*9001093631* 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 E PLQ PLQ F PLQ PLQ PLQ PLQ ' ' 9 1 a %1 %8 *1 <( ' ' !
PLQ PLQ es *DUDQWtD XQD LQVWDODFLyQ FRQH[LyQ R PRQWDMH LQDGHFXDGR VXSRQH OD SpUGLGD GH YDOLGH] GH OD JDUDQWtD GHO SURGXFWR 1RWD &XDOTXLHU PDQLSXODFLyQ HQ HO LQWHULRU GHO DSDUDWR LQFOX\HQGR HO FDPELR GHO FDEOH GH DOLPHQWDFLyQ GHEHUi UHDOL]DUOR ~QLFDPHQWH SHUVRQDO WpFQLFR GHO 6HUYLFLR GH $VLVWHQFLD FRQ IRUPDFLyQ HVSHFtILFD Û ,QVWUXFFLRQHV GH PRQWDMH 2EVHUYDFLRQHV LPSRUWDQWHV 6HJXULGDG OD VHJXULGDG GXUDQWH HO XVR VyOR HVWi JDUDQWL]DGD VL OD LQVWDODFLyQ VH KD HIHFWXDGR GH
$E]XJVHVVH 'HU $EVWDQG ]ZLVFKHQ GHU $E]XJVHVVH XQG GHP .RFKIHOG PXVV PLQGHVWHQV GHP LQ GHU 0RQWDJHDQOHLWXQJ IU GLH $E]XJVHVVH DQJHJHEHQHQ $EVWDQG HQWVSUHFKHQ $UEHLWVSODWWH 6LH PXVV HEHQ KRUL]RQWDO XQG VWDELO VHLQ 'LH $QZHLVXQJHQ GHV $UEHLWVSODWWHQ +HUVWHOOHUV EHDFKWHQ ■ 'LH $UEHLWVSODWWH LQ GLH 6LH GDV .RFKIHOG HLQEDXHQ PXVV %HODV WXQJHQ YRQ FD NJ VWDQGKDOWHQ %HL %HGDUI GLH $UEHLWVSODWWH PLW WHPSHUDWXU XQG ZDVVHUEHVWlQGLJHP 0DWHULDO YHUVWlUNHQ ■ 'LH (EHQKHLW GHV .
*HUlW DQVFKOLHHQ $EELOGXQJ ■ 6SDQQXQJ 6LHKH 7\SHQVFKLOG ■ 1XU JHPl $QVFKOXVVGLDJUDPP DQVFKOLHHQ %1 %UDXQ %8 %ODX *1 <( *HOE XQG *UQ +LQZHLV hEHUSUIHQ GHU %HWULHEVEHUHLWVFKDIW (UVFKHLQW LQ GHU $Q]HLJH GHV *HUlWHV —…‹‹ “‹†‚„ RGHU “ LVW HV QLFKW ULFKWLJ DQJHVFKORVVHQ 'DV *HUlW YRQ GHU 6WURPYHUVRUJXQJ WUHQQHQ XQG GHQ $QVFKOXVV GHV 6WURPNDEHOV EHUSUIHQ 3UHSDULQJ WKH FXSERDUG ILJXUH %XLOW LQ NLWFKHQ XQLWV 0LQLPXP WHPSHUDWXUH UHVLVWDQFH RI & *DS 5HPRYH DQ\ VKDYLQJV DIWHU SHUIRU
fr 0RQWDJH VXU IRXU VFKpPD E 3ODQ GH WUDYDLO VRQ pSDLVVHXU PLQLPXP GRLW rWUH GH PP /D GLVWDQFH HQWUH OD VXUIDFH GX SODQ GH WUDYDLO HW OD SDUWLH VXSpULHXUH GH OD IDoDGH GX IRXU GRLW rWUH GH PP 5HPDUTXH 9HXLOOH] FRQVXOWHU OD QRWLFH GH PRQWDJH GX IRXU VL OD GLVWDQFH HQWUH OD WDEOH GH FXLVVRQ HW OH IRXU GRLW rWUH DJUDQGLH 9HQWLODWLRQ /D GLVWDQFH HQWUH OH IRXU HW OD WDEOH GH FXLVVRQ GRLW rWUH G DX PRLQV PP 5HPDUTXH 6L OD WDEOH GH FXLVVRQ HVW LQVWDOOpH DX GHVVXV G XQ IRXU G XQH DXWUH PDUTXH
it 0RQWDJJLR VX IRUQR ILJXUD E ,O SLDQR GL ODYRUR GHYH DYHUH XQR VSHVVRUH PLQLPR GL PP /D GLVWDQ]D WUD OD VXSHUILFLH GHO SLDQR GL ODYRUR H LO ODWR VXSHULRUH GHOOD SDUWH DQWHULRUH GHO IRUQR GHYH HVVHUH GL PP $YYHUWHQ]D &RQWUROODUH QHOOH LVWUX]LRQL SHU LO PRQWDJJLR GHO IRUQR VH OD GLVWDQ]D WUD SLDQR FRWWXUD H IRUQR GHYH HVVHUH DXPHQWDWD 9HQWLOD]LRQH OD GLVWDQ]D WUD IRUQR H SLDQR GL FRWWXUD GHYH HVVHUH GL DOPHQR PP $YYHUWHQ]D 6H LO SLDQR FRWWXUD YLHQH PRQWDWR VX XQ IRUQR GL XQ DOWUD PDUFD q
nl 0RQWDJH RS HHQ RYHQ DIEHHOGLQJ E :HUNEODG PRHW HHQ GLNWH KHEEHQ YDQ WHQ PLQVWH PP 'H DIVWDQG WXVVHQ KHW RSSHUYODN YDQ KHW ZHUNEODG HQ GH ERYHQNDQW YDQ KHW RYHQIURQW PRHW PP EHGUDJHQ $DQZLM]LQJ :DQQHHU GH DIVWDQG WXVVHQ NRRNSODDW HQ RYHQ JURWHU PRHW ]LMQ UDDGSOHHJ GDQ KHW LQVWDOODWLHYRRUVFKULIW ELM GH RYHQ 9HQWLODWLH GH DIVWDQG WXVVHQ GH RYHQ HQ GH NRRNSODDW GLHQW PLQVWHQV PP WH EHGUDJHQ $DQZLM]LQJ :RUGW GH NRRNSODDW LQJHERXZG ERYHQ HHQ RYHQ YDQ HHQ DQGHU PHUN GDQ GLHQW HHQ WXVVHQVFKR
da 9HQWLODWLRQ ILJXU .RJHWRSSHQ VNDO Y UH SDVVHQGH YHQWLOHUHW L PRGVDW IDOG NDQ GHW LNNH JDUDQWHUHV DW GHQ IXQJHUHU NRUUHNW (IWHUVRP YHQWLODWLRQHQ DI GHQ XQGHUVWH GHO DI DSSDUDWHW NU YHU HQ WLOVWU NNHOLJ VWRU OXIWWLOI¡UVHO VNDO LQGE\JQLQJVVNDEHW LQGUHWWHV WLOVYDUHQGH +HUWLO VNDO I¡OJHQGH XGI¡UHV ■ (Q PLQLPXPDIVWDQG PHOOHP EDJVLGHQ DI LQGE\JQLQJVVNDEHW RJ N¡NNHQY JJHQ RJ PHOOHP RYHUVLGHQ DI ERUGSODGHQ RJ VNXIIHQV ¡YHUVWH GHO ILJXU D ■ (Q nEQLQJ Sn EDJVLGHQ DI LQGE\JQLQJVVNDEHW ILJXU E ■ +YLV
3URGXVHQWHQ VWnU LNNH DQVYDUOLJ IRU IHLO EUXN RJ HYHQWXHOOH VNDGHU JUXQQHW XHJQHGH HOHNWULVNH LQVWDOODVMRQHU 6WU¡POHGQLQJ 'HQQH HU PXOLJHQV DOOHUHGH NREOHW WLO WLONREOLQJVERNVHQ IRU SODWHWRSSHQ HOOHU GHQ I¡OJHU PHG DSSDUDWHW RJ Pn GD NXQ LQVWDOOHUHV DY HQ HOHNWULNHU HOOHU NYDOLILVHUW SHUVRQHOO IUD NXQGHVHUYLFH 'H Q¡GYHQGLJH WLONREOLQJVGDWDHQH VWnU RSSJLWW Sn W\SHVNLOWHW RJ L NREOLQJVVNMHPDHW %UXN NXQ GHQ OHGQLQJHQ VRP I¡OJHU PHG DSSDUDWHW HOOHU HQ OHGQLQJ OHYHUW DY WHNQLVN NXQGHVHUYLFH 0RQWHULQJ XQGH
([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 ■ $ EDQFDGD QD TXDO PRQWD D SODFD GH FR]LQKDU GHYH UHVLVWLU D FDUJDV GH DSUR[ NJ 6H QHFHVViULR UHIRUFH D EDQFDGD FRP XP PDWHULDO LPSHUPHiYHO H UHVLVWHQWH j WHPSHUDWXUD ■ 9HULILTXH R QLYHODPHQWR GD SODFD GH FR]LQKDU DSHQDV TXDQGR HVWD HVWLYHU PRQWDGD *DUDQWLD XPD L
0RQWHULQJ |YHU XJQ ELOG E %lQNVNLYD GHQ E|U KD HQ WMRFNOHN Sn PLQVW PP $YVWnQGHW PHOODQ ElQNVNLYD RFK XJQVIURQWHQV |YHUGHO VND YDUD PP $QYLVQLQJ 7LWWD L XJQHQV PRQWHULQJVDQYLVQLQJ RP DYVWnQGHW PHOODQ KlOO RFK XJQ PnVWH YDUD VW|UUH 9HQWLODWLRQ DYVWnQGHW PHOODQ XJQ RFK KlOO VND YDUD PLQ PP $QYLVQLQJ ,QVWDOOHUDU GX KlOOHQ |YHU XJQ DY DQQDW PlUNH DQYlQG WUlK\OOSODQ ELOG 9HQWLODWLRQ ELOG +lOOHQ NUlYHU DQJLYHQ YHQWLODWLRQ I|U DWW HQKHWHQ VND IXQJHUD RUGHQWOLJW 9HQWLODWLRQHQ XQGHU HQKHW
Πρνκδχμηυί ιεθλδΪω έθκβαθημΪεφηΪω νλμθγρβάΪω Λείήνγμί βηλμκνδπβωζ ικθβαάθήβμίεω λμθείςηβπυ ■ ΛμθείςηβπΪ ά δθμθκνψ νλμΪηΪάεβάΪίμλω άΪκθρηΪω ιΪηίεφ ήθεΰηΪ άυήίκΰβάΪμφ ηΪέκναδν ικβζ δέ Ικβ ηίθΫοθήβζθλμβ θΫκΪΫθμΪγμί λμθείςηβπν μίκζθλμθγδβζβ β άθήθλμθγδβζβ ζΪμίκβΪεΪζβ ■ Κθάηθλμφ νλμΪηθάδβ άΪκθρηθγ ιΪηίεβ λείήνίμ ικθάίκωμφ μθεφδθ ιθλεί άυιθεηίηβω νλμΪηθάδβ Βίοίμρηώ ηίικΪάβεφηΪω νλμΪηθάδΪ ιθήδεψρίηβί βεβ ζθημΪΰ άείδνμ αΪ λθΫθγ θμζίην έΪκΪημββ ικθβαάθήβμίεω ιίζίμηδ ΕψΫυί ήίγλμάβω λ άηνμκίηηβζβ δθ
Ξνγικύφηρδ ξοηΰνο οηπ ■ ΗΪικωΰίηβί λζ ηΪ μβιθάθγ μΪΫεβρδί ■ Ιθήδεψρίηβί θΫωαΪμίεφηθ άυιθεηωγμί ά λθθμάίμλμάββ λ ήβΪέκΪζζθγ ιθήδεψρίηβω %1 δθκβρηίάυγ %8 λβηβγ *1 <( ΰϋεμυγ β αίεϋηυγ ιίζίμηδ ΙκθάίκδΪ έθμθάηθλμβ δ κΪΫθμί ίλεβ ηΪ ήβλιείί ικβΫθκΪ ιθωάεωίμλω —…‹‹ “‹†‚„ βεβ “ ικβΫθκ ιθήδεψρϋη ηίικΪάβεφηθ Θμδεψρβμί ικβΫθκ θμ βλμθρηβδΪ ιβμΪηβω β ικθάίκφμί ιθήδεψρίηβί δΪΫίεω Γδλνμρίε αίονφμνθ ξίμδκη Θμδεψρβμί ικβΫθκ θμ χείδμκθλίμβ ΝήΪεβμί άλιθζθέΪμίεφηυί δκίιείηβω Βαάείδβμί άΪκθρηνψ ιΪηίεφ βα λμ
'HPRQWDŰ XU]ĉG]HQLD 2GãĉF]\þ XU]ĉG]HQLH RG VLHFL HOHNWU\F]QHM 8VXQĉþ ]DF]HS\ PRFXMĉFH :\Mĉþ Sã\Wę NXFKHQNL Z\S\FKDMĉF Mĉ RG GRãX 8ZDJD 0RŰOLZRŔþ XV]NRG]HQLD XU]ĉG]HQLD 1LH SUyERZDþ Z\MPRZDþ XU]ĉG]HQLD VWRVXMĉF GŮZLJQLę RG JyU\ tr ô 0RQWDM N×ODYX]X gQHPOL Do×NODPDODU *YHQOLN NXOODQ×P HVQDV×QGD JYHQOLN VDGHFH WHVLV LüOHPLQLQ WHNQLN Do×GDQ GRùUX YH PRQWDM WDOLPDWODU×QD X\JXQ ELU üHNLOGH \DS×OP×ü ROPDV× GXUXPXQGD JDUDQWL HGLOPHNWHGLU 8\JXQ üHNLOGH \DS×OPD\DQ PRQWDMGDQ ND\QDNODQDQ KDVDUODU PRQWDM×
̶͓͑͞ ͔͞͏͇͔͉͓͆ ͔͕͑ ͉͍͇͕͌͒͋͌͝ ͇͎͒̓͞ ͆ ͓͉͓͑͑̈́̽ ͉͈̀͌̽̈́ ͑͒͆͌ ͉̻͊͑͆ ͏͎͑͒̀͑̾̀͐ , ͉͈̀ ͎͋͏̈́̾ ͌̀ ͕͏͈͎͎͈͇͆͑͋͆̈́̾ ͚͎͋͌ ͑̈́ ͓͓͚͑͌̓̀͑͋ ͋̈́ ͋̾̀ ͑͛͌̓̈́͑͆ ͎͑͒ ͉͆͊̈́͒͏͈͉͚ ͏̈́͛͋̀ ͋̈́ ͚̀͂͗͂ ͂̈́̾͗͑͆͐ ̯ ͉͉͓̀͒̀͑̈́̀͑͒̽͐ ̓̈́͌ ͔̼͏͈̈́ ͓͇̈́͛͌͆ ͈͂̀ ͒͆ ͋͆ ͑͗͑͒̽ ͈͎͓͊̈́͒͏͂̾̀ ͉͈̀ ͈͒͐ ͈͇̼̀͌͐ ͈̼͆͋͐ͅ ͎͓ ͏͎͉͇͉͊̽͆̀͌ ͚͊͂͗ ͋͆ ͑͗͑͒̽͐ ͉͆͊̈́͒͏͈͉̽͐ ͉̻̈́͂̀͒͑͒̀͑͆͐ ̭͍̓͆͋͑͟ ͔͞͏͇͔͉͓͆ ̨͏͇͎͆͑̿͘͏͚͓ ͇́͏̓͋ ͉̀͆ ͔͖͏͇͇͎͆͆̿͏͑ ͔͕͑ ͖͕͌͑́ ͔͞͏͇͔͉͓͆ ͕͉͓ ͔͉͓̈́̾ ͇͔͕͋͟͏ ̀ ͇͕̓͒̓͆́͆̓͋ ͎͈̓́ ͎͇ ͕͉ ͔͖͔͇͖͌̀ ͉͈̀ ͈̈́͒͏̼͈̈́͒̀ ͌̀ ͉͇̈́͂̀͒̀͑͒̀̈́̾ ͚͎͋͌ ͚̀ ̼͌̀͌ ͈͎͕͎̀̓̈́͛ ͉͆͊̈́͒͏͎͚͎͊͂ ̽ ͚̀ ͎͒