH ,VWUX]LRQL SHU LO PRQWDJJLR ,QVWDOODWLHYRRUVFKULIW 0RQWHULQJVYHMOHGQLQJ 0RQWHULQJVYHLOHGQLQJ ,QVWUXo}HV GH PRQWDJHP 0RQWHULQJVDQYLVQLQJ $VHQQXVRKMH Ημπροςιυηώ ξν λνμρίες ,QVWUXNFMD PRQWDŰX 0RQWDM N×ODYX]X ̲͉͇͓͆́ͅ ͇͕͔͕͔͉͓͌̓̾̓ͅ [ 5 & PLQ ' % $ $ PLQ PLQ & PLQ & D ' & % PLQ
D E F G PLQ PLQ PLQ PLQ PLQ PLQ PLQ $
9 1 a %1 %. *< 1 D / E 1 1 / %8 %.
9 1 a 9 9 1a *< %1 %1 %. %.
)LMDU HO FDEOH GH DOLPHQWDFLyQ FRQ OD DEUD]DGHUD \ FRORFDU HO 3UHSDUDFLyQ GH ORV PXHEOHV GH PRQWDMH ILJXUDV WRUQLOOR GH VXMHFLyQ ILJXUD D &HUUDU OD WDSD GH OD FDMD GH FRQH[LyQ 0XHEOHV HPSRWUDGRV UHVLVWHQWHV D XQD WHPSHUDWXUD GH & FRPR PtQLPR +XHFR UHWLUDU ODV YLUXWDV GHVSXpV GH ORV WUDEDMRV GH FRUWH 6XSHUILFLHV GH FRUWH VHOODU FRQ PDWHULDO UHVLVWHQWH DO FDORU 0RQWDMH VREUH HO FDMyQ ILJXUD D (QFLPHUD GHEH WHQHU FRPR PtQLPR XQ JURVRU GH PP 9HQWLODFLyQ OD GLVWDQFLD HQWUH O
0RQWDJH XQWHU GHU $UEHLWVSODWWH 'DV ,QGXNWLRQVNRFKIHOG NDQQ QXU EHU 6FKXEODGHQ RGHU %DFN|IHQ PLW *HEOlVHOIWXQJ LQVWDOOLHUW ZHUGHQ 8QWHU GHP .RFKIHOG N|QQHQ NHLQH .KOVFKUlQNH 6SOPD VFKLQHQ %DFN|IHQ RKQH /IWXQJ RGHU :DVFKPDVFKLQHQ HLQJHEDXW ZHUGHQ $E]XJVHVVH 'HU $EVWDQG ]ZLVFKHQ GHU $E]XJVHVVH XQG GHP .
en 9HQWLODWLRQ ILJXUH 7R JXDUDQWHH WKDW WKH DSSOLDQFH ZRUNV FRUUHFWO\ WKH KRE PXVW EH VXIILFLHQWO\ YHQWLODWHG 6LQFH WKH YHQWLODWLRQ LQ WKH ORZHU VHFWLRQ RI WKH DSSOLDQFH UHTXLUHV D VXIILFLHQW VXSSO\ RI IUHVK DLU WKH FXSERDUGV PXVW EH GHVLJQHG DFFRUGLQJO\ 7KH IROORZLQJ LV UHTXLUHG IRU WKLV ■ $ PLQLPXP FOHDUDQFH EHWZHHQ WKH UHDU RI WKH FXSERDUG DQG WKH NLWFKHQ ZDOO DQG EHWZHHQ WKH VXUIDFH RI WKH ZRUNWRS DQG WKH XSSHU DUHD RI WKH GUDZHU ILJXUH D ■ $Q RSHQLQJ DW WKH WRS WR WKH UHDU RI WKH FXSERDUG
1RWH &KHFN WKDW WKH DSSOLDQFH LV UHDG\ IRU RSHUDWLRQ ,I —…‹‹ “‹†‚„ RU “ DSSHDUV RQ WKH DSSOLDQFH V GLVSOD\ WKH DSSOLDQFH LV QRW FRQQHFWHG FRUUHFWO\ 'LVFRQQHFW LW IURP WKH SRZHU VXSSO\ DQG FKHFN WKH SRZHU FRUG FRQQHFWLRQ 0RQWDJH VXU WLURLU VFKpPD D 3ODQ GH WUDYDLO VRQ pSDLVVHXU PLQLPXP GRLW rWUH GH PP 9HQWLODWLRQ OD GLVWDQFH HQWUH OD VXUIDFH GX SODQ GH WUDYDLO HW OD SDUWLH VXSpULHXUH GX WLURLU GRLW rWUH GH PP 5HPDUTXH 8WLOLVHU XQLTXHPHQW XQ VXSSRUW LQWHUPpGLDLUH HQ ERLV VL GHV REMHWV Pp
3LDQR GL ODYRUR SLDWWR RUL]]RQWDOH H VWDELOH $WWHQHUVL DOOH LVWUX]LRQL GHO IDEEULFDQWH GHO SLDQR GL ODYRUR 6H OR VSHVVRUH GHO SLDQR GL ODYRUR DOO LQWHUQR GHO TXDOH YLHQH LQFDVVDWR LO SLDQR GL FRWWXUD QRQ FRUULVSRQGH DL UHTXLVLWL ULFKLHVWL ULQIRU]DUH LO SLDQR GL ODYRUR FRQ PDWHULDOH UHIUDWWDULR H UHVLVWHQWH DOO DFTXD ILQR D UDJJLXQJHUH OR VSHVVRUH PLQLPR FRQVLJOLDWR ,Q FDVR FRQWUDULR QRQ YLHQH JDUDQWLWD XQD VXIILFLHQWH VWDELOLWj ■ ,O SLDQR GL ODYRUR DOO LQWHUQR GHO TXDOH YLHQH LQFDVVDWR LO SLDQR GL FR
nl (IIHWWXDUH O DOODFFLDPHQWR DOOD SUHVD GL FROOHJDPHQWR HVFOXVLYDPHQWH LQ FRQIRUPLWj D TXDQWR PRVWUDWR LQ ILJXUD ILJXUD %1 PDUURQH %8 EOX *1 <( JLDOOR H YHUGH %.
9HQWLODWLH DIEHHOGLQJ 2P HHQ MXLVWH ZHUNLQJ YDQ KHW DSSDUDDW WH JDUDQGHUHQ PRHW GH NRRNSODDW QDDU EHKRUHQ ZRUGHQ JHYHQWLOHHUG 2PGDW YRRU GH YHQWLODWLH RQGHULQ KHW DSSDUDDW HHQ YROGRHQGH DDQYRHU YDQ YHUVH OXFKW YHUHLVW LV PRHWHQ GH PHXEHOV KLHURS EHUHNHQG ]LMQ +LHUYRRU LV KHW YROJHQGH YHUHLVW ■ HHQ PLQLPDOH DIVWDQG WXVVHQ GH DFKWHUNDQW YDQ KHW PHXEHO HQ GH NHXNHQZDQG HQ WXVVHQ KHW RSSHUYODN YDQ KHW ZHUNEODG HQ GH ERYHQNDQW YDQ GH ODGH $IE D ■ HHQ RSHQLQJ ERYHQ DDQ GH DFKWHUNDQW YDQ KHW PHXEHO $IE
%HP UN $QYHQG NXQ HQ PHOOHPK\OGH DI WU KYLV PHWDOJHQVWDQGH L VNXIIHQ EOLYHU RSYDUPHW WLO K¡MH WHPSHUDWXUHU Sn JUXQG DI GHQ UHFLUNXOHUHQGH OXIW IUD NRJHWRSSHQV YHQWLODWLRQ ILJXU 0RQWHULQJ RYHU HQ RYQ ILJXU E %RUGSODGH VNDO KDYH HQ W\NNHOVH Sn PLQ PP %HP UN 6H HIWHU L PRQWDJHYHMOHGQLQJHQ IRU RYQHQ KYLV DIVWDQGHQ PHOOHP NRJHWRS RJ RYQ VNDO IRU¡JHV 9HQWLODWLRQ $IVWDQGHQ PHOOHP RYQ RJ NRJHVHNWLRQ VNDO Y UH PLQGVW PP %HP UN +YLV NRJHVHNWLRQHQ EOLYHU LQGE\JJHW RYHU HQ RYQ DI HW DQGHW P UNH
'HUVRP VWU¡POHGQLQJHQ NRPPHU L YHLHQ IRU VNXIIHQ IHVWHU GX *DUDQWL HQ IHLODNWLJ LQVWDOODVMRQ WLONREOLQJ HOOHU PRQWDVMH YLO DQQXOOHUH JDUDQWLHQ 0HUN (QKYHU PRGLILNDVMRQ DY DSSDUDWHWV LQGUH LQNOXGHUW E\WWH DY VWU¡POHGQLQJHQ Pn NXQ XWI¡UHV DY RSSO UW WHNQLVN SHUVRQHOO IUD YnU VHUYLFHDYGHOLQJ OHGQLQJHQ Sn XQGHUVLGHQ DY NRNHWRSSHQ PHG GHQ YHGODJWH NDEHOVWULSVHQ ILJXU E 0HUN .RQWDNW NXQGHVHUYLFH KYLV GX WUHQJHU HQ OHQJUH OHGQLQJ 0RQWHUH NRNHWRSS ILJXU .
([DXVWRU D GLVWkQFLD HQWUH R H[DXVWRU H D SODFD GH FR]LQKDU WHP GH FRUUHVSRQGHU SHOR PHQRV j GLVWkQFLD LQGLFDGD QDV LQVWUXo}HV GH PRQWDJHP GR H[DXVWRU %DQFDGD SODQD KRUL]RQWDO HVWiYHO 6LJD DV LQVWUXo}HV GR IDEULFDQWH GD EDQFDGD 6H D HVSHVVXUD GD EDQFDGD GH WUDEDOKR QD TXDO p LQFRUSRUDGD D SODFD GH FR]LQKDU QmR FRUUHVSRQGHU DRV UHTXLVLWRV UHIRUFH D EDQFDGD GH WUDEDOKR FRP PDWHULDO UHVLVWHQWH DR IRJR H j iJXD DWp VHU DWLQJLGD D HVSHVVXUD PtQLPD UHFRPHQGDGD &DVR FRQWUiULR QmR WHUi HVWDELOLGDGH V
sv ó 0RQWHULQJVDQYLVQLQJ 9LNWLJW DWW REVHUYHUD 6lNHUKHW VlNHUKHWHQ YLG DQYlQGQLQJ JDUDQWHUDV XQGHU I|UXWVlWWQLQJ DWW LQVWDOODWLRQHQ KDU XWI|UWV NRUUHNW RFK L HQOLJKHW PHG GHQQD PRQWHULQJVDQYLVQLQJ 6NDGRU RUVDNDGH DY IHODNWLJ PRQWHULQJ lU PRQW|UHQV DQVYDU (QKHWHQ lU EDUD DYVHGG I|U DQYlQGQLQJ XSS WLOO P|K : 2P GX KDU HOHNWURQLVND LPSODQWDW (QKHWHQ NDQ LQQHKnOOD SHUPDQHQWPDJQHWHU VRP NDQ SnYHUND HOHNWURQLVND LPSODQWDW VRP W H[ SDFHPDNHU RFK LQVXOLQSXPSDU +nOO FP PLQLPLDYVWnQG YLG LQVWDOODWLRQ
fi Ý $VHQQXVRKMH 7lUNHLWl YLKMHLWl 7XUYDOOLVXXV Nl\WW|WXUYDOOLVXXV RQ WDDWWX DLQRDVWDDQ VLOORLQ NXQ DVHQQXV RQ VXRULWHWWX WHNQLVHVWL RLNHLQ MD QlLGHQ DVHQQXVRKMHLGHQ PXNDDQ 9LUKHHOOLVHVWl DVHQQXNVHVWD DLKHXWXYDW YDKLQJRW RYDW DVHQWDMDQ YDVWXXOOD 7lPlQ ODLWWHHQ Nl\WW| RQ VDOOLWWX HQLQWllQ PHWULQ NRUNHXGHVVD : (OHNWURQLVWHQ LPSODQWWLHQ Nl\WWlMlW /DLWWHHVVD YRL ROOD NHVWRPDJQHHWWHMD MRWND YRLYDW YDLNXWWDD HOHNWURQLVLLQ LPSODQWWHLKLQ HVLPHUNLNVL V\GlPHQWDKGLVWLPLLQ WDL LQVXOLLQLSXPSSXLKLQ 3LGl VH
/DLWWHHQ SXUNDPLQHQ ,UURWD ODLWH VlKN|YHUNRVWD 3RLVWD NHLWWRWDVR SDLQDPDOOD VLWl DOKDDOWD SlLQ +XRPLR /DLWWHHQ YDXULRLWXPLVYDDUD bOl \ULWl SRLVWDD ODLWHWWD \OKllOWl SlLQ WDQNRD DSXQD Nl\WWlHQ ru î Ημπροςιυηώ ξν λνμρίες Αίεμϊδ ςιίζίμηώ Ρδτμηιί ΰδζνξίπμνπρη ίαθιΪληΪω χδλιενΪμΪπβω ικβΫθκΪ έΪκΪημβκνίμλω μθεφδθ ά μθζ λενρΪί ίλεβ ίέθ νλμΪηθάδΪ β ιθήδεψρίηβί δ χείδμκθλίμβ άυιθεηίηυ ικΪάβεφηθ λ μίοηβρίλδθγ μθρδβ ακίηβω β ά λθθμάίμλμάββ λ ήΪηηυζ κνδθάθήλμάθζ ιθ ζθημΪΰν Θμάίμλμάίηηθλμφ αΪ ιθάκίΰήίηβω ικβρ
Ξνγικύφηρδ ξοηΰνο οηπ ■ ΗΪικωΰίηβί λζ ηΪ μβιθάθγ μΪΫεβρδί ■ Ιθήδεψρίηβί θΫωαΪμίεφηθ άυιθεηωγμί ά λθθμάίμλμάββ λ ήβΪέκΪζζθγ ιθήδεψρίηβω %1 δθκβρηίάυγ %8 λβηβγ *1 <( ΰϋεμυγ β αίεϋηυγ %.
=DPNQĉþ SRNU\Zę JQLD]GD SU]\ãĉF]HQLRZHJR 7H]JDK G] \DWD\ VWDELO 7H]JDK×Q UHWLFL WDOLPDWODU×Q× L]OH\LQL] 2FDù×Q LoLQH PRQWH HGLOHFHùL oDO×üPD WH]JDK×Q×Q NDO×QO×ù× |QFHGHQ EHOLUOHQPLü YHULOHUH X\JXQ GHùLOVH |QHULOHQ DVJDUL NDO×QO×ùD XODüDQD NDGDU oDO×üPD WH]JDK×Q× DWHüH YH VX\D GD\DQ×NO× PDO]HPH LOH NDO×QODüW×U×Q×] $NVL KDOGH \HWHUOL GHQJH VDùODQDPD] ■ 2FDù×Q LoLQH PRQWH HGLOHFHùL oDO×üPD WH]JDK× \DNODü×N NJ \NH GD\DQDELOPHOLGLU ■ 2FDù×Q G] ROXS ROPDG×ù×Q× PRQWH HGLOGLNWHQ VRQUD NRQWURO H
(OHNWULN NDEORVXQX KRUWXP NHOHSoHVL LOH VDELWOH\LQL] VDELWOHPH YLGDV×Q× V×N×Q×] ûHNLO D 3UL]LQ NDSDù×Q× NDSDW×Q×] %LOJL 3UL]LQ RUWDV×QGDNL DODQGD EXOXQDQ NDEOR\X NDSDWPD\× NROD\ODüW×UDFDN ELoLPGH \HUOHüWLULQL] (ùHU HOHNWULN NDEORVX oHNPHFH LOH oDN×ü×\RUVD NDEOR\X NDEOR\OD ELUOLNWH YHULOHQ NDEOR EDùOD\×F×V× LOH RFDù×Q DOW×QD VDELWOH\LQL] ûHNLO E %LOJL 'DKD X]XQ ELU NDEOR JHUHNL\RUVD PüWHUL KL]PHWOHUL LOH LUWLEDW NXUXQX] 2FDù×Q \HUOHüWLULOPHVL ûHNLO 2FDN PRQWDM QLüLQLQ |Q N×VP×QD D\D
̶͕͉͔͉͑͑͊̿ ͕͉͓ ͔͖͔͇͖͓͌̀ ͇͋͌͝͏͇͓ ̷͇͉͆͋͐͝ ̤͈̀ ͒͆͌ ͎͎͇̼͒͒͆͑͆ ͒͆͐ ̻́͑͆͐ ͈̈́͑͒͌͜ ͕͏͈͎͎͈͆͑͋̽͑͒̈́ ͏͎͓͈͉̻͑͒̀͒̈́͒ ̻͈͂͌͒̀ ̯͈ ͋͆ ͔̀͌̈́͏̼͐ ͈͔̻͈̈́͌̈́̈́͐ ͎͋͏̈́̾ ͌̀ ̼͕͎͓͌ ͉͎͔͒̈́͏̼͐ ͉̼̀͋͐ ̵͕͓͋ ͔͖͔͇͖͓͌̿ ͚͓͒́͘ ͇͕͇͔͕͉͎͒͑͌̓̿ͅ͏͑ ͍͌̓͆͋͑͟ ͇͔͕͇͒̾ ͕͑ ͍͌̓͆͋͑͟ ͕͖͆͋͌͑͞ ͔͕͑ ͖͕͌͑́ ͔͞͏͇͔͉͓͆ ̤͓͏̾͑͒̈́ ̻͎̀͌̓̀ ͒͆ ̻́͑͆ ͈̈́͑͒͌͜ ͉͈̀ ͎͇̼̈́͌̀͑͒̈́ ͒͆͌ ̻͌͗ ͑· ̼͌̀ ̀͌̾ ̽ ͈͋̀ ̻͊͊͆ ͈͔̻͈̈́͌̈́̀ ͈͂̀ ͒͆͌ ͎͔͓̀͂̽ ͂͏͎͓͈̀͒͑͌͌͜ ̲͉͆͑͒̈́͜ ͎͒ ͉̻͉͈̀ ͎͓͒ ͉͎͓͈͎͒͛ ͑͛͌̓̈́͑͆͐ ͋̈́ ͒͆ ͎͇͈́̽̈́̀ ͚̈́͌͐ ͉͈͈͎̀͒͑̀́̓͛ ͇͋͌͝͏̓ ̫͛͑͒̈́ ͒͆ ́̾̓̀ ͑͒̈́͏̼͗͑͆͐ ͉͈̀
