*9001163781* 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 F PLQ PLQ PLQ PLQ PLQ
9 1 a %8 %1 / 1 *1 <( D E
9 1 a %1 %8 *1 <( PLQ PL Q LQ P PLQ 9 1a *1 <( %1 %1 %8 %8 *1 <(
es /D SODFD GH FRFFLyQ HVWi GRWDGD GH XQ YHQWLODGRU VLWXDGR HQ OD SDUWH LQIHULRU 1R GHEHUiQ JXDUGDUVH HQ HO FDMyQ REMHWRV SHTXHxRV R SXQ]DQWHV SDSHOHV R WUDSRV GH FRFLQD VL QR VH XVD XQ VRSRUWH LQWHUPHGLR 3RGUtDQ SHUMXGLFDU OD UHIULJHUDFLyQ R HVWURSHDU HO YHQWLODGRU DO VHU DEVRUELGRV (QWUH HO FRQWHQLGR GHO FDMyQ \ OD HQWUDGD GHO YHQWLODGRU GHEH GHMDUVH XQD GLVWDQFLD PtQLPD GH FP 0RQWDMH VREUH KRUQR ILJXUD E (QFLPHUD GHEH WHQHU FRPR PtQLPR XQ JURVRU GH PP /D GLVWDQFLD HQWUH OD SDUWH VXSHULRU G
*DUDQWLH (LQ XQVDFKJHPlHU (LQEDX $QVFKOXVV RGHU HLQH IHK OHUKDIWH 0RQWDJH IKUHQ ]XP 9HUOXVW GHU *DUDQWLH +LQZHLV -HJOLFKH $UEHLWHQ DP *HUlWHLQQHUHQ HLQVFKOLHOLFK GHP $XVWDXVFK GHV 1HW]NDEHOV PVVHQ YRP HLJHQV GDIU DXVJHELOGH WHQ .XQGHQGLHQVW YRUJHQRPPHQ ZHUGHQ &RORFDU OD SODFD GH FRFFLyQ ILJXUD $MXVWDU OD SODFD GH FRFFLyQ HQ OD SDUWH GHODQWHUD GHO KXHFR GH HQFDVWUH \ HQFDMDUOD ■ 1R DSULVLRQDU HO FDEOH GH DOLPHQWDFLyQ QL SDVDUOR SRU ERUGHV DILODGRV 6L KD\ XQ KRUQR PRQWDGR GHEDMR SDVDU HO
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
7\SH GH EUDQFKHPHQW O DSSDUHLO IDLW SDUWLH GH OD FODVVH GH SURWHFWLRQ , HW QH SHXW rWUH XWLOLVp TX DYHF XQH SULVH SRVVpGDQW XQ FRQGXFWHXU GH SULVH GH WHUUH /H IDEULFDQW VH GpJDJH GH WRXWH UHVSRQVDELOLWp TXDQW DX IRQFWLRQQHPHQW LQDSSURSULp HW DX[ SRVVLEOHV GRPPDJHV SURYRTXpV SDU GHV LQVWDOODWLRQV pOHFWULTXHV QRQ DSSURSULpHV &kEOH G·DOLPHQWDWLRQ LO HVW SHXW rWUH GpMj EUDQFKp j OD ERvWH GH UDFFRUGHPHQW GH OD WDEOH GH FXLVVRQ RX IRXUQL DYHF O DSSDUHLO HW GRLW XQLTXHPHQW rWUH LQVWDOOp SDU XQ SHUVRQQHO VSp
HQWLODWLRQ ILJXUH $ILQ GH JDUDQWLU XQ IRQFWLRQQHPHQW FRUUHFW GH O DSSDUHLO OD WDEOH GH FXLVVRQ GRLW rWUH VXIILVDPPHQW YHQWLOpH eWDQW GRQQp TXH OD YHQWLODWLRQ GDQV OD SDUWLH LQIpULHXUH GH O DSSDUHLO UHTXLHUW XQH DPHQpH G DLU IUDLV VXIILVDQWH OHV PHXEOHV GRLYHQW rWUH DGDSWpV HQ FRQVpTXHQFH ,O FRQYLHQW SRXU FH IDLUH GH SURFpGHU FRPPH VXLW ■ XQH GLVWDQFH PLQLPDOH HQWUH OH GRV GX PHXEOH HW OH PXU GH OD FXLVLQH HW HQWUH OD VXUIDFH GX SODQ GH WUDYDLO HW OD SDUWLH VXSpULHXUH GX WLURLU ILJXUH D ■ XQH RX
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
0RQWDJH RQGHU KHW ZHUNEODG 'H LQGXFWLHNRRNSODDW NDQ DOOHHQ ZRUGHQ JHwQVWDOOHHUG ERYHQ ODGHQ RI RYHQV PHW OXFKWYHQWLODWLH 2QGHU GH NRRNSODDW NXQQHQ JHHQ NRHONDVWHQ YDDWZDVPDFKLQHV RYHQV ]RQGHU YHQWLODWLH RI ZDVPDFKLQHV ZRUGHQ LQJHERXZG $I]XLJNDS 'H DIVWDQG WXVVHQ GH DI]XLJNDS HQ GH NRRNSODDW GLHQW WHQ PLQVWH WH YROGRHQ DDQ GH DIVWDQG GLH ZRUGW ZHHUJHJHYHQ LQ GH PRQWDJHKDQGOHLGLQJ YRRU GH DI]XLJNDS :HUNEODG YODN KRUL]RQWDDO VWDELHO 9ROJ GH LQVWUXFWLHV YDQ GH IDEULNDQW YDQ KHW ZHUNEODG RS ■ +HW ZHU
da × 0RQWHULQJVYHMOHGQLQJ 9LJWLJH KHQYLVQLQJHU 6LNNHUKHG VLNNHUKHG XQGHU EUXJ NDQ NXQ JDUDQWHUHV KYLV LQVWDOODWLRQHQ HU XGI¡UW Sn HQ NRUUHNW WHNQLVN PnGH RJ L RYHUHQVVWHPPHOVH PHG PRQWHULQJVLQVWUXNWLRQHUQH 6NDGHU GHU RSVWnU SJD IRUNHUW PRQWHULQJ HU LQVWDOODW¡UHQV DQVYDU (IWHU LQVWDOODWLRQ VNDO GHW VLNUHV DW EUXJHUHQ LNNH KDU DGJDQJ WLO GH HOHNWULVNH NRPSRQHQWHU 'HWWH DSSDUDW HU WLOODGW WLO EUXJ RS WLO HQ K¡MGH Sn PHWHU RYHU KDYHW : 3HUVRQHU PHG HOHNWURQLVNH LPSODQWDWHU $SSDUDWHW NDQ LQGHKRO
7LOVOXWQLQJ DI DSSDUDW ILJXU 6S QGLQJ 6H W\SHVNLOW ■ 0n NXQ WLOVOXWWHV LKW WLOVOXWQLQJVGLDJUDPPHW %1 EUXQ %8 EOn *1 <( JU¡Q RJ JXO %HP UN .RQWUROOHU RP DSSDUDWHW HU NODU WLO GULIW +YLV —…‹‹ “‹†‚„ HOOHU “ YLVHV L DSSDUDWHWV LQGLNDWRU HU GHW LNNH WLOVOXWWHW NRUUHNW $IEU\G VWU¡PIRUV\QLQJHQ WLO DSSDUDWHW RJ NRQWUROOHU VWU¡PNDEOHWV WLOVOXWQLQJ ■ $IPRQWDJH DI DSSDUDW $IEU\G VWU¡PIRUV\QLQJHQ WLO DSSDUDWHW 7U\N NRJHVHNWLRQHQ RS QHGHIUD RJ WDJ GHQ XG 3DV Sn 6NDGHU Sn DSSDUDWHW )RUV¡J LNNH DW
'HUVRP VWU¡POHGQLQJHQ NRPPHU L YHLHQ IRU VNXIIHQ IHVWHU GX OHGQLQJHQ Sn XQGHUVLGHQ DY NRNHWRSSHQ PHG GHQ YHGODJWH NDEHOVWULSVHQ ILJXU E 0HUN +YLV GX WUHQJHU HQ OHQJUH VWU¡POHGQLQJ NRQWDNW NXQGHVHUYLFH 'HW ILQQHV VWU¡POHGQLQJHU PHG LQQWLO P OHQJGH 0RQWHUH NRNHWRSS ILJXU .RNHWRSSHQ WLOSDVVHV RJ VHWWHV LQQ L GHQ IUHPUH GHOHQ DY LQQE\JJLQJVQLVMHQ ■ 6WU¡PNDEHOHQ Pn LNNH NRPPH L NOHP HOOHU WUHNNHV RYHU VNDUSH NDQWHU +YLV GHW HU PRQWHUW VWHNHRYQ XQGHU NRNHVRQHQ Pn OHGQLQJHQ OHJJHV UXQGW KM¡U
sv 0RQWDU R DSDUHOKR ILJXUDV 1RWD 8WLOL]H OXYDV GH SURWHomR SDUD PRQWDU D SODFD GH FR]LQKDU $V VXSHUItFLHV TXH QmR VmR YLVtYHLV SRGHP DSUHVHQWDU DUHVWDV YLYDV 1R FDVR GH DSDUHOKRV VHP FDER SUp LQVWDODGR LQWURGX]D R FDER GH UHGH QD WRPDGD GH OLJDomR 9LUH D SODFD GH FR]LQKDU H SRXVH D VREUH R IXQGR GD HPEDODJHP XP SDQR RX XPD RXWUD VXSHUItFLH GH IRUPD D HYLWDU ULVFRV /HYDQWH D WDPSD GD WRPDGD GH OLJDomR FRP D DMXGD GH XPD FKDYH GH IHQGDV ILJXUD 6ROWH R SDUDIXVR GH IL[DomR H
fi 9HQWLODWLRQ ELOG +lOOHQ NUlYHU DQJLYHQ YHQWLODWLRQ I|U DWW HQKHWHQ VND IXQJHUD RUGHQWOLJW 9HQWLODWLRQHQ XQGHU HQKHWHQ NUlYHU EUD IULVNOXIWVLQWDJ Vn VWRPPHQ PnVWH KD PDWFKDQGH XWIRUPQLQJ )|OMDQGH NUlYV ■ KnOO PLQLPLDYVWnQGHW PHOODQ VWRPU\JJ RFK YlJJ RFK PHOODQ ElQNVNLYD RFK OnG|YHUGHO ELOG D ■ GHW VND ILQQDV HQ |SSQLQJ XSSWLOO Sn VWRPU\JJHQ ELOG E ■ JnU GHW LQWH In WLOO PLQLPLDYVWnQG RP PP Sn VWRPU\JJHQ Vn PnVWH GX J|UD HQ |SSQLQJ Sn XQGHUVLGDQ ELOG F $QYLVQLQJ ■ 0RQWHUDU GX HQKHWHQ L
ru +XRPDXWXV .DWVR RKMHHW XXQLQ DVHQQXVRKMHHVWD MRV NHLWWRWDVRQ MD XXQLQ YlOLVWl HWlLV\\WWl RQ VXXUHQQHWWDYD ,OPDQYDLKWR 8XQLQ MD NHLWWRWDVRQ YlOLVHQ HWlLV\\GHQ SLWll ROOD YlKLQWllQ PP +XRPDXWXV -RV NHLWWRWDVR DVHQQHWDDQ WRLVWD PHUNNLl ROHYDQ XXQLQ \OlSXROHOOH RQ Nl\WHWWlYl SXLVWD YlOLSRKMDD NXYD 7XXOHWXV NXYD -RWWD ODLWWHHQ RLNHD WRLPLQWD YRLGDDQ WDDWD NHLWWRWDVRD RQ WXXOHWHWWDYD DVLDQPXNDLVHVWL .
πρίμναηρδ αίονφμςύ ξίμδκϋ οηπ Όυκθάηωγμί άΪκθρηνψ ιΪηίεφ ά ιίκίήηίγ ρΪλμβ ηβςβ ήεω άλμκΪβάΪηβω β νλμΪηθάβμί ■ Ηί ήθινλδΪγμί αΪσίζείηβω λίμίάθέθ δΪΫίεω ηί μωηβμί ίέθ ρίκία θλμκυί δκθζδβ Ικβ ηβΰηίζ κΪλιθεθΰίηββ ήνοθάθέθ ςδΪξΪ ικθάίήβμί ικθάθή ρίκία αΪήηβί νέευ ήνοθάθέθ ςδΪξΪ δ κθαίμδί Ικθάθή ήθεΰίη Ϋυμφ λζθημβκθάΪη μΪδβζ θΫκΪαθζ ρμθΫυ θη ηί ικβδΪλΪελω δ έθκωρβζ νρΪλμδΪζ άΪκθρηθγ ιΪηίεβ βεβ ήνοθάθέθ ςδΪξΪ ■ Ν κΪΫθρίγ ιθάίκοηθλμβ θΫεβπθάΪηηθγ δΪξίεφηθγ ιεβμδθγ αΪέίκζίμβαβκνγμί ςάυ ιεβμθδ λβεβδθηθάυ
2GNUęFLþ ŔUXEę PRFXMĉFĉ L ]D SRPRFĉ ZNUęWDND XQLHŔþ RSDVNę %ODW SãDVNL SR]LRP\ VWDELOQ\ 3RVWęSRZDþ ]JRGQLH ]H ZVND]yZNDPL SURGXFHQWD EODWX ■ %ODW URERF]\ SU]H]QDF]RQ\ GR ]DEXGRZ\ Sã\W\ JU]HZF]HM PXVL Z\WU]\PDþ REFLĉŰHQLH RN NJ -HŔOL MHVW WR NRQLHF]QH QDOHŰ\ Z]PRFQLþ EODW URERF]\ PDWHULDãHP RGSRUQ\P QD G]LDãDQLH WHPSHUDWXU\ L ZRG\ ■ :\SR]LRPRZDQLH Sã\W\ JU]HZF]HM VSUDZG]Lþ GRSLHUR SR ]DNRĿF]HQLX PRQWDŰX *ZDUDQFMD QLHSUDZLGãRZR Z\NRQDQD LQVWDODFMD SRGãĉF]HQLH OXE PRQWDŰ SRZRGXMH XWUDWę ZDŰQ
hUHWLFL \DQO×ü NXOODQ×PGDQ YH X\JXQ ROPD\DQ HOHNWULN NXUXOXPODU×QGDQ ND\QDNODQDQ KDVDUODUGDQ VRUXPOX ROPD\DFDNW×U ûHEHNH NDEORVX 2FDù×Q EDùODQW× NXWXVXQGD EDùO× KDOGH YH\D FLKD]OD WHVOLP HGLOPLü RODELOLUYH VDGHFH HùLWLPOL X]PDQ WHUFLKHQ PüWHUL KL]PHWOHUL SHUVRQHOL WDUDI×QGDQ NXUXOPDO×G×U *HUHNOL EDùODQW× YHULOHUL WLS SODNDV×QGD YH EDùODQW× UHVPLQGH EHOLUWLOPLüWLU 6DGHFH FLKD]OD WHVOLP HGLOHQ YH\D WHNQLN PüWHUL KL]PHWOHULQGHQ WHGDULN HGLOHQ NDEOR NXOODQ×OPDO×G×U dDO×üPD WH]JDK× DOW×QD PRQWDM ĮQGNV
̵͞͏͇͔͉͆ ͔͕͑ ͉͍͇͕͌͒͋͌͝ ͇͎͒̓͞ ͚͎͋͌ ͓ ͓͇̈́͛͌͆ ͚̈́͌͐ ͉͉̈́͂̈́͏͈̼͎͓͋͌ ͈͈͉͎̈́̓͛ ͕͈͉͎͒̈́͌͛ ̨̀ ͏̼͈̈́ ͌̀ ͈̼͈̓̈́͒̀ ͚̀ ͎͓͒͐ ͉͚̀͌͌̈́͐ ͒͆͐ ͈̈́͒̀͏̈́̾̀͐ ̀͏͎͕̽͐ ͉͆͊̈́͒͏͈͉͎͛ ͑͒͆ ̈́͏͈͎͕̽ ̧ ͓͉͓͑͑̈́̽ ͏̼͈̈́ ͌̀ ͈̈́̾͌̀ ͓̼͑͌̓̈́̓̈́͋͌͆ ͑̈́ ͈͋̀ ͇͑͒̀̈́͏̽ ͉̻̈́͂̀͒͑͒̀͑͆ ͉͈̀ ͔͑͛͋͗͌̀ ͋̈́ ͈͒͐ ͏͎͈̓̀͂͏͔̼̀͐ ͏̼͈̈́ ͌̀ ͉͇͎̈́͂̀͒̀͑͒̀͛͌ ͎͈͕̀͌͒̾͑͒̈́͐ ͈̻͍͈̓̀͒̈́͐ ͈͉͎̓̀̽͐ ̶͓͑͞ ͔͞͏͇͔͉͓͆ ͔͕͑ ͉͍͇͕͌͒͋͌͝ ͇͎͒̓͞ ͆ ͓͉͓͑͑̈́̽ ͉͈̀͌̽̈́ ͑͒͆͌ ͉̻͊͑͆ ͏͎͑͒̀͑̾̀͐ , ͉͈̀ ͎͋͏̈́̾ ͌̀ ͕͏͈͎͎͈͇͆͑͋͆̈́̾ ͚͎͋͌ ͑̈́ ͓͓͚͑͌̓̀͑͋ ͋̈́ ͋̾̀ ͑͛͌̓̈́͑͆ ͎͑͒ ͉͆͊̈́͒͏͈͉͚ ͏̈́͛͋̀ ͋̈́ ͚̀͂͗͂ ͂̈́̾͗͑͆͐ ̯ ͉͉͓̀͒̀͑̈́̀͑͒̽͐