2016
VYUŽITÍ VÝSLEDKŮ UČENÍ NA VYSOKÝCH ŠKOLÁCH Příručka pro pedagogickou praxi a vedení VŠ
2 _
9<8©,796/('.×8´(1 1$9<62.&+§.2/&+ 3ÐmUXµNDSURSHGDJRJLFNRXSUD[LDYHGHQm9§
-XOLH%LHQHUWRYg9D¨NØ9gFODY&HMSHN7DWLDQD*DYDOFRYg (YD3DVgµNRYg5DGNR5DMPRQ/HQND9DORYg
0LQLVWHUVWYR¨NROVWYmPOgGHªHDWÂORY®FKRY\ 3UDKD
9\GgQmSÐmUXµN\E\ORUHDOL]RYgQRVSRGSRURXSURJUDPX(UDVPXV(YURSVNkXQLH
_ 3
9\WYRĜHQRNROHNWLYHPDXWRUĤ GRF08'U-XOLH%LHQHUWRYi9DãNĤ3K' SURI3K'U9iFODY&HMSHN GRF51'U7DWLDQD*DYDOFRYi&6F 3K'U(YD3DViþNRYi&6F GRF09'U5DGNR5DMPRQ3K' -8'U/HQND9DORYi 5HFHQ]H3K'U/XFLH5RKOtNRYi3K' 9\GDYDWHO0LQLVWHUVWYRãNROVWYtPOiGHåHDWČORYêFKRY\ 1iNODGNV *UD¿FNi~SUDYD'730DUWLQDýHUQiZZZGWSFHUQDF] 7LVN7LVN3ČWNDVUR5R]WRN\ -D]\NRYiNRUHNWXUD0LFKDHOD3OLFNRYi 0LQLVWHUVWYRãNROVWYtPOiGHåHDWČORYêFKRY\ ,6%1 4 _
YRGQmVORYR
3ĜtUXþND Ä9\XåtYiQt YêVOHGNĤ XþHQt QD Y\VRNêFK ãNROiFK³ NWHURX SUiYČ RWHYtUiWH VLNODGH]DFtOSĜLVSČWNUR]YRMLNYDOLW\YêXN\YþHVNpPY\VRNpPãNROVWYt3ĜHGVWDYXMH þWHQiĜĤP]ĜDGYHGHQtY\VRNêFKãNRODKODYQČVDPRWQêPY\VRNRãNROVNêPSHGDJRJĤP QiVWURM D SĜtVWXS NWHUê E\O V ~VSČFKHP DSOLNRYiQ MDN Y ]DKUDQLþQt SUD[L WDN L SUD[L QČNWHUêFKGRPiFtFKSUDFRYLãĢ 6SRMPHPÄYêVOHGN\XþHQt³VHYþHVNpPSURVWĜHGtQHVHWNiYiPHSRSUYpěDGDDNDGH PLFNêFKSUDFRYQtNĤVHVWtPWRSRMPHPVH]QiPLODQDSĜtNODGYUiPFLSUDFtQDÄ.YDOL¿NDþ QtPUiPFLWHUFLiUQtKRY]GČOiYiQt³7DWRSĜtUXþNDE\PČODSĜLVSČWNSRFKRSHQtSRGVWDW\ DYêKRGY\XåtYiQtYêVOHGNĤXþHQtDNWRPXDE\QDRSDNQHE\O\SRYDåRYiQ\]DQDGE\WHþQRX D]DWČåXMtFtSRYLQQRVWY\FKi]HMtFt]MHMLFKIRUPDOLVWLFNpKRXFKRSHQt6P\VOHPY\XåtYiQt YêVOHGNĤ XþHQt MH SĜHPêãOHW QRYêP ]SĤVREHP QDG YODVWQt YêXNRX D ]SĜHKOHGQLW VREČ LVWXGHQWĤPYê]QDPDREVDKY\VRNRãNROVNpKRY]GČOiYiQt 'RXIiPåHVHWDWRSĜtUXþNDVWDQHXåLWHþQêP]GURMHPLQIRUPDFt]REODVWLY\VRNRãNROVNp SHGDJRJLN\DåHSĜLVSČMHNUHÀH[LD]OHSãRYiQtNYDOLW\Y]GČOiYiQtDNXVQDGQČQtSUiFH Y\VRNRãNROVNêFKXþLWHOĤ 3ĜHML9iPKRGQČ~VSČFKĤSĜL9DãtSHGDJRJLFNpþLQQRVWL
,QJ5REHUW3ODJD3K' QiPČVWHNSRĜt]HQtVHNFHY\VRNpKRãNROVWYtYČG\DYê]NXPX 0LQLVWHUVWYRãNROVWYtPOiGHåHDWČORYêFKRY\
_
3ÐHGPOXYD 3ĜHGNOiGDQi SXEOLNDFH þHUSi ] YêVOHGNĤ D SHUVRQiOQtFK ]NXãHQRVWt SĜHGFKi]HMtFtFK DNWLYLW0LQLVWHUVWYDãNROVWYtPOiGHåHDWČORYêFKRY\YREODVWLY\VRNRãNROVNpKRY]GČOiYiQt 3ĜHGHYãtPVHMHGQiRLQGLYLGXiOQtSURMHNW\QiURGQt,31 .YDOL¿NDþQtUiPHFWHUFLiUQtKR Y]GČOiYiQt45$0 D=DMLãĢRYiQtDKRGQRFHQtNYDOLW\YV\VWpPXWHUFLiUQtKRY]GČOiYiQt .9$/,7$ 1ČNWHUp SDViåH Y WpWR SXEOLNDFL MVRX GRVORYD SĜHY]DW\ ] PDWHULiOĤ NWHUp E\O\]SUDFRYiQ\MDNRYêVWXS\YêãH]PtQČQêFK,317DWRSXEOLNDFHE\ODSĜLSUDYHQD]D ~þHOHP LQWHJUDFH VWDUãtFK YêVWXS\ MHMLFK GRSOQČQt D SĜHGVWDYHQt YH IRUPČ SĜtVWXSQČMãt FtORYpVNXSLQČ
_
2EVDK 1.
Úvod
8
'RNXPHQWDFHVWXGLMQtFKFHONĤSRPRFtYêVOHGNĤXþHQt =iVDG\VHVWDYRYiQtGRNXPHQWDFH 9êVOHGN\XþHQtDNYDOLWDY]GČOiYDFtþLQQRVWL
12
9\XåLWtYêVOHGNĤXþHQtYSHGDJRJLFNpSUD[L &RMVRXYêVOHGN\XþHQt ,QRYDFHSĜtVWXSX ÒURYQČXSODWQČQtSRSLVXVYêVOHGN\XþHQt 'ĤOHåLWpDVSHNW\IRUPXORYiQtYêVOHGNĤXþHQt 9]WDK\PH]LYêVOHGN\XþHQtJUDGDFHDQiYD]QRVW 3URYi]DQRVWYêVOHGNĤXþHQtD]SĤVREĤY]GČOiYiQtDKRGQRFHQtKODYQtSULQFLS\ =iVDG\SRVWXSXSĜLIRUPXODFLSRSLVXVWXGLMQtKRRERUX =iVDG\SRVWXSXSĜLSRSLVXSĜHGPČWXMHGQRWN\VWXGLMQtKRSOiQX 3URSRMHQtQD~URYQLRERUX 6KUQXWt
20 23 33
3ĜtNODG\SUDNWLFNpKRY\XåLWtYêVOHGNĤXþHQt 0DVDU\NRYDXQLYHU]LWD/pNDĜVNiIDNXOWDSURMHNW237,0(' 8QLYHU]LWD +UDGHF .UiORYp )DNXOWD LQIRUPDWLN\ D PDQDJHPHQWX DSOLNDFH YêVOHGNĤXþHQtYSĜHGPČWHFKVPDWHPDWLFNêPREVDKHP =iSDGRþHVNi XQLYHU]LWD Y 3O]QL 3HGDJRJLFNi IDNXOWD SURYi]DQRVW YêVOHGNĤ XþHQtD]SĤVREĤY]GČOiYiQtDKRGQRFHQt
42 42
6KUQXWt]iNODGQtFKSULQFLSĤ5iPFHNYDOL¿NDFtY\VRNRãNROVNpKRY]GČOiYiQt ýHVNpUHSXEOLN\ 3RGVWDWDDFtOH 6WUXNWXUDSRSLVXNYDOL¿NDFtSULQFLS\DWHUPLQRORJLH 9êVOHGN\XþHQt]QDORVWLGRYHGQRVWL]SĤVRELORVWL
52
3ĜtORKDþ3RSLVNYDOL¿NDFtY\VRNRãNROVNpKRY]GČOiYiQtý5
62
6ORYQtNSRMPĤ
65
6H]QDPOLWHUDWXU\
67
_
YRG 0H]L GĤOHåLWp IDNWRU\ VRXþDVQpKR Y\VRNRãNROVNpKR Y]GČOiYiQt SDWĜt VOHGRYiQt D ]DMLãĢRYiQt MHKR NYDOLW\ +RGQRWLW NYDOLWX Y]GČOiYDFtKR SURFHVX ]QDPHQi SRVX]RYDW KR SRGOH XUþLWêFK NULWpULt D Y XUþLWêFK VRXYLVORVWHFK D QiVOHGQČ QD ]iNODGČ ]MLãWČQêFK YêVOHGNĤþLQLWRSDWĜHQtNWHUiE\YHGODNH]NYDOLWQČQtY]GČOiYDFtFKþLQQRVWt=MLãĢRYiQt D]DEH]SHþRYiQtNYDOLW\MHSURNDåGpKRSHGDJRJD]FHODSĜLUR]HQRXVRXþiVWtY]GČOiYDFtKR SURFHVX±NDåGêFKFHSĜHFHSR]QDWQDMDNp~URYQLVHQDFKi]tRQDMHKRVWXGHQWLDMDN ~VSČãQiDHIHNWLYQtMHMHKRYêXND.DåGêVHWRXåt]OHSãLW+RGQRFHQtNYDOLW\RGVWUXNWXUQČ QHMMHGQRGXããtFK VHJPHQWĤ MHGQRWOLYêFK SĜHGPČWĤ Då SR KRGQRFHQt VORåLWČ NRQFLSR YDQêFKRERUĤDVWXGLMQtFKSURJUDPĤRWYtUiY\VRNRãNROVNpY]GČOiYDFtLQVWLWXFHSURĜDGX VURYQiQt SRVN\WXMH SURVWRU MDN SUR OHSãt LQWHUQt RUJDQL]DFL VWXGLD WDN SUR SURSRMRYiQt MHGQRWOLYêFK SUDFRYLãĢ Y\XåtYiQt MHMLFK UĤ]QRURGRVWL D RGOLãQRVWL D XVQDGĖRYiQt MHMLFK SURVWXSQRVWLDQiYD]QRVWL 1RYpSR]QDWN\VNêWDMtãDQFLGRViKQRXWY\ããtLQWHQ]LW\DHIHNWLYQRVWLY\VRNRãNROVNpKR Y]GČOiYiQtDMHKRYČWãtVSRMLWRVWLVSUD[tYãLPQRXWVLSURPČĖXMtFtVHVNXWHþQRVWLDQiVOHGQČ QRYpLPSXO]\Y\XåtWSURUR]YRMVWXGLMQtFKSURJUDPĤ-GHWHG\RMDNêVLSĜLUR]HQêF\NOXV NWHUêPXVtSUREtKDWDSUREtKi DE\Y]GČOiYDFtþLQQRVWPČODYĤEHFVP\VO%XGHOLWHQWR SURFHVSUREtKDWVR¿VWLNRYDQČMLQD]iNODGČXUþLWpKRSRVWXSXDYČGRPpNRQFHSFHSĜLVSČMH WRQHVSRUQČNMHKRYČWãt~þLQQRVWL 3XEOLNDFHNWHUiVHYiPGRVWDODGRUXNRXVLNODGH]DFtOXNi]DWYiPMDNSĜLKRGQR FHQt NYDOLW\ Y\XåtW YêVOHGNĤ XþHQt -GH R SRNXV LQVSLURYDW YiV N Y\XåLWt WRKRWR SRVWX SX SUR YODVWQt SHGDJRJLFNRX SUiFL ĜHþHQR PtUQČ ]MHGQRGXãHQČ MH WR MDNêVL ÄQiYRG N SRXåLWt³ NWHUê YiV FKFH NURN ]D NURNHP SURYpVW SURFHVHP VPČĜXMtFtP NH NêåHQpPX YêVOHGNXWHG\NHNYDOLWQČUHDOL]RYDQêPY]GČOiYDFtPþLQQRVWHPQDMHMLFKåNRQFLVWRMt SRXþHQêY]GČODQê VWXGHQWNWHUêVNXWHþQČXPtD]YOiGiWRFRVHPČOYGDQpPVHJPHQWX Y]GČOiYDFtKRSURFHVXQDXþLW 9REHFQpURYLQČMVRXYêVOHGN\XþHQtSRPČUQČSĜHVQČGH¿QRYiQ\R]QDþXMtFRVWX GHQWYtþHPXUR]XPtDFRMHVFKRSHQGČODWSRWpFRXNRQþLOY]GČOiYDFtSURFHVYUiPFL SĜHGPČWXPRGXOXQHERRERUX9êVOHGN\XþHQtMVRXWRÄFRVHVWXGHQWEČKHPXþHQtQD XþLO³7YRĜtMH]QDORVWLGRYHGQRVWLD]SĤVRELORVWLNWHUpVWXGHQW]tVNDO~VSČãQêPVWXGLHP .H]YêãHQtWUDQVSDUHQWQRVWLDSUROHSãtRULHQWDFLVWXGHQWDMHYKRGQpDE\SRSLV\DQRWDFH SĜHGPČWĤ þL PRGXOĤ REVDKRYDO\ LQIRUPDFH R YêVOHGFtFK XþHQt MHå Pi VWXGHQW EČKHP Y]GČOiYDFtKRSURFHVX]tVNDW .URPČWRKRWRYê]QDPXYãDNXåtYiQtPWHUPtQXÄYêVOHGN\XþHQt³Y\MDGĜXMHPHQXW QRVWSRVXQXWtSHUVSHNWLY\YREODVWLFKiSiQtRULHQWDFHY]GČOiYDFtKRSURFHVX±E\OOLGĜtYH Y]GČOiYDFtSURFHVSRSLVRYiQVStãH]KOHGLVNDY\XþXMtFtKRWRKRNGRXþt XVLOXMHPHQ\Qt _
RWRDE\E\OMDVQČIRUPXORYiQ]KOHGLVNDVWXGXMtFtKRWRKRNGRVHXþt 9êVOHGN\XþHQt MVRXWDNY\MiGĜHQtPMLQpKRSĜtVWXSXNHY]GČOiYDFtPXSURFHVXNWHUêMHYWpWRNRQFHSFL FKiSiQ D QD]tUiQ SĜHGHYãtP ] KOHGLVND VWXGHQWD = MHKR SHUVSHNWLY\ QHQt WDN GĤOHåLWp MDNêP]SĤVREHPEXGHXþHQ±NOtþRYpMHSĜHGHYãtPWRFRVHQDXþt1RYêSĜtVWXSVWXGHQWR YLSRVN\WQHPRåQRVWVURYQiYDWUĤ]QpQDEtGN\DNYDOL¿NRYDQČVL]QLFKY\EtUDWD]iURYHĖ ]DEUiQtWRPXDE\VHMtPY\EUDQpSĜHGPČW\PRGXO\þLMLQpFHON\]E\WHþQČSĜHNUêYDO\ 9\VRNRãNROVNê SHGDJRJ Pi VSHFL¿FNp SRVWDYHQt NWHUp VH Y PQRKD RKOHGHFK OLãt RG SRVWDYHQt SHGDJRJĤ QD QLåãtFK VWXSQtFK Y]GČOiYDFt VRXVWDY\9 RNDPåLNX NG\ Xþt WMSĜHGQiãtYHGHVHPLQiĜHFYLþHQtSUiFHYODERUDWRĜtFKþLZRUNVKRS\DWS MHSĜHGHYãtP SHGDJRJHP]iURYHĖYãDNQHSĜHVWiYiEêWRGERUQtNHPYHVYpPRERUX8þLWHOHPQDY\ VRNp ãNROH VH VWDO WRWLå YČWãLQRX SUiYČ SURWR åH GRViKO Yê]QDPQêFK ED Y\QLNDMtFtFK YêVOHGNĤYRERUXVYpWYĤUþtþLQQRVWLDĢXåMGHRYČGXXPČQtþLMLQpREODVWLNUHDWLYQtFK OLGVNêFKDNWLYLW3HGDJRJQDY\VRNpãNROHYČWãLQRXQHPiåiGQpQHERPiMHQGtOþtSHG DJRJLFNp Y]GČOiQt PĤåH VL KR SRFKRSLWHOQČ GRSOQLW UĤ]QêPL IRUPDPL FHORåLYRWQtKR Y]GČOiYiQtNXU]\SHGDJRJLFNiPLQLPDDWS YQHSRVOHGQtĜDGČXþtWDNpQD]iNODGČVYêFK SRVWXSQČVH]YČWãXMtFtFKSHGDJRJLFNêFKLRERURYêFK]NXãHQRVWtWHG\QD]iNODGČSUD[H ýDVWRQHPiNGLVSR]LFLåiGQpSĜHGHSVDQpXþHEQLFHQHQtDQLXVPČUĖRYiQDQLRPH]RYiQ åiGQêPLÄUiPFRYêPLSOiQ\³DWS1DRSDNPiSRPČUQČYHONêSURVWRUSURYODVWQtNUHDWLYLWX YWRPåHRQViPUR]KRGXMHNWHUêVHJPHQWVYpKRRERUXEXGHXþLWDMDNWDNEXGHþLQLW 3RVOHGQt]PLĖRYDQêDVSHNWMHQHVSRUQČLQGLYLGXiOQtYêKRGRXDOH]KOHGLVNDNRPSDNW QtKRDSURYi]DQpKRNXULNXODWDNPRKRXY]QLNDWGXSOLFLW\þLQDRSDNVOHSiPtVWD 9 SHGDJRJLFNp SUD[L QD þHVNêFK Y\VRNêFK ãNROiFK VH SURMHYXMH ]QDþQi PtUD NRQ ]HUYDWLYQRVWL-DNRSUREOpPDSĜHNiåNDSRWĜHEQêFK]PČQYHY]GČOiYDFtPSURFHVXVHXND ]XMH EêW þDVWR Då SĜtOLã KRXåHYQDWp OSČQt QD XUþLWêFK ]Y\NORVWHFK QHFKXĢ N MDNpNROLY ]PČQČVSRXND]HPQDWRåHÄWRSĜHFHGRVXGGREĜHIXQJRYDOR³ýDVWRRSDNRYDQiVHQWHQFH ÄNDåGi]PČQDMHNKRUãtPX³MHVLFHPtQČQDMDNRQDGVi]ND]iURYHĖYãDNMDNRE\SĜHFH MHQRYOLYĖRYDODQDãHP\ãOHQtDE\ODSURQiVVLJQiOHPNRSDWUQRVWLDNRSDWUQLFWYt1DãH SXEOLNDFHYiVFKFHSĜHVYČGþLWåH]PČQ\QHMVRXQXWQêP]OHPDåHPRKRXSĜLQpVWSR]L WLYQtYêVOHGN\1HO]HSĜHFHQDGiOHLJQRURYDWQHSRFK\EQRXVNXWHþQRVWåHVHY]iYLVORVWL QDĜDGČIDNWRUĤ]iYUDWQêPWHPSHPPČQt]SĤVRE]tVNiYiQtYãHFKLQIRUPDFtDWHG\WDNp YČGRPRVWt1HPČOE\VHYQiYD]QRVWLQDWRSRQČNXG]PČQLWWDNp]SĤVREY]GČOiYiQt" 6XPDGRVWXSQêFKYČGRPRVWtMHYHVWiOHNUDWãtFKLQWHUYDOHFKPXOWLSOLNRYiQD-HGLQHF XåGiYQRQHQtVFKRSHQXPČWD]QiWYãHFKQRYHYãHFKREODVWHFKEDGRNRQFHDQLYãHFKQR YREODVWLMHGQp9GĤVOHGNXWpWRVNXWHþQRVWLVWRXSiYê]QDPGČOE\SUiFHDLQWHUGLVFLSOLQD ULW\9HONpþiVWLOLGVNpKRYČGČQtMVRXGQHVQDYtFHOHNWURQLFN\GRKOHGDWHOQpWpPČĜNG\NR OLYDNGHNROLY7\WR]PČQ\PDMtQHSRFK\EQČYHONêYOLYQDWRMDNêP]SĤVREHP]QDORVWL ]tVNiYiPHDMDNêP]SĤVREHPMHXFKRYiYiPH±QHEROLQDWRMDNVHXþtPH-HUHODWLYQČ ]QiPRåHHIHNWLYQČVHXþtWHQNGRVHXþtDNWLYQČDNGRXPtQRYČQDE\Wp]QDORVWLSURSRMLW VH ]QDORVWPL VWiYDMtFtPL SRWYU]XMt WR WDNp QHMQRYČMãt Yê]NXP\Y REODVWL QHXURELRORJLH DGDOãtFKYČG3ĜHVWRMVPHYãDNVWiOHVYČGN\SRVWXSĤNWHUpW\WRSR]QDWN\QHUHÀHNWXMt 'DOãt QRYRX RNROQRVWt MH IDNW åH MHãWČ QLNG\ Y KLVWRULL QHPČO\ Y\VRNp ãNRO\ WROLN VWXGHQWĤMDNRGQHVDMHãWČQLNG\QHPČORWROLNPODGêFKOLGtSĜtVWXSNY\VRNRãNROVNpPX _
Y]GČOiQt-HMDVQpåHL]WČFKWRGĤYRGĤVHPXVtY\VRNpãNRO\SURPČQLWDE\PRKO\GR VWiWQRYêPSRåDGDYNĤP3URPČQLW]SĤVREY]GČOiYiQtQH]QDPHQiRYãHPVQtåLW~URYHĖ SRåDGDYNĤDWtPURYQČåNYDOLWXY]GČOiYiQtDE\LPpQČVFKRSQtVWXGHQWLPČOLPRåQRVW ãNROXDEVROYRYDW=QDPHQiWRY]tWQDYČGRPtXYHGHQpQRYpVNXWHþQRVWLDSRNXVLWVHQDMtW QRYpFHVW\SRVWXS\SURVWĜHGN\PHWRG\ MHMLFKåSRPRFtO]HGRMtWNFtOL 9ãHFKQ\ ]PtQČQp VSROHþHQVNp D WHFKQLFNp SURPČQ\ ]RKOHGĖXMH SUiYČ NRQFHSFH ]GĤUD]ĖXMtFtYêVOHGN\XþHQtRULHQWXMtFtSURFHVY]GČOiYiQtQDVWXGXMtFt9êVOHGN\XþHQt E\ PČO\ EêW IRUPXORYiQ\ RGSRYtGDMtFtP ]SĤVREHP D Y XUþLWp VWUXNWXĜH DE\ E\O\ SUR GRW\þQRX FtORYRX VNXSLQX VWXGXMtFtFK VUR]XPLWHOQp LQVSLUDWLYQt D VRXþDVQČ UHDOLVWLFNp -HGQi VH R ]PČQX SDUDGLJPDWX SĜL WYRUEČ NXULNXOD WR VH Q\Qt QHRULHQWXMH QD REVDK\ Y\XþRYiQtMDNWRPXEêYDORSRYČWãLQRXGĜtYHQêEUåQDYêVOHGN\XþHQt 9êVOHGN\ XþHQt VDPR]ĜHMPČ QHMVRX åiGQêP VDPRVSDVQêP ĜHãHQtP YHãNHUêFK SH GDJRJLFNêFKSUREOpPĤNWHUpVVHERXYêãHSRSVDQêYêYRMQHVH9HVSRMHQtVH]SĤVRE\ YêXN\DKRGQRFHQtPYêVOHGNĤXþHQtVHYãDNYêVOHGN\XþHQtVWiYDMtQiVWURMHPNSURPČQČ ]DYHGHQêFK ]Y\NORVWQtFK SRVWXSĤ 8þLQtPHOL SĜHGPČWHP VYp SHGDJRJLFNp SR]RUQRVWL SUiYČYêVOHGN\XþHQtQXWQČ]MLVWtPHåHPXVtPH]PČQLWWDNp]SĤVRE\XþHQtDE\FKRP GRViKOLWRKRRþQiPMGHDåHQDRERMtMHWĜHEDQDYi]DWRGSRYtGDMtFtIRUP\SUĤEČåQpKR IRUPDWLYQtKR L]iYČUHþQpKRVXPDWLYQtKR KRGQRFHQt-HWRRUJDQLFNêSURFHV±SĜLMHWtP PHWRG\YêVOHGNĤXþHQtMDNRE\FKRPVDPLVREČ GDOLLPSXOVNSURYHGHQtGDOãtFKQDYD ]XMtFtFK]PČQ-HQWDNVL]DMLVWtPHDE\QiPFHOHNQDNRQHFVSUiYQČIXQJRYDODDE\QiP SĜLQHVOWRFRRGQČKRRþHNiYiPH 9êVOHGN\XþHQtMVRXYQHSRVOHGQtĜDGČSURVWĜHGNHPVSHFL¿NDFHMHGQRWOLYêFKVWXGLM QtFKF\NOĤ-DNXND]XMt]DKUDQLþQt]NXãHQRVWLYêVOHGN\XþHQtDSURFHV\QDQČQDYD]X MtFtQDSRPRKO\OHSãtSUR¿ODFLEDNDOiĜVNêFKVWXGLMQtFKSURJUDPĤNWHUpEêYDO\DPQRKG\ MHãWČ VWiOH MVRX ]DWtåHQ\ UHPLQLVFHQFHPL QD W]Y GORXKp VWXGLMQt SURJUDP\ 7\ E\O\ SĜL ]DYiGČQtERORĖVNpUHIRUP\PQRKG\þLVWČPHFKDQLFN\UR]VHNQXW\QDGYČþiVWLDWDNVH ]QLFKVWDO\VDPRVWDWQpW\S\SURJUDPĤEDNDOiĜVNêDQDYD]XMtFtPDJLVWHUVNê 7DWRSUD[H VH QHJDWLYQČ SURMHYLOD YH IUDJPHQWiUQt D QHNRPSDNWQt SRGREČ QČNWHUêFK EDNDOiĜVNêFK VWXGLMQtFKSURJUDPĤDYMHMLFKQt]NpUHOHYDQFLSURWUKSUiFH 3ĜLDSOLNDFLPHWRG\YêVOHGNĤXþHQtQHQtVWDQRYHQåiGQê]iYD]QêPRGHO-HMt]iNODG Qt ]iVDGRX MH RWHYĜHQRVW LQGLYLGXiOQtP SRVWXSĤP QHERĢ MHMtP ]iPČUHP QHQt Y\WYRĜLW MHGQRWQČ VWUXNWXURYDQp Y\VRNp ãNRO\ QêEUå QD ]iNODGČ XUþLWpKR VSROHþQpKR SULQFLSX UR]YtMHWRVYČGþHQRXUĤ]QRURGRVWDGiYDWSURVWRULQGLYLGXiOQtNUHDWLYLWČ3ĜL]DYHGHQtWR KRWRSĜtVWXSXVHWHG\QHQtWĜHEDREiYDWVWUDãiNDXQLIRUPL]DFHYãHKRDYãHFKGLYHU]LWD SĜtVWXSĤMHåiGRXFtDYtWDQiD]iOHåt]FHODQDMHGQRWOLYêFKWYĤUFtFKVWXGLMQtFKSURJUDPĤ 3URFHVSĜHFKRGXNPHWRGČYêVOHGNĤXþHQtWHSUYH]DSRþDOXUþLWRXGREXSRWUYiQHå VHSRGDĜtSRFKRSLWDDEVRUERYDWMHKRSĜHGQRVWLÒVLOtYČQRYDQpYêVOHGNĤPXþHQtDVQLPL NRPSOHPHQWiUQtV\VWpPRYp]PČQČSĜtVWXSXNSRGREČNXULNXODVHPĤåHQDSRþiWNXMHYLW MDNR]QDþQp3ĜLMHWtYêVOHGNĤXþHQtDQiYD]QpDNWLYLW\YãDNPXVtVPČĜRYDWDSĜLVSUiYQp DSOLNDFLWDNpVPČĜXMtNWRPXDE\WYRUEDQRYêFKSRGREVWXGLMQtFKSURJUDPĤRERUĤE\ODYH YêVOHGNXRUJDQL]DþQČSRVWXSQČ]MHGQRGXãHQDDQH]DWČåRYDODWDNSHGDJRJ\]E\WHþQêPL _
DJHQGDPLDDGPLQLVWUDWLYRX=iURYHĖMHRYãHP]DSRWĜHEtSURVDGLWDE\WDWRþLQQRVWE\OD QiOHåLWČGRFHQČQD 3XEOLNDFH MH XUþHQD GYČPD ]iNODGQtP RNUXKĤP XåLYDWHOĤ SHGDJRJĤP WYĤUFĤP ]iNODGQtFKVHJPHQWĤVWXGLMQtFKSOiQĤWMHOHPHQWiUQtPSHGDJRJLFNêPDNWLYLWiPD YH GHQtPLQVWLWXFtWMIDNXOWDY\VRNêFKãNRO3URSUYQtXåLYDWHOVNRXVNXSLQXSHGDJRJRYp PDMt ]iVDGQt Yê]QDP VDPRWQê SURFHV D PHWRG\ Y]GČOiYiQt SDWĜt VHP PM SĜHKOHGQp DVUR]XPLWHOQpSRSLV\YêVOHGNĤXþHQtVWDQRYHQtSUHUHNYL]LWSDUDOHOQtNRQWURODQiYD]QRVWt QDRVWDWQtþiVWLVWXGLMQtFKSOiQĤSUĤEČåQiNRQWURODDKRGQRFHQtSURFHVĤXþHQtVRXKUQQp KRGQRFHQtNWHUp]MLãĢXMHYMDNpPtĜHE\ORGRVDåHQRVWDQRYHQêFKFtOĤWMMDNpMVRXYêVOHG N\XþHQt9RGGtOHFKYČQRYDQêFKWČPWRWpPDWĤPMVRXSĜHKOHGQČDQi]RUQČY\VYČWOHQ\ UR]GtO\PH]LRGERUQêPL]QDORVWPLDGRYHGQRVWPLDFKDUDNWHUL]RYiQ\REHFQp]SĤVRELORVWL QHEROLNRPSHWHQFH 'UXKi XåLYDWHOVNi VNXSLQD YHGHQt LQVWLWXFt QDOH]QH Y SXEOLNDFL ]iVDG\ WYRUE\ DGRNXPHQWDFHVWXGLMQtFKFHONĤLSULQFLS\NRQWURO\QiYD]QRVWtDFHOLVWYRVWLMHGQRWOLYêFK Y]GČOiYDFtFK VHJPHQWĤ /RJLFN\ VHP SDWĜt WDNp GRSRUXþHQt MDN XVNXWHþĖRYDW KRGQR FHQtNYDOLW\±SĜLQČPMGH]HMPpQDRQDVWDYHQtVWDQGDUGĤDNRQWUROXMHMLFKQDSOĖRYiQt 9ãHFKQ\ W\WR DVSHNW\ MVRX SUR LQVWLWXFL SRWĜHEQp SĜL Y\WYiĜHQt VWUDWHJLFNêFK D GDOãtFK ĜtGLFtFKGRNXPHQWĤ9]KOHGHPNGĤOHåLWRVWLWČFKWRþLQQRVWtMH]iURYHĖWĜHEDDE\LQVWLWXFH SĜLUHDOL]DFLYãHFKXYHGHQêFKSRVWXSĤVYp]DPČVWQDQFHGRVWDWHþQČPRWLYRYDOD1iURþQRVW SĜtSUDY\ YODVWQt UHDOL]DFH Y\KRGQRFRYiQt D QiVOHGQpKR GRSUDFRYiYiQt Y]GČOiYDFtFK SRVWXSĤPXVtEêWSURPtWQXWDGRSHGDJRJLFNpKRYêNRQXYUiPFL~YD]NXSHGDJRJDDGR MHKRP]GRYpKRRKRGQRFHQt 3XEOLNDFH MH GRSOQČQD SĜtNODG\ GREUp SUD[H WHG\ LQIRUPDFHPL ] SUDFRYLãĢ NWHUi Xå V YêVOHGN\ XþHQt D V MHMLFK KRGQRFHQtP PDMt ]NXãHQRVWL -GH R QČNROLN Y\EUDQêFK SĜtSDGRYêFK VWXGLt MHå QHY\WYiĜHMt åiGQê MHGQROLWê FHOHN DOH VStãH GRNXPHQWXMt VNX WHþQRVWåHYêVOHGN\XþHQtO]HDSOLNRYDWQDUĤ]QêFKW\SHFKY\VRNêFKãNRO
_
'RNXPHQWDFH VWXGLMQmFK FHONØ SRPRFmY®VOHGNØXµHQm
9SRYČGRPtDNDGHPLFNpREFHMHGRNXPHQWDFHVWXGLMQtFKSURJUDPĤþLSĜHGPČWĤGiOH VWXGLMQtFKFHONĤ YQtPiQDþDVWRMDNRQH]E\WQpIRUPiOQt]ORNWHUpVSRþtYiYHY\SOQČQt SĜHGHSVDQêFKIRUPXOiĜĤGOHVOHGRYDQêFKNULWpULtDWRQHMOpSHSRPRFtGRSRUXþHQêFKIRU PXODFtDYQiVOHGQpNRQ]HUYDFL]i]QDPĤGRWpGRE\GRNXGQHSĜLMGHþDVQRYpKRY\ND ]RYiQt PRåQi GR IRUPXOiĜĤ QDVWDYHQêFK QRYêP ]SĤVREHP 2YãHP IRUPRYiQt YêXN\ MHQHSĜHWUåLWêSURFHVNWHUêQHO]H]QHK\EQLWUHVSHNWLYHMHQHPRXGUpRWRXVLORYDW7DWR VNXWHþQRVW E\ VH WHG\ PČOD SRMLW V MHKR G\QDPLFNRX UHÀH[t Y StVHPQp SRGREČ 5Ĥ]Qp ]iMPRYp VNXSLQ\ XåLYDWHOĤ GRNXPHQWDFH VLFH PDMt UR]GtOQê ~KHO SRKOHGX D SĜLNOiGDMt UĤ]QêPGHWDLOĤPRGOLãQRXYiKXWDNåH]SUDFRYiQtYêND]XÄQDPtUXDNWHUPtQX³VHPĤåH MHYLWMDNR~þHOQČMãtQLFPpQČVHVSRVWXSHPþDVXSRWĜHEDNRPXQLNDFHVWČPLWRVNXSLQDPL SHULRGLFN\YUDFtDO]HWHG\MHMLFKRþHNiYiQtGR]QDþQpPtU\SĜHGYtGDWDYPDWHULiOHFK ]RKOHGĖRYDWSĜHGHP.YDOLWQČ]SUDFRYDQiGRNXPHQWDFHE\QHPČODEêWMHQPUWYêPYêND ]HP DOH SURVWĜHGNHP NRPXQLNDFH PH]L VNXSLQDPL ]DLQWHUHVRYDQêPL QD Y]GČOiYDFtP SURFHVX1HQtNXSĜtNODGXãĢDVWQpXGUåRYDWNRQWLQXLWXPH]LVDPRWQêPLSHGDJRJ\MHQQD ]iNODGČSĜHGiYiQt]iNODGQtRVQRY\QHERĢ]HMPpQDSĜLYČWãtÀXNWXDFLY\XþXMtFtFKGRFKi]t ]iNRQLWČ N SRVWXSQpPX Y\WUiFHQt MLå QDVWDYHQêFK YD]HE D VRXYLVORVWt $QL ]NXãHQê Y\VRNRãNROVNê SHGDJRJ QHEêYi XãHWĜHQ I\]LRORJLFNpKR MHYX SRVWXSQpKR ]DSRPtQiQt GĜtYHSURP\ãOHQêFKGHWDLOĤ 'RPQtYiPH VH SURWR åH GRNXPHQWDFH VWXGLMQtFK FHONĤ QHPXVt EêW MHQ QH]E\WQêP IRUPiOQtP ]OHP DOH PĤåH VORXåLW MDNR QiVWURM YêYRMH SĜtVOXãQpKR VWXGLMQtKR FHONX .GRVDåHQtWRKRWRVWDYXMHYãDNWĜHEDDE\WDWRGRNXPHQWDFHSĜHVWDODEêWIRUPiOQtNXOLVRX DVWDODVHG\QDPLFNêPRGUD]HPDNWXiOQtKRVWDYXYêXNRYpKRSURFHVX'DOãtSRGPtQNRX SDN MH GRGUåHQt ]iVDG\ MHGQRKR PDWHULiOX VRXVWĜHćXMtFtKR ~GDMHSRGVWDWQp SUR ãLURNRX ãNiOX XåLYDWHOĤ 3UiFH WYĤUFĤ WČFKWR GRNXPHQWĤ WDN EXGH HIHNWLYQČMãt D VRXþDVQČ EXGH ]DFKRYiQD NRQWLQXLWD YêYRMH 3RFKRSLWHOQČ WDNRYê SĜtVWXS Pi L VYi ~VNDOt 3ĜHGHYãtP E\ PČO EêW WDNRYê PDWHULiO GRWYiĜHQ SUĤEČåQČ QHER E\ PČO EêW DOHVSRĖ DNWXDOL]RYiQ YNUDWãtFKþDVRYêFKSHULRGiFKSHGDJRJRYpE\VLPČOLRVYRMLWSRWĜHEXUHDJRYDWPLQLPiOQČ VHPHVWUiOQČQDUHiOQêSUĤEČKYêXN\5R]KRGQČMHWĜHEDRSXVWLWGRSRVXGþDVWRXSUD[LDG KRFNDPSDĖRYLWpKRY\SOĖRYiQtGDWYãHFKVWXGLMQtFKFHONĤYMHGQRPWHUPtQX6RIWZDURYp ]DMLãWČQt VWXGLMQt DJHQG\ E\ PČOR XPRåQLW SUiFL VH VWXGLMQtPL PDWHULiO\ SHGDJRJĤP NRQWLQXiOQČ D SĜLWRP UHVSHNWRYDW QXWQRVW XNRWYHQt R¿FLiOQt YHU]H VWXGLMQtFK SOiQĤ SUR GDQê DNDGHPLFNê URN QHERĢ WD MH SUiYQČ YH Y]WDKX ãNROD VWXGHQW ]iYD]Qi 3ĜL QDVWD YRYiQt RVQRY\ WDNRYpKR GRNXPHQWX E\ PČOR EêW SDPDWRYiQR QD YãHFKQ\ SRWHQFLiOQt ýiVWWpWRNDSLWRO\MHSĜHY]DWD]YêVWXSĤ,31.YDOLWD-GHRVWUDQ\]þiVWLÄ-DNUR]YtMHWNYDOLWQt
Y\VRNRãNROVNp Y]GČOiYiQt 'RSRUXþHQt SUR Y\XþXMtFt YHGHQt ãNRO D Y]GČOiYDFt SROLWLNX ³ 9 WH[WX E\O\ SURYHGHQ\MHQGtOþtVW\OLVWLFNp~SUDY\YUiPFLUHGDNFHFHOpSXEOLNDFH _
XåLYDWHOH$ MHOLNRå PRFQêP LPSXOVHP N XåtYiQt IRUPiOQtFK NOLãp EêYi IRUPDOLVWLFNê SĜtVWXS SĜtSDGQêFK KRGQRWLWHOĤ QHO]H SURSDJRYDW WYĤUþt SĜtVWXS SRX]H PH]L VDPRWQê PLWYĤUFLDOHGĤUD]MHWĜHEDYUiPFLRVYČW\NOiVWLQDQH]E\WQRXIXQGRYDQRVWDSRNRUX KRGQRWLWHOĤ
2.1 Zásady pro sestavování dokumentace =iNODGHP REVDKX GRNXPHQWDFH MVRX QHSRFK\EQČ YêVOHGN\ XþHQt Y\MDVQČQê FtO MDNêVL UiPHF SUR NWHUê MVRX YêVOHGN\ XþHQt IRUPXORYiQ\ MLå ]PtQČQp PHWRG\ Y]GČOiYiQtWMFHVW\SRQLFKåVWXGHQWLNYêVOHGNĤPGRMGRXD ]SĤVRE\RYČĜHQtNRQHþ QpKRHIHNWXWHG\PtU\GRNWHUpE\ORYêVOHGNĤGRVDåHQR7DWRWHWUiGDMLåSRPČUQČMDVQČ ]DFK\FXMHFHONRYRX¿OR]R¿LVWXGLMQtKRFHONXRYãHP]GDOHNDQHPĤåHXVSRNRMLWYHãNHUp SRWĜHE\SRWHQFLiOQtFKXåLYDWHOĤ6YpPtVWRSURWRYGRNXPHQWDFLPXVtPtWLGDOãtLQIRUPDFH NWHUpVHRYãHPMLåRGYR]XMtRGQDVWDYHQtYêãHXYHGHQêFKFKDUDNWHULVWLN±þDVRYpKRKDUPR QRJUDPX LQIRUPDþQtFK ]GURMĤ SRåDGRYDQêFK þL GRSRUXþHQêFK SUHUHNYL]LW PQRKG\ LQiYD]QRVWt1HO]HSĜLWRPSRMPRXWFtOHMDNRSRXKêRGUD]VRXþDVQpKRVWDYXYêXN\1D ~URYQLVWXGLMQtFKSURJUDPĤQHERRERUĤE\FtOHY]GČOiYiQtPČO\EêWSRMDW\MDNRXFHOHQê RGERUQêDNRPSHWHQþQtSUR¿ODEVROYHQWĤ9SĜtSDGČMHGQRWOLYêFKSĜHGPČWĤQHERGtOþtFK DNWLYLWE\SDNFtOHPPČOREêWRVYRMHQtXUþLWpKRRNUXKX]QDORVWtQHERGRYHGQRVWtDUR]YRM DOHVSRĖQČNWHUêFKRERURYČQHVSHFL¿FNêFK]SĤVRELORVWt=HMPpQDXWČFKWRQHVSHFL¿FNêFK ]SĤVRELORVWtMHWĜHEDVHULy]QČGEiWQDSĜLPČĜHQRVWIRUPXODFtDE\QDMHGQpVWUDQČQHGRFKi ]HORNSRGFHĖRYiQtYD]E\PH]LRGERUQRXYêXNRXDUR]YtMHQtPRERURYČQHVSHFL¿FNêFK NRPSHWHQFtDQDVWUDQČGUXKpVHQHSOiQRYDORQHPRåQpQHERĢE\VHWDNPLPRMLQpFHOpPX PDWHULiOXYWLVNOSXQFIRUPiOQRVWL
&mOHY]GÂOgYgQm 9SUD[LMHþDVWRSUH]HQWRYiQQi]RUåHIRUPXODFHFtOĤY]GČOiYDFtKRFHONXERKDWČVWDþt DY\WYiĜHQtGDOãtFKFKDUDNWHULVWLNMHE\URNUDWLFNi]iWČå$åQDYêMLPN\MHDOHRSDNSUDY GRX &tOH Y]GČOiYiQt MVRX ]SUDYLGOD YHOPL REHFQp D XPRåĖXMt GRVWL YDULDELOQt YêNODG 9êVOHGNHPSDNPĤåHEêWSURSDVWQêUR]GtOPH]LQDYR]HQêPLRþHNiYiQtPLDVNXWHþQRX SRGRERX YêXN\ Y]GČOiYDFtKR FHONX SRVWXSQi GHIRUPDFH REVDKX YêXN\ Y VRXYLVORVWL VYêPČQRXSHGDJRJĤþLQt]NiY\XåLWHOQRVWSĜLSRVX]RYiQtNYDOLW\Y]GČOiYDFtKRSURFHVX &tOHY]GČOiYiQtE\SURWRPČO\EêWIRUPXORYiQ\YNRQWH[WXRþHNiYDQêFKYêVOHGNĤXþHQt 1D~URYQLVWXGLMQtFKSURJUDPĤE\PČO\RGND]RYDWQDSUR¿OSRVN\WRYDQpRGERUQpSUR IHVHQD~URYQLSĜHGPČWĤþLQD~URYQLQLåãtE\SDNPČO\Y\PH]RYDWWHPDWLNXDKORXENX GRMDNpVWRXNWHURXWHPDWLNRXPiEêWVWXGXMtFtREH]QiPHQýtPYČWãtSURVWRUSUR]iYLV ORVW LQWHUSUHWDFH GH¿QRYDQêFK FtOĤ QD LQWXLFL QHER HUXGLFL XåLYDWHOH SĜLWRP IRUPXODFH SRVN\WXMtWtPUR]GtOQČMãtRþHNiYiQtPRKRXQDYR]RYDW
3UHUHNYL]LW\ 9ê]QDPQêP NRPSRQHQWHP GRNXPHQWDFH MH URYQČå ĜiGQp Y\PH]HQt RþHNiYiQt QD YVWXSXWHG\W]YSUHUHNYL]LWDWRMDNQD~URYQLVWXGLMQtFKRERUĤWDNMHGQRWOLYêFKSĜHG _
PČWĤ 2VWDWQČ VYĤM Yê]QDP WHQWR ~GDM PĤåH PtW L QD ~URYQL QLåãt ([WUpPQt VLWXDFL SĜHGVWDYXMHMDN~SOQiDEVHQFHSUHUHNYL]LWWDNMHMLFKULJLGQtQDVWDYHQtIRUPRX]FHODNRQ NUpWQtKRNXU]X6RXþDVQpVWXGLXPQDY\VRNêFKãNROiFKMHFKDUDNWHULVWLFNp]QDþQRXÀH[L ELOLWRX'H¿QLFLSUHUHNYL]LWMHWRPXWĜHEDSĜL]SĤVRELW1DEt]tVHRGND]QDDEVROXWRULXP XUþLWpKR W\SX RGERUQpKR VWXGLD SĜHGPČWX V XUþLWêP RGERUQêP ]DPČĜHQtP 6WDQRYHQt SRåDGDYNX QD XUþLWê SRþHW NUHGLWĤ SĜtVOXãQČ ]DPČĜHQpKR VWXGLD Y\PH]HQt VLWXDFH GiOH ]SĜHVĖXMH 1LFPpQČ VWiOH ]ĤVWiYi ]QDþQi YDULDELOLWD Y SRMHWt WRKR FR VL SRG WDNRYRX GH¿QLFt SĜHGVWDYLW -DNR QHM~þHOQČMãt VH SURWR MHYt GH¿QLFH SUHUHNYL]LW FR E\ NOtþRYêFK YêVOHGNĤSĜHGFKR]tKRVWXGLD
'DO¨mGØOHªLWkDVSHNW\GRNXPHQWDFH 1D ~URYQL VWXGLMQtFK SURJUDPĤRERUĤ MH YKRGQp ]DĜDGLW L REHFQČMãt FKDUDNWHULVWLNX VUR]XPLWHOQRX SRGVWDWQČ ãLUãtPX RNUXKX ]iMHPFĤ 2VYČGþLOR VH MDN ]DVD]HQt RERUX GR VWUXþQpKR KLVWRULFNpKR NRQWH[WX WDN MHKR Y\PH]HQt YĤþL GDOãtPEOt]NêP RERUĤP ± YH VP\VOXLQWHUGLVFLSOLQiUQtFKYD]HELYODVWQtMHGLQHþQRVWL3R]LWLYDWpWRSHUVSHNWLY\SĜLWRP QHVPČĜXMtMHQNODLFNpYHĜHMQRVWL8UþLWêRGVWXSD]DP\ãOHQtMVRXSĜtQRVHPLSURVDPRWQp DNWpU\Y]GČOiYDFtKRSURFHVX 'DOãtPYKRGQêPGRSOĖNHPGRNXPHQWDFHVWXGLMQtFKSURJUDPĤRERUĤMHSDNLQIRUPDFH RPRåQRVWHFKXSODWQČQtMHMLFKDEVROYHQWĤ9WRPWRVPČUXMHYKRGQpREHFQêSRSLVGR SOQLWDOHVSRĖþiVWHþQêPYêþWHPNRQNUpWQtFKSR]LF1DEt]HMtVH]GHMLåH[LVWXMtFtNDWDORJ\ Ä1iURGQtVRXVWDYDSRYROiQt³þLÄ,QWHJURYDQêV\VWpPW\SRYêFKSR]LF³0LQLVWHUVWYDSUiFH DVRFLiOQtFKYČFt2VWDWQČãLUãtSRYČGRPtRWČFKWRPDWHULiOHFKYSURVWĜHGtU\FKOHVHUR]Yt MHMtFtKRWHUFLiUQtKRY]GČOiYiQtPĤåHSURVSČWMDNY]GČOiYDFtPLQVWLWXFtPWDNNDWDORJĤP VDPRWQêP 7HQWRWH[WVLQHNODGH]DFtOGHWDLOQČSRSVDWLGHiOQtNDUWXVWXGLMQtKRFHONXVStãHDNFHQ WXMHGRSRVXGPpQČ]DYHGHQpSĜtVWXS\3ĜLVHVWDYRYiQtNRQNUpWQtãDEORQ\MHWĜHEDSDPD WRYDW QD SRåDGDYN\ DNUHGLWDþQtFK DXWRULW ]HMPpQD QD SRåDGDYN\SUR DNUHGLWDFL VWXGLM QtFKSURJUDPĤ=WHFKQLFNêFKKOHGLVHNMHYKRGQpY\]GYLKQRXWYêKRG\GREĜHSĜLSUDYHQp ãDEORQ\VNYDOLWQtQiSRYČGRXDGRVWDWHþQČNDSDFLWQtKRFHQWUiOQtKR~ORåLãWČMHåRGGČOXMH R¿FLiOQtYHU]LRGSUDFRYQtDXPRåĖXMHSUĤEČåQpGRWYiĜHQtPDWHULiOĤ
9ëVOHGN\XÿHQtDNYDOLWDY]GčOiYDFtÿLQQRVWL
-DN SRWYUGLO\ ]NXãHQRVWL ãNRO ]DSRMHQêFK GR SLORWQtKR RYČĜHQt PHWRG\ KRGQRFHQt Y]GČOiYDFt þLQQRVWL FHVWRX V\QHUJLH YêVOHGNĤ XþHQt GRSOQČQêFK R ]SĤVRE\ Y]GČOiYiQt D]SĤVRE\KRGQRFHQtVWXGHQWĤNWHUpJDUDQWXMtGRVDåHQtGHNODURYDQêFKYêVOHGNĤYUiPFL ,3145DPD.YDOLWD DSOLNDFHPHWRG\YêVOHGNĤXþHQtMH]ĜDG\UĤ]QêFKGĤYRGĤYHOPL QiURþQRXþLQQRVWtMLåQHO]H~VSČãQČ]DKiMLWDUHDOL]RYDWEH]YãHVWUDQQpSRGSRU\]HVWUDQ\ 27DWRNDSLWRODMH]SUDFRYDQiVY\XåLWtPYêVWXSĤ,31.YDOLWDNRQNUpWQČVWUDQ]þiVWLÄ-DNUR]YtMHW
NYDOLWQtY\VRNRãNROVNpY]GČOiYiQt'RSRUXþHQtSURY\XþXMtFtYHGHQtãNRODY]GČOiYDFtSROLWLNX ³9WH[WX E\O\SURYHGHQ\MHQGtOþtVW\OLVWLFNp~SUDY\YUiPFLUHGDNFHFHOpSXEOLNDFH _
YHGHQtãNRO\V\VWHPDWLFNpSĜtSUDY\DPRWLYDFHSHGDJRJLFNêFKSUDFRYQtNĤD]DDQJDåRYiQt GDOãtFK]DLQWHUHVRYDQêFKVWUDQ]HMPpQDVWXGHQWĤDEVROYHQWĤD]DPČVWQDYDWHOĤ'iOHO]H QD ]iNODGČ YêVOHGNĤ SLORWiåH IRUPXORYDW K\SRWp]X åH SRSVDQp Y\XåLWt YêVOHGNĤ XþHQt PĤåHEêWYHOPL~þLQQêPNRPSOH[QtPWUYDOêP±þLDOHVSRĖGORXKRGREêP±QiVWURMHP ]Y\ãRYiQtNYDOLW\Y]GČOiYDFtKRSURFHVX 3RGVWDWRXSĜHGNOiGDQêFKSRVWXSĤNRPSOH[QtKRY\XåLWtYêVOHGNĤXþHQtMHGH¿QRYiQt VWDQGDUGĤ Y]GČOiYDFtKR SURFHVX MHKR UHDOL]DFH Y VRXODGX V WČPLWR VWDQGDUG\ DNWLYQt ]tVNiYiQt]SČWQpYD]E\RGFRQHMãLUãtKRVSHNWUDVWUDQ]DLQWHUHVRYDQêFKQDY]GČOiYDFtP SURFHVXDMHMtUHÀH[HQD~URYQLIRUPXODFHVWDQGDUGĤLMHMLFKUHDOL]DFH
1DVWDYHQmVWDQGDUGØDKRGQRFHQmMHMLFKQDSOÊRYgQm =DYêFKR]tERGO]HSRYDåRYDWQDVWDYHQtVWDQGDUGĤY]GČOiYiQtGH¿QLFtYêVOHGNĤXþHQt ]SĤVREĤY]GČOiYiQtDKRGQRFHQtPtU\GRVDåHQtFtOĤ1LFPpQČĜt]HQtNYDOLW\Y]GČOiYDFtKR SURFHVXQHO]HRPH]LWQDIRUPiOQtHYLGHQFLH[LVWHQFHWČFKWRVWDQGDUGĤDRULHQWRYDWVHQD QDYD]XMtFt SURFHV\ 6\VWpP\ KRGQRFHQt PXVt UHÀHNWRYDW NYDOLWX WČFKWR VWDQGDUGĤ D MH MLFK UHDOL]DFH ~PČUQČ SRVWDYHQt D HUXGLFL KRGQRWLWHOH 'DOãtP NURNHP SURWR PXVt EêW SUĤEČåQiSHULRGLFNiUHYL]HXSODWĖRYiQtD~VSČãQRVWLGRVDKRYiQtY\WêþHQêFKVWDQGDUGĤ MDNRåWR L UHYL]H SĜLPČĜHQRVWL QDVWDYHQêFK SDUDPHWUĤ ] SRKOHGX VWUDQ ]DLQWHUHVRYDQêFK QDY]GČOiYiQt1iVOHGQČSDNMHWĜHEDQD]iNODGČ]tVNDQêFKSR]QDWNĤSĜLMtPDWDGHNYiW Qt RSDWĜHQt N GDOãtPX ]Y\ãRYiQt NYDOLW\ Y]GČOiYDFtKR SURFHVX 7HQWR XFHOHQê SURFHV SDN SĜHGVWDYXMH QiVWURM QLNROLY MHGQRUi]RYê FtO ]Y\ãRYiQt NYDOLW\ Y]GČOiYiQt QD Y\ VRNêFKãNROiFK-GHRQiURþQêSURFHVNWHUêQHO]HUHDOL]RYDWMHGQRUi]RYêPLRSDWĜHQtPL NDPSDĖRYLWpKRFKDUDNWHUX 3RWpFRãNROD]DKiMtDĜDGDãNROMLåWDNXþLQLOD GRSRUXþHQRXUHIRUPXNXULNXODVWXGLM QtFKSURJUDPĤRERUĤDSĜHGPČWĤMHQH]E\WQpVHSUDYLGHOQČQDYãHFKĜtGLFtFK~URYQtFK ]DEêYDW MHGQDN YVWXSQt ~URYQt Y\XåLWt YêVOHGNĤ XþHQt D KRGQRFHQt MHMLFK GRVDKRYiQt MHGQDNPtURXSRVWXSQpKR]Y\ãRYiQt~URYQČQDSOQČQtWRKRWRSĜHGSRNODGX3UĤEČåQpY\ KRGQRFRYiQtSRVWXSXWRKRWRQDVWDYHQpKRSURFHVXDWtPLPRåQRVWVOHGRYDWHIHNWLYQRVW SĜLMtPDQêFKRSDWĜHQtYQtåHXYHGHQêFKWĜHFKREODVWHFKMHPRåQRSURYiGČWSRPRFtSUDYL GHOQpKRY\KRGQRFRYiQtQtåHXYHGHQêFKSĜHGSRNODGĤ3RVWXSQp]Y\ãRYiQt~URYQČMHMLFK QDSOĖRYiQt MH XND]DWHOHP UHiOQpKR VWDYX YH NWHUpP VH NRQNUpWQt ãNROD Y GDQp REODVWL QDFKi]t 'ĤOHåLWp MH SĜLWRP QHMHQ VOHGRYDW SRVWXSQČ JUDGXMtFt ~URYHĖ RGSRYČGt D WtP L~URYQČQDSOQČQRVWLGDQêFKNULWpULtDOHL]DSRMLWGRWRKRWRKRGQRFHQtFRQHMYČWãtãNiOX ]DLQWHUHVRYDQêFKVWUDQQHERĢWDNO]HSRGVWDWQČ]YêãLWYDOLGLWXYêVOHGQpKRKRGQRFHQt 'RSRUXþHQiNULWpULD 9êVOHGN\XþHQtRERUXDSĜHGPČWĤMVRXVUR]XPLWHOQpYãHPUHOHYDQWQtPVWUDQiP 1DSOQČQtWRKRWRSĜHGSRNODGXVRGOLãQêPLRþHNiYiQtPLKRGQRWtY\XþXMtFtDVWXGHQWL DEVROYHQWLXFKD]HþLRVWXGLXP]iVWXSFL]DPČVWQDYDWHOĤ9êVOHGN\KRGQRFHQtYãHFK WČFKWR]DLQWHUHVRYDQêFKVWUDQSURWRWHSUYHY\WYiĜHMtNRPSOH[QtSRKOHGQDVWXSHĖQD SOQČQRVWLWRKRWRSRVWXOiWX _
9êVOHGN\XþHQtRERUXVSOĖXMtPLQLPiOQtVWDQGDUG\GH¿QRYDQp5iPFHPNYDOL¿NDFt Y\VRNRãNROVNpKR Y]GČOiYiQt ýHVNp UHSXEOLN\ FR VH WêþH RERURYêFK ]QDORVWt GRYHG QRVWtLREHFQêFK]SĤVRELORVWt .RPSOH[QtKRSRKOHGXEXGHGRVDåHQRRSČWSRX]HSUĤQLNHPQi]RUĤH[WHUQtFKKRGQR WLWHOĤDYČGHFNpUDG\IDNXOW\ãNRO\ 9êVOHGN\XþHQtRERUXRGSRYtGDMtVRXþDVQpPXYêYRMLYRERUXLYêVOHGNĤPXþHQtQD UHOHYDQWQtFK ãNROiFK Y ý5 L Y ]DKUDQLþt VDPR]ĜHMPČ SĜL UHVSHNWRYiQt MHGLQHþQRVWL NDåGpKRRERUX 1i]RU\MHQXWQR]tVNDWRGY\XþXMtFtFKDVWXGXMtFtFKVWHMQČMDNRRGDEVROYHQWĤRERUX YČGHFNpUDG\SĜtSDGQČLRERURYpUDG\GRNWRUVNpKRVWXGLMQtKRSURJUDPX 9êVOHGN\XþHQtRERUXRGSRYtGDMtSĜHGSRNOiGDQpPXXSODWQČQtDEVROYHQWĤ 9HGOHY\XþXMtFtFKVWXGXMtFtFKDDEVROYHQWĤRERUXMHUR]KRGXMtFtQi]RUUHOHYDQWQtFK ]iVWXSFĤ]DPČVWQDYDWHOĤ 'tOþtYêVOHGN\XþHQtYSUĤEČKXVWXGLDQDVHEHQDYD]XMtWDNåHQHGRFKi]tNUHGXQ GDQFtPDVWXGXMtFtMHMLFKRVYRMRYiQtPSRVWXSQČUR]YtMHMtFtORYp]QDORVWLGRYHGQRVWL D]SĤVRELORVWL =GHMHWĜHED]DSRMLWGRKRGQRFHQtYHGRXFtNDWHGHUJDUDQW\RERUĤY\XþXMtFtVWXGXMtFt DDEVROYHQW\RERUX =SĤVRE\ Y]GČOiYiQt Y SUĤEČKX VWXGLD RGSRYtGDMt YêVOHGNĤP XþHQt WM VWXGXMtFt VNXWHþQČGČODMtþLQQRVWLNWHUpVLPDMtRVYRMLW 3UYRWQtKRGQRFHQtSURYiGtY\XþXMtFtDVWXGHQWLMHYãDNWĜHED]DSRMLWLYHGHQtNDWHGHU DDEVROYHQW\ 6WXGXMtFtGRVWiYDMtYSUĤEČKXVWXGLDIRUPDWLYQt]SČWQRXYD]EXNWHUiQHQtYi]iQD QDXGČOHQtDWHVWDFHDNWHUiMLPVYêPUR]VDKHPLREVDKHPXPRåĖXMHUR]YRMNRPSH WHQFtMHåPDMt]tVNDWDWXGtåMHYHGHNGRVDåHQtGtOþtFKLFtORYêFKYêVOHGNĤXþHQt 3UYRWQt MH MLVWČ KRGQRFHQt Y\FKi]HMtFt RG Y\XþXMtFtFK D VWXGXMtFtFK GREUp MH YãDN ]DSRMLWLDEVROYHQW\RERUX 6RXKUQQp VXPDWLYQt KRGQRFHQt VWXGXMtFtFK RGSRYtGi VYRMt IRUPRX L REVDKHP YêVOHGNĤPXþHQtWMKRGQRWtVH]GDVWXGXMtFt]tVNDOFtORYpNRPSHWHQFH 9HGOHY\XþXMtFtFKKRGQRWt]HMPpQDVWXGHQWLDDEVROYHQWLRERUX 9êVOHGN\XþHQt]SĤVRE\Y]GČOiYiQtLKRGQRFHQtMVRXX]SĤVREHQ\WDNDE\SĜLYiGČO\ VWXGXMtFtNKORXENRYpPXSRUR]XPČQtDQDRSDNMHRGYiGČO\RGSRYUFKRYpKRQDSRGR EHQtDPHPRURYiQt =DSRMLWMHWĜHEDMDNY\XþXMtFtDVWXGXMtFtWDNLDEVROYHQW\RERUX $EVROYHQWLVNXWHþQČGLVSRQXMt]QDORVWPLGRYHGQRVWPLDREHFQêPL]SĤVRELORVWPL GH¿QRYDQêPLYêVOHGN\XþHQtRERUX =GHEXGHUR]KRGXMtFtQi]RUDEVROYHQWĤDMHMLFK]DPČVWQDYDWHOĤ _
3RþW\NUHGLWĤSĜLĜD]HQpGtOþtPVWXGLMQtPSRYLQQRVWHPRGSRYtGDMtþDVRYpQiURþQRVWL þLQQRVWtNWHUpPXVtVWXGXMtFtSURVSOQČQtWČFKWRSRYLQQRVWtY\NRQDW +RGQRWtY\XþXMtFtVWXGXMtFtDDEVROYHQWLRERUX =QDORVWLGRYHGQRVWLD]SĤVRELORVWL]tVNDQpQDMLQêFKãNROiFKYý5LY]DKUDQLþt YQHIRUPiOQtPLIRUPiOQtPY]GČOiYiQtMVRXX]QiYiQ\YSOQpPUR]VDKXSRGOHGRVD åHQêFKYêVOHGNĤXþHQt +RGQRWLW E\ PČOL Y\XþXMtFt RERUX VWXGXMtFt D þHUVWYt DEVROYHQWL åiGDMtFt R X]QiQt SUDFRYQtFLDGPLQLVWUDWLY\VH]RGSRYČGQRVWt]DX]QiYiQt +RGQRFHQtVWXSQČQDSOQČQtXYHGHQêFKNULWpULtMHVLFHPRåQRSURYiGČWSURVWĜHGQLFWYtP SĜHGHPVWDQRYHQpKRGQRWRYpãNiO\QDSĜ± YêKRGQČMãtVHYãDNMHYtVORYQt]KRGQR FHQtUHiOQpKRGRVDåHQpKRVWDYX]SR]LFHNDåGp]HVNXSLQQDYUåHQêFKKRGQRWLWHOĤQHERĢ WDNO]H]~URYQČMHGQRWOLYêFKĜtGLFtFKVWXSĖĤãNRO\SĜHVQČMLIRUPXORYDWD]DFtOLWSUĤEČåQi RSDWĜHQtVPČĜXMtFtNGDOãtPXUR]YRMLGDQpSUREOHPDWLN\
9HGHQm¨NRO ,QVWLWXFH PXVt N WDNRYpPX SRVWXSX ]DLQWHUHVRYDQp VWUDQ\ PRWLYRYDW Y\WYiĜHW PD WHULiOQČWHFKQLFNp PHWRGLFNp L SHUVRQiOQt SRGPtQN\ D Y ĜDGČ PRPHQWĤ L NRRUGLQRYDW MHGQRWOLYp DNWLYLW\ 3UYRWQtP SĜHGSRNODGHP MH SĜHVYČGþLW YHGHQt ãNRO IDNXOW D NDWHGHU RQH]E\WQRVWL]Y\ãRYiQtNYDOLW\Y]GČOiYDFtþLQQRVWL7RY\åDGXMHQHMHQ]DMLãWČQtLQIRUPR YDQRVWLYãHFK]~þDVWQČQêFKDOHLPQRKHPKOXEãtY\WYRĜHQtSĜHGSRNODGĤSURWRDE\VH SHGDJRJLFNiREHFVRþHNiYDQêPLSRVWXS\]WRWRåQLOD âNROD NWHUi SĤMGH GRSRUXþRYDQRX FHVWRX ]Y\ãRYiQt NYDOLW\ Y]GČOiYDFtKR SURFHVX PXVtWHG\XþLQLWĜDGXRSDWĜHQtYREODVWHFK VWUDWHJLFNêFKDGDOãtFKĜtGLFtFKGRNXPHQWĤ SHUVRQiOQtDPHWRGLFNpSRGSRU\ PDWHULiOQtKRDLQIRUPDþQtKR]DMLãWČQtY]GČOiYiQt
2EODVWVWUDWHJLFN®FKDGDO¨mFKÐmGLFmFKGRNXPHQWØ =iNODGQtPVWUDWHJLFNêPGRNXPHQWHPY\VRNpãNRO\MHÄ'ORXKRGREê]iPČUUR]YRMH Y]GČOiYDFtDYČGHFNpYê]NXPQpYêYRMRYpDLQRYDþQtXPČOHFNpDGDOãtWYĤUþtþLQQRVWL³ D MHKR NDåGRURþQt DNWXDOL]DFH 8NRWYHQt SĜHGNOiGDQp PHWRG\ ]Y\ãRYiQt NYDOLW\ Y]GČ OiYDFtKRSURFHVXYWRPWRGRNXPHQWXMHSUYRWQtPSĜHGSRNODGHPMHMtUHDOL]DFH'UXKêP QH]E\WQêP NURNHP MH YþOHQČQt MLå ]FHOD NRQNUHWL]RYDQpKR FtOH ]DKiMHQt þL QiVOHGQČ GDOãtKRUR]YtMHQtPHWRG\QD~URYQLMHGQRWOLYêFKVWXGLMQtFKSURJUDPĤRERUĤSĜHGPČWĤGR Ä,QVWLWXFLRQiOQtKR SOiQX ãNRO\³ D WtP L GR UiPFH SĜtVOXãQp IDNXOW\ D NDWHGU\ 3RPRFt ,QVWLWXFLRQiOQtKRSOiQXO]HQHMHQRUJDQL]DþQČ]DEH]SHþLWGRVDåHQtVWDQRYHQêFKFtOĤWHG\ QDSĜ]SUDFRYiQtNXULNXODþiVWLþLYãHFKSĜHGPČWĤXUþLWpKRRERUXGDQpKRVWXSQČVWXGLD GOHQRYpPHWRGLN\ YGDQpPURFHDOHL]DMLVWLW¿QDQþQtSRGSRUXWČFKWRNURNĤSĜtVOXãQêPL SURVWĜHGN\DWRMDNP]GRYêPLWDNPDWHULiOQtPL _
3URFHV WYRUE\ D VFKYDORYiQt WČFKWR ĜtGLFtFK GRNXPHQWĤ GiYi SURVWRU SUR VNXWHþQČ NRPSOH[Qt SĜtSUDYX D VRXþDVQČ L UR]ãtĜHQt LQIRUPRYDQRVWL R SURFHVX UHDOL]DFH PHWRG\ KRGQRFHQtNYDOLW\Y]GČOiYDFtKRSURFHVXQHERĢVHQDQČPSRGtOtUR]KRGXMtFtþiVW]DLQWH UHVRYDQêFKVWUDQ±RGYHGRXFtFKNDWHGHUSĜHVGČNDQ\DMHMLFKNROHJLDSRUHNWRUDDMHKR NROHJLXP Då N DNDGHPLFNêP VHQiWĤP 1iVOHGQp Y\KRGQRFRYiQt NRQNUpWQtFK FtOĤ SDN GRSOĖXMH ãNiOX LQIRUPDFt R ]DFtOHQt DGUHVQRVW D QDþDVRYiQt GDOãtFK NURNĤ SURFHVX UH IRUP\ 6RXþiVWt UR]KRGQXWt R UHDOL]DFL UHIRUP\ PXVt EêW L IRUPD D UR]VDK MHMtKR PHWRGLF NpKR]DMLãWČQt=NXãHQRVWLãNRONWHUpVH]DSRMLO\GRYêãH]PtQČQpKRSLORWQtKRRYČĜHQt SĜHGNOiGDQpKR ]SĤVREX KRGQRFHQt Y]GČOiYDFtKR SURFHVX YHVPČV SRWYU]XMt QH]E\WQRVW SRGSRU\UHIRUP\]SR]LFHYHGHQtãNRO\QDVWUDQČMHGQpDSRVN\WRYiQtPHWRGLFNpSRGSRU\ ]DSRMHQêFK SHGDJRJĤ QD ~URYQL MLP FR QHMEOLåãt ± WHG\ PLQLPiOQČ QD ~URYQL IDNXOW\ QHMOpSHSDNNDWHGU\±QDVWUDQČGUXKp 1H]DVWXSLWHOQRXUROLYFHOpPSURFHVXUHIRUP\NXULNXODVWXGLMQtFKSURJUDPĤ±DĢMLå MLLQVWLWXFHSURYiGČODY]HVWXSQČRGMHGQRWOLYêFKSĜHGPČWĤSĜHVNDWHGU\DRERU\NSUR JUDPĤP þL QDRSDN VHVWXSQČ RG GH¿QLFH YêVOHGNĤ MHGQRWOLYêFK SURJUDPĤ N RERUĤP DSĜHGPČWĤP±VHKUiYDMtSURGČNDQLSURVWXGLMQt]iOHåLWRVWLDJDUDQWLRERUĤ9MHMLFKJHVFL MH RSDNRYDQi NRPSOHWDFH YHãNHUêFK LQIRUPDFt D YêNRQ RSDWĜHQt QHMãLUãtKR ]iEČUX QDSĜNRPSOHWDFHSUHUHNYL]LWMHGQRWOLYêFKSĜHGPČWĤ]MLãĢRYiQtDUHDNFHQDQiVOHGQRVW QiYD]QRVW GXSOLFLWX þiVWHþQp QHSRNU\Wt QČNWHUêFK YêVOHGNĤ GHNODURYDQêFK SUR¿OHP DEVROYHQWD RERUX SRVRX]HQt ]SĤVREĤ YêXN\ YKRGQRVW SURVWRURYpKR WHFKQRORJLFNpKR D PDWHULiOQtKR ]DMLãWČQt =H VWUDQ\ YHGHQt ãNRO D IDNXOW MH SURWR WĜHED SRVN\WQRXW MLP RGSRYtGDMtFtSURVWRUSURWXWRþLQQRVW 9 QHSRVOHGQt ĜDGČ MH WĜHED QHMOpSH QD YãHFK ĜtGLFtFK ~URYQtFK QD ãNROHIDNXOWČ NDWHGĜH Y\EXGRYDWDV\VWHPDWLFN\Y\XåtYDWSRWĜHEQpLQIRUPDþQtNDQiO\PH]LYHGHQtP D MHGQRWOLYêPL ]DLQWHUHVRYDQêPL VNXSLQDPL VWXGHQW\ DEVROYHQW\ ]DPČVWQDYDWHOL DWG SUR ]tVNiYiQt ]SČWQp YD]E\ QD UHiOQp QDSOQČQt GHNODURYDQêFK YêVOHGNĤ XþHQt FHVWRX ]YROHQêFK]SĤVREĤY]GČOiYiQt,QIRUPDþQtWRNE\PRKOEêWSRGSRĜHQ]Ĝt]HQtPQRYêFK IXQNFt±SHGDJRJLFNêFKSRUDGFĤDWXWRUĤ7LE\PRKOLIXQJRYDWMDNR]PRFQČQFLVWXGHQWĤ DVW\þQtGĤVWRMQtFLPH]LVWXGHQW\QDVWUDQČMHGQpDSHGDJRJ\DYHGHQtPãNRO\QDVWUDQČ GUXKp6YRXþLQQRVWtE\PRKOLQDUXãLWSĜHGVWDYXåHYHY]GČOiYDFtPSURFHVXVWRMtãNROD MHMtPDQDJHPHQWDSHGDJRJRYpQDRSDþQpVWUDQČEDULNiG\QHåVWXGHQWL0RKOLE\XVLORYDW R QDYR]HQt YVWĜtFQp DWPRVIpU\ YHGRXFt N FtOL ]tVNiQt ]QDORVWt GRYHGQRVWt D REHFQêFK ]SĤVRELORVWt SRGVWDWQČSĜtMHPQČMãtFHVWRX
2EODVWSHUVRQgOQmKRUR]YRMH 3ĜHGNOiGDQiFHVWD]Y\ãRYiQtNYDOLW\Y]GČOiYDFtKRSURFHVXYHGHQXWQČNHPDQFLSDFL Y]GČOiYiQtYUiPFLãNiO\]iNODGQtFKþLQQRVWtY\VRNpãNRO\2EVDKRYiLþDVRYiQiURþQRVW MHMtSĜtSUDY\YODVWQtKRXVNXWHþĖRYiQtY\KRGQRFRYiQtDQiVOHGQpKRGRSUDFRYiYiQtPXVt EêW SURPtWQXWD GR SHGDJRJLFNpKR YêNRQX Y UiPFL ~YD]NX SHGDJRJD D MHKR P]GRYpKR RKRGQRFHQt±PXVtVHVWiWVRXþiVWtSULRULWSUiFHSHGDJRJD%H]WDNRYpWRPRWLYDFHDEH] VRXVWDYQpPHWRGLFNpSRGSRU\QHO]HUHIRUPXV\VWHPDWLFN\]DKiMLWD]HMPpQDGORXKRGREČ _
UHDOL]RYDW0RWLYDFHSHGDJRJĤQHVPtEêWSRGORåHQDSRX]H~NROHPSURYpVW~SUDY\NXUL NXODVYêFKSĜHGPČWĤYUiPFLMHGQRUi]RYpNDPSDQČ9WRPWRVPČUXPXVtVYRMLQH]DVWX SLWHOQRXUROLVHKUiWNDULpUQtĜiG\DP]GRYpSĜHGSLV\ãNROYDORUL]XMtFtXYHGHQêYê]QDP YODVWQtKRSHGDJRJLFNpKRYêNRQXYHGOHGRVXGWpPČĜSULRULWQČSURVD]RYDQpPHWRG\KRG QRFHQtDNWLYLWSHGDJRJDQD]iNODGČPČĜHQtMHKRYêNRQXYREODVWLãNiO\WYĤUþtFKþLQQRVWt 8Y\VRNRãNROVNêFKSHGDJRJĤVHYWpWRVRXYLVORVWLRWHYtUiSUREOHPDWLFNiRWi]NDMHMLFK SHGDJRJLFNp SĜLSUDYHQRVWL N SURYHGHQt UHIRUP\ ]SĤVREĤ YêXN\ D KRGQRFHQt VWXGHQWĤ =DWtPFRRWi]NDSĜLSUDYHQRVWLDFHONRYpNRPSHWHQWQRVWLSHGDJRJDYMHKRYODVWQtRGERUQp REODVWLYêXN\MHQDY\VRNêFKãNROiFKWUYDOêPDQiURþQêPSĜHGPČWHP]iMPXDKRGQRFHQt QHQtWRPXWDNYREODVWLSHGDJRJLFNêFKNRPSHWHQFt=GHMLåSDWUQČQHVWDþtSRXKiPHWR GLFNiSRPRF±QDPtVWČMHURYQČåYODVWQtY]GČOiYDFtDNWLYLWDSHGDJRJĤ=DKiMLWYODVWQt SHGDJRJLFNRXSĜtSUDYX]DþtQDMtFtKRSHGDJRJDMHSĜLWRPYKRGQpMLåYUiPFLMHKRGRNWRU VNpKRVWXGLD1DSURVWiYČWãLQDãNRORGSUH]HQþQtFKGRNWRUDQGĤRþHNiYiUHVSY\åDGXMH SHGDJRJLFNêYêNRQYČWãLQRXVHWDNYãDNGČMHEH]MDNpNROLPHWRGLFNpSĜtSUDY\D]iOHåt SRX]HQDãNROLWHOL]GDSRVN\WQHLYWRPWRVPČUXVYpPXVWXGHQWRYLNRQ]XOWDþQtSRPRF 9ê]QDPWČFKWRRWi]HNMHåWYRĜtVRXþiVWFHONRYpKRV\VWpPXĜt]HQtNYDOLW\QDãNROiFK MH SRGSRĜHQ L Y Ä'ORXKRGREpP ]iPČUX QD OpWD ³ 3 NGH MH ]GĤUD]QČQD UROH FHQWHUSRGSRU\DNDGHPLFNêFKSUDFRYQtNĤNWHUpPDMtDNDGHPLFNêPSUDFRYQtNĤPVORXåLW MDNRåWRSODWIRUP\SURMHMLFKSURIHVQtDRGERUQêUĤVWD]Y\ãRYiQtMHMLFKNRPSHWHQFtMDN YHY]GČOiYiQtWDNYWYĤUþtFKDGDOãtFKþLQQRVWHFKYþHWQČYDORUL]DFHYêVOHGNĤ
2EODVWPDWHULgOQmKR]DML¨WÂQmY]GÂOgYgQm =PČQ\ ]SĤVREĤ Y]GČOiYiQt SURYHGHQp Y UiPFL MHGQRWOLYêFK SĜHGPČWĤRERUĤ QXWQČ SĜLQHVRXSRåDGDYN\QD~SUDYXVWiYDMtFtKRPDWHULiOQtKR]DMLãWČQtYêXN\±Y\YVWDQRXQRYp SRWĜHE\WêNDMtFtVHSURVWRURYêFKGLVSR]LFWHFKQRORJLtSRPĤFHNYêXNRYêFKVSRWĜHEQtFK PDWHULiOĤ DWG 7\WR SRåDGDYN\ UHVS MHMLFK GORXKRGREČMãt QHQDSOQČQt PRKRX YpVW NSRX]HIRUPiOQtPXSURYHGHQtUHIRUP\1DSOQLWMH]SR]LFHNDWHGU\IDNXOW\ãNRO\QHEXGH ¿QDQþQČMHGQRGXFKpQLFPpQČVWDQRYHQtFHVWD]GURMĤMHMLFK]DMLãWČQtPXVtEêWVRXþiVWt ĜtGLFtFK UR]KRGQXWt R UHDOL]DFL UHIRUP\ XYHGHQêFK YêãH 3URMHNWRYp ]iPČU\ VPČĜXMtFt N LQRYDFL UHIRUPRX SRGSRĜHQêFK IRUHP Y]GČOiYiQt PRKRX EêW PLQLPiOQČ YKRGQêP SĜHGPČWHPLQWHUQtFKUR]YRMRYêFKJUDQWĤYUiPFLÄ,QVWLWXFLRQiOQtFKSOiQĤãNRO³
3'ORXKRGREê]iPČUY]GČOiYDFtDYČGHFNpYê]NXPQpYêYRMRYpDLQRYDþQtXPČOHFNpDGDOãtWYĤUþtþLQQRVWL
SURREODVWY\VRNêFKãNROQDREGREt
_
9\XªLWmY®VOHGNØXµHQm YSHGDJRJLFNkSUD[L .DSLWRODVKUQXMHSR]QDWN\RYêVOHGFtFKXþHQtDRMHMLFKSURSRMHQtVPHWRGDPLY]GČ OiYiQt D KRGQRFHQt 9\FKi]t SĜHGHYãtP ]H ]iYČUĤ N QLPå GRVSČOL ĜHãLWHOp SURMHNWĤ 4 45$0D.YDOLWDXYiGtLPQRKpMHMLFKRVREQt]NXãHQRVWL6QDåtVHSĜHGHYãtPRGSRYČGČW QDQiVOHGXMtFtRWi]N\ &RMVRXYêVOHGN\XþHQt".þHPXMVRXYêVOHGN\XþHQt"&R]QDPHQiMHMLFKLPSOHPHQ WDFHSURXþLWHOH"&RY\åDGXMHMHMLFKLPSOHPHQWDFHRGXþLWHOH"&RSĜLQiãtMHMLFKLPSOH PHQWDFHXþLWHOĤP"&RSĜLQiãtMHMLFKLPSOHPHQWDFHVWXGHQWĤP"
&RMVRXYëVOHGN\XÿHQt 9êVOHGN\XþHQt SRSLVXMtFRE\PČOVWXGHQW]QiWþHPXE\PČOUR]XPČWDFRE\PČO EêWVFKRSHQGČODWSR~VSČãQpPDEVROYRYiQtSURFHVXXþHQt 8YHćPHWDNpSRGUREQČMãtGH¿QLFL 9êVOHGN\ XþHQt MVRX REMHNWLYQt SRSLV\ WRKR FR E\ PČOL ]QiW VWXGHQWL NWHĜt ]tVNDOL XUþLWRXNYDOL¿NDFLDEVROYRYDOLXUþLWêSURJUDPQHERMHKRGtOþtY]GČOiYDFtVORåNXþHPX E\PČOLUR]XPČWDFRE\PČOLEêWVFKRSQLGČODW.ODGRXGĤUD]QDYD]EXPH]LYêXNRX XþHQtPDKRGQRFHQtP =KOHGLVNDVWXGHQWDWHG\YêVOHGN\XþHQtVGČOXMtFRVHRGVWXGXMtFtKRRþHNiYiåHEXGH XPČWGČODWSRXNRQþHQtSĜtVOXãQpHWDS\VWXGLDREVDKXMtWDNLNULWpULDNWHUiEXGRXSRXåLWD SURKRGQRFHQt]GDWČFKWRYêVOHGNĤVWXGLDVNXWHþQČGRViKO=KOHGLVNDY\XþXMtFtKRIRU PXODFHYêVOHGNĤVWXGLDSRVN\WXMtUiPHFMHKRYêXN\DMHMtFKPHWRGDWDNpREMHP]QDORVWt D GRYHGQRVWt NWHUp Pi Y ]iYČUX X VWXGHQWD RYČĜLW D RKRGQRWLW QDSĜ XGČOHQtP NUHGLWĤ QHERRGSRYtGDMtFtKRFHUWL¿NiWX 9HIRUPXODFtFKYêVOHGNĤXþHQtEXGHPHSURWRY\MDGĜRYDWFRVWXGHQWEXGH]QiWþHPX EXGHUR]XPČWFREXGHVFKRSHQGČODWSRVNRQþHQtY]GČOiYDFtKRSURFHVXDE\GRViKOXGČ 4 ýHUSiPH SĜHGHYãtP ] 0â07 Ä=NXãHQRVWL D GRSRUXþHQt³ 3S LQ 0â07 Ä1iURGQt
NYDOL¿NDþQtUiPHFWHUFLiUQtKRY]GČOiYiQtýHVNpUHSXEOLN\³3UDKD0â070â07Ä-DN UR]YtMHWNYDOLWQtY\VRNRãNROVNpY]GČOiYiQt'RSRUXþHQtSURY\XþXMtFtYHGHQtãNRODY]GČOiYDFtSROLWLNX ³ 3SLQ0â070HWRGLND,31.9$/,7$3UDKD0â07 9SURMHNWX45$0D.9$/,7$MHYWRPWpåYê]QDPXXåtYiQWHUPtQÄYêVWXS\]XþHQt³9HOPLYê]QDPQRX SXEOLNDFtRYêVOHGFtFKXþHQtMHWH[W:ULWLQJDQG8VLQJ/HDUQLQJ2XWFRPHV$SUDFWLFDOJXLGHRGDXWRUĤ 'HFODQD.HQQHG\KRÈLQH+\ODQGRYpD1RUP\5\DQRYp.HQQHG\'È+\ODQG15\DQ:ULWLQJ DQG8VLQJ/HDUQLQJ2XWFRPHV$SUDFWLFDOJXLGH&RUN4XDOLW\3URPRWLRQ8QLW8&& (&768VHUV¶*XLGH(YURSVNiVSROHþHQVWYt _
OHQtNYDOL¿NDFH-LQDNĜHþHQRMHWRIRUPXODFHSĜHGSRNOiGDQpRYČĜLWHOQpNYDOLW\NWHURX VWXGHQWYSURFHVXXþHQt]tVNi-VRXY\MDGĜRYiQ\YNDWHJRULtFK RGERUQp RERURYp ]QDORVWL RGERUQp RERURYp GRYHGQRVWL DREHFQp]SĤVRELORVWLNRPSHWHQFH 9ČQXMPHVHQ\QtMHGQRWOLYêPNDWHJRULtP ZnalostMHYêVOHGHN]SUDFRYiQt]KRGQRFHQtLQIRUPDFHYSUĤEČKXXþHQt=QDORVWVH VWiYi]IDNWĤSULQFLSĤWHRULtDSRVWXSĤY]WDKXMtFtFKVHNSĜHGPČWXXþHQt=QDORVWPĤåH EêWWHRUHWLFNiQHERVHPĤåH]DNOiGDWQDIDNWHFKSRU(4) 3RSLV RGERUQêFK ]QDORVWt SURWR Y\MDGĜXMH þHPX EXGH VWXGHQW YH VYpP VWXGLMQtP RERUXSRVNRQþHQtY]GČOiYDFtKRSURFHVXUR]XPČWNWHUpSRMP\SULQFLS\VSHFL¿FNpPH WRG\WHRULHQHERMHMLFKVRXþiVWLYiåtFtVHNRERUXEXGHVFKRSHQSRSVDWFKDUDNWHUL]RYDW Y\VYČWOLWDQDO\]RYDWDSRG 1iVOHGXMtFtYêþHWMHSĜtNODGHPRGERUQêFK]QDORVWtVWDQRYHQêFKYEDNDOiĜVNpPVWXGLM QtPRERUXýHVNêMD]\NVH]DPČĜHQtPQDY]GČOiYiQt $EVROYHQWXPt Y\VYČWOLWMD]\NRYêV\VWpPþHãWLQ\YURYLQČIRQRORJLFNpPRUIRORJLFNpV\Q WDNWLFNpOH[LNiOQtDVW\OLVWLFNpDWR]KOHGLVNDV\QFKURQQtKR FKDUDNWHUL]RYDW]iNODGQtYêYRMRYiREGREtþHãWLQ\ QD ]iNODGQt ~URYQL Y\VYČWOLW SRMP\ REHFQp OLQJYLVWLN\ D PHWRGRORJLFNp SRVWXS\VWČåHMQtFKOLQJYLVWLFNêFKGLVFLSOtQ QD ]iNODGQt ~URYQL Y\VYČWOLW OLWHUiUQČKLVWRULFNp D OLWHUiUQČWHRUHWLFNp SRM P\D]iNODGQtPHWRGRORJLFNpSRVWXS\OLWHUiUQtYČG\ FKDUDNWHUL]RYDW HWDS\ OLWHUiUQČKLVWRULFNpKR YêYRMH þHVNp OLWHUDWXU\ RG SR þiWNXGRVRXþDVQRVWLDWRYNXOWXUQČKLVWRULFNêFKVRXYLVORVWHFKDYNRQWH[WX YêYRMHHYURSVNpDVYČWRYpOLWHUDWXU\ Dovedností VHUR]XPtVFKRSQRVWXSODWQLW]QDORVWLDSRXåtWQDXþHQpSRVWXS\SURSOQČQt ~NROĤDĜHãHQtSUREOpPĤ'RYHGQRVWLMVRXNRJQLWLYQtQHERSUDNWLFNpQČNG\R]QDþRYiQ\ MDNRSURFHGXUiOQt 3RSLVRGERUQêFKGRYHGQRVWtY\MDGĜXMHFREXGHVWXGHQWVY\XåLWtPVYêFKRGERUQêFK ]QDORVWtVFKRSHQYHVYpPRERUXNRQDWNWHUpRGERUQpRWi]N\DSUREOpP\EXGHVFKRSHQ ĜHãLWD]DMDNêFKRNROQRVWtDSRGPtQHNEXGHVFKRSHQWDNþLQLWWRYãHVY\XåLWtPSRMPĤ PHWRGQiVWURMĤSRVWXSĤSUDYLGHOQČNG\LWHFKQLFNêFKQHERWHFKQRORJLFNêFKSRPĤFHN DWGMLPLåGLVSRQXMHGtN\VYêP]QDORVWHPYGDQpPRERUX 1iVOHGXMtFt YêþHW MH SĜtNODGHP RGERUQêFK GRYHGQRVWt VWDQRYHQêFK Y EDNDOiĜVNpP VWXGLMQtPRERUXýHVNêMD]\NVH]DPČĜHQtPQDY]GČOiYiQt _
$EVROYHQWXPt DQDO\]RYDWDLQWHUSUHWRYDWNRQNUpWQtMD]\NRYpMHY\]DY\XåLWtRGSRYtGD MtFtFKPHWRGV\QFKURQQtMD]\NRYČG\ Y\WYiĜHWMD]\NRYČNXOWLYRYDQpNRPXQLNiW\RGSRYtGDMtFtQRUPČDNRGL¿ NDFLVRXþDVQpVSLVRYQpþHãWLQ\ DQDO\]RYDWOLWHUiUQtWH[W]NWHUpKRNROLYYêYRMRYpKRREGREtþHVNpOLWHUD WXU\ LQWHUSUHWRYDW YêVOHGN\ DQDOê]\ ]D SRXåLWt ]iNODGQtFK WHRUHWLFNêFK SR]QDWNĤDYê]NXPQêFKPHWRG QD]iNODGČUiPFRYČY\PH]HQpKR~NROXDVSRXåLWtPXUþHQpPHWRG\ĜHãLW NRQNUpWQtRGERUQêOLQJYLVWLFNêQHEROLWHUiUQČKLVWRULFNêSUREOpP 2EHFQp]SĤVRELORVWLSĜHGVWDYXMtSURND]DWHOQRXVFKRSQRVWVWXGHQWDSRXåtYDW]QDORVWL D GRYHGQRVWL QDE\Wp YH VWXGRYDQpP RERUX VSROX V RVREQtPL VRFLiOQtPL QHER PHWR GLFNêPLVFKRSQRVWPLSĜLSUiFLDVWXGLXYSURIHVQtPQHERRVREQtPUR]YRMLDWRYPtĜH SĜHQRVLWHOQpLPLPRVWXGRYDQêRERU=DKUQXMtVWXGHQWRY\MD]\NRYpVFKRSQRVWLVFKRSQRVWL WêPRYp SUiFH NULWLFNpKR P\ãOHQt ]SĤVRELORVW VDPRVWDWQČ D RGSRYČGQČ UR]KRGRYDW QD ~URYQL MHKR SUDFRYQt SR]LFH VFKRSQRVW VUR]XPLWHOQČ D SĜHVYČGþLYČ DUWLNXORYDW YODVWQt Qi]RU\ 7\WR]SĤVRELORVWLMVRXREHFQpWMQHYiåtVHSĜtPRNHVWXGRYDQpPXRERUXMVRX SĜHQRVLWHOQpDY\XåLWHOQpLPLPRWHQWRRERU=DKUQXMt]SĤVRELORVWWYRĜHQt~VXGNXNRPX QLNDFHLYFL]tPMD]\FH DVFKRSQRVWGDOãtKRY]GČOiYiQt 1iVOHGXMtFt YêþHW MH SĜtNODGHP REHFQêFK ]SĤVRELORVWt VWDQRYHQêFK Y EDNDOiĜVNpP VWXGLMQtPRERUXýHVNêMD]\NVH]DPČĜHQtPQDY]GČOiYiQt $EVROYHQWLEDNDOiĜVNpKRVWXGLMQtKRSURJUDPXMVRXVFKRSQL VDPRVWDWQČ D RGSRYČGQČ VH UR]KRGRYDW MHQ Y þiVWHþQČ ]QiPêFK VRXYLV ORVWHFKQD]iNODGČUiPFRYpKR]DGiQt GRĜHãHQtSUREOpPĤ]DKUQRXW~YDKXRMHMLFKHWLFNpPUR]PČUX VUR]XPLWHOQČVKUQRXWQi]RU\RVWDWQtFKþOHQĤWêPX SRXåtYDWVYpRGERUQp]QDORVWLRGERUQpGRYHGQRVWLDREHFQp]SĤVRELORVWL DOHVSRĖYMHGQRPFL]tPMD]\FH VDPRVWDWQČ ]tVNiYDW GDOãt RGERUQp ]QDORVWL GRYHGQRVWL D REHFQp ]SĤVR ELORVWLQD]iNODGČSĜHGHYãtPSUDNWLFNp]NXãHQRVWLDMHMtKRY\KRGQRFHQt DOHWDNpVDPRVWDWQêPVWXGLHPWHRUHWLFNêFKSR]QDWNĤRERUXDWG VURY(&768VHUV¶*XLGH(YURSVNiVSROHþHQVWYtD VURYGHVNULSWRU\(YURSVNpKRUiPFHNYDOL¿NDFt(4) D*UQ*67ULWVFKHU$UFKDQ6:HL
*XLGHOLQHVIRUWKH'HVFULSWLRQRI/HDUQLQJ2XWFRPHV:LHQ$XVWULDQ)HGHUDO0LQLVWU\RI(GXFDWLRQ$UWV DQG&XOWXUH 6URY 1DQWO - 3 ýHUQLNRYVNê D NRO 1iURGQt NYDOL¿NDþQt UiPHF WHUFLiUQtKR Y]GČOiYiQt 'tO 1iURGQtGHVNULSWRU\'UXKpUHYLGRYDQpY\GiQt3UDKD0LQLVWHUVWYRãNROVWYtPOiGHåHDWČORYêFKRY\ VWU 22 _
,QRYDFHSĝtVWXSX 6WDQRYHQtYêVOHGNĤXþHQtSĜHGSRNOiGiåHMHGRFHQWUD~YDKRY]GČOiYDFtPSURFHVX SRVWDYHQXþtFtVHVWXGHQW3R]RUQRVWWHG\QHQtSĜHGQRVWQČYČQRYiQDIRUPXODFLFtOĤNWHUp VLNODGHXþLWHO 7R ]QDPHQi åH Y SUYQt ĜDGČ SĜHPêãOtPH R WRP NWHUp RYČĜLWHOQp ]QDORVWL GRYHG QRVWL D ]SĤVRELORVWL E\ PČO VWXGHQW YH Y]GČOiYDFtP SURFHVX ]tVNDW = WpWR SHUVSHNWLY\ SDNXYDåXMHPHRREVDKXY]GČOiYiQtRMHKRUR]VDKXDQiURþQRVWLQDSĜþDVRYp RSĜHG SRNOiGDQêFKYVWXSQtFK]QDORVWHFKGRYHGQRVWHFKDNRPSHWHQFtFKWMQH]E\WQêFKYêVOH GFtFKXþHQt]tVNDQêFKYSĜHGFKR]tPY]GČOiYiQt DVWHMQČWDNLRPHWRGiFKY]GČOiYDFtKR SURFHVXDRPHWRGiFKKRGQRFHQtNWHUêPLEXGRXSĜHGSRNOiGDQpYêVOHGN\XþHQtRYČĜRYiQ\ þLRYČĜHQ\ 3ĜtVWXSNHY]GČOiYiQt]DPČĜHQêQDYêVOHGN\XþHQtQHQtVDPR~þHOQê/]HNRQVWDWR YDWåHMHKR~þLQHNE\OSURNi]iQYêVOHGN\XþHQtSRGSRĜtSRVXQRGSRYUFKRYpKRXþHQt NXþHQtKORXENRYpPXSĜLWRPSUiYČKORXENRYpXþHQtMHFtOHP]KOHGLVNDNYDOLW\]YOiG SRYUFKRYpXþHQtÄVXUIDFHOHYHOOHDUQLQJ³ ]QDPHQiSRX]H QXWtSĜHGPČWXQHERRERUX PHPRURYDWIDNWDKORXENRYpXþHQtÄGHHSOHYHOOHDUQLQJ³ YHGHNSRFKRSHQtD]YOiGQXWt WHRULtDNRQFHSWĤ 3RGUREQČMãtSRURYQiQtGYRXW\SĤXþHQtXYHćPHYWDEXOFH
3RYUFKRYpXÿHQt w w w w
YQmPgQmLQIRUPDFmMDNRQHVRXYLVHMmFmFKMHGQRWHN PHPRURYgQmIDNWØDSUDNWLFN®FKSRVWXSØ ]DPÂÐHQmSRX]HQDPLQLPgOQmQH]E\WQkSRªDGDYN\ VWXGXMmFmQHYLGmVP\VOYWRPFRVHXµm
+ORXENRYpXÿHQt w w w w
Y]WDKRYgQmQRY®FKYÂGRPRVWmNWÂPGÐmYÂM¨mP KOHGgQmSUDYLGHOQRVWmD]gNODGQmFKSULQFLSØ Y]WDKRYgQmIDNWØNKODYQmP]gYÂUØP PHPRURYgQmWRKRFRMHSRWÐHEQkSURSRUR]XPÂQm
5DPVGHQ3/HDUQLQJWR7HDFKLQ+LJKHU(GXFDWLRQ/RQGRQ5RXWOHGJH3URVVHU050LO ODUÄ7KHµ+RZ¶DQGµ:KDW¶RI/HDUQLQJ3K\VLFV³(XURSHDQ-RXUQDORI3V\FKRORJ\RI(GXFDWLRQ 7ULJZHOO.03URVVHUÄ5HODWLQJDSSURDFKHVWRVWXG\DQGTXDOLW\RIOHDUQLQJRXWFRPHVDW WKHFRXUVHOHYHO³%ULWLVK-RXUQDORI(GXFDWLRQDO3V\FKRORJ\ 3DELDQ3Ä-DNVHXþtQDY\VRNêFKãNROiFKYê]NXPQêVPČUµSĜtVWXSĤNXþHQt¶³$XOD
_ 23
9ê]NXPXNi]DOåHLQIRUPDFH]SUDFRYDQiQDKORXENRYp~URYQLVHYHVURYQiQtVLQIRU PDFt ]YOiGQXWRX SRX]H QD SRYUFKRYp ~URYQL Y\EDYt VQDGQČML 'iOH VWXGLH SURNi]DO\ åHKORXENRYêSĜtVWXSNXþHQtNRUHVSRQGXMHVY\ããtNYDOLWRXGRVDåHQêFKYêVOHGNĤXþHQt GRNRQFHVRXGtåH~þHOHPY\VRNRãNROVNpKRY]GČOiYiQtMHYpVWNKORXENRYpPX 5DPVGHQ XþHQtDSRGSRURYDWKRDåHSRNXGVLVWXGXMtFtWHQWRSĜtVWXSRVYRMtPĤåHWR]PČQLWMHMLFK YQtPiQtVYČWDREHFQČ 6WXGHQWL NWHĜt VH Xþt SRYUFKRYêP VW\OHP MVRX ÄVWUDWHJLþWt VWXGXMtFt³ Y\KOHGiYDMt DXSĜHGQRVWĖXMtWRFRVHSRWĜHEXMtQDXþLWSUR]tVNiQtEH]SURVWĜHGQtKRVWXGLMQtKR~VSČFKX 6RXVWĜHćXMtVHQDUXWLQQtPHPRURYiQtIDNWĤFRåPĤåHY\YRODW]GiQtåHMGHRSRUR]XPČQt SUREOHPDWLFH7HQWR VW\O VWXGLD MH ]D XUþLWêFK RNROQRVWt QHSRFK\EQČ XåLWHþQê . YROEČ SRYUFKRYpKRSĜtVWXSXNXþHQtPRKRXVWXGXMtFtDY\XþXMtFtYpVWUR]OLþQpIDNWRU\ =HVWUDQ\VWXGXMtFtKR ~P\VOGRViKQRXWMHQPLQLPiOQtKRKRGQRFHQt±ÄSURMtW³ SULRULW\VWXGXMtFtKRMVRXPLPRDNDGHPLFNRXREODVW QHGRVWDWHNþDVXSĜtOLãY\VRNiVWXGLMQt]iWČå QHSRFKRSHQtSRåDGDYNĤQDSĜSĜHGSRNODGåHY\MPHQRYiQtIDNWĤMHSRVWDþXMtFt F\QLFNêSRKOHGQDY]GČOiYiQt Y\VRNiPtUDREDY~]NRVWLQt]NiVHEHGĤYČUD VNXWHþQiQHVFKRSQRVWSRFKRSLWXUþLWêNRQWH[WQDKORXENRYp~URYQL =HVWUDQ\Y\XþXMtFtKR SĜtOLãQiIUDJPHQWDFHYêXN\EH]XYHGHQtYQLWĜQtVWUXNWXU\WpPDWXQHERSĜHGPČWX ]NRXãHQtY]iMHPQČQHSURSRMHQêFKIDNWĤ]HMPpQDWHKG\NG\åVH]NRXãtMHQY\ åDGRYiQtPNUiWNêFKRGSRYČGtQHERWHVW\VYêEČUHPRGSRYČGt QHSRVN\WQXWt GRVWDWHþQpKR þDVX SUR ]DEêYiQt VH SUREOpPHP QHER ~ORKRX ]GĤ UD]ĖRYiQtQHERLQD]QDþHQtWRKRåHSRXKêSRSLVVWDþt Y\WYRĜHQtRY]GXãtQHSĜtMHPQêFKREDYQi]QDN\Qt]NpKRRþHNiYiQt~VSČãQRVWLVWX GHQWD 6WXGHQWLNWHĜtVHXþtKORXENRYêPVW\OHPÄGHHSOHYHOOHDUQHUV³ XVLOXMtRY]iMHPQp SURSRMHQtP\ãOHQHNSURSRFKRSHQtWHRULHNRQFHSWĤDVP\VOXVWXGRYDQpSUREOHPDWLN\
&UDLN)5/RFNKDUWÄ/HYHOVRISURFHVVLQJ$IUDPHZRUNIRUPHPRU\UHVHDUFK³-RXUQDORI9HUEDO /HDUQLQJDQG9HUEDO%HKDYLRU&UDLN)(7XOYLQJÄ'HSWKRI3URFHVVLQJDQGWKH5HWHQ WLRQRI:RUGVLQ(SLVRGLF0HPRU\³-RXUQDORO([SHULPHQWDO3V\FKRORJ\*HQHUDO 5DPVGHQ3/HDUQLQJWR7HDFKLQ+LJKHU(GXFDWLRQ/RQGRQ5RXWOHGJH3URVVHU050LO ODUÄ7KHµ+RZ¶DQGµ:KDW¶RI/HDUQLQJ3K\VLFV³(XURSHDQ-RXUQDORI3V\FKRORJ\RI(GXFDWLRQ 7ULJZHOO.03URVVHUÄ5HODWLQJOHDUQLQJDSSURDFKHVSHUFHSWLRQVRIFRQWH[WDQGOHDUQLQJ RXWFRPHV³+LJKHU(GXFDWLRQ6SHFLDO(GLWLRQRQ6WXGHQW/HDUQLQJ ± 5DPVGHQ3/HDUQLQJWR7HDFKLQ+LJKHU(GXFDWLRQ/RQGRQ5RXWOHGJH %LJJV-&7DQJ7HDFKLQJIRU4XDOLW\/HDUQLQJDW8QLYHUVLW\0DLGHQKHDG2SHQ8QLYHUVLW\3UHVV )U\+6.HWWHULGJH6WHYH60DUVKDOOHGV $+DQGERRNIRU7HDFKLQJDQG/HDUQLQJLQ+LJKHU (GXFDWLRQ(QKDQFLQJ$FDGHPLF3UDFWLFH/RQGRQ5RXWOHGJH
24 _
3RFKRSt VORYD DXWRUD QHER Y\XþXMtFtKR GR WDNRYp PtU\ åH MVRX VFKRSQL Y\MiGĜLW MHMLFK Yê]QDPYODVWQtPLVORY\YODVWQtIRUPXODFt 3ĜtNODG\FKDUDNWHULVWLNXþHQtQDKORXENRYp~URYQLMVRX]SRKOHGXVWXGXMtFtKRQiVOHGX MtFt
GRVDåHQt~SOQpKRSRFKRSHQtNRQFHSWX SĜHKOHGRWpPDWX SRFKRSHQtKODYQtFKP\ãOHQHNYXUþLWpNDSLWROH UR]OLãHQtSULQFLSĤDSĜtNODGĤ VFKRSQRVWQDSVDWHVHMVORJLFNRXDUJXPHQWDFt VFKRSQRVWSRVRXGLWGĤVOHGN\SO\QRXFt]NRQFHSWĤQHERSURFHGXU UR]SR]QiQtNOtþRYêFKP\ãOHQHNYSĜHGQiãFHYHYêNODGX
8YHGHQpSR]QDWN\RVW\OHFKVWXGLDSRGWUKXMtGĤOHåLWRVWYêVOHGNĤXþHQt±DWRQHMHQ NYDOLW\ MHMLFK VWDQRYHQt DOH L MHMLFK NRQVWUXNWLYQtKR SURSRMHQt V PHWRGDPL Y]GČOiYiQt . DVKRGQRFHQtP~URYQČNWHUpVWXGHQWSRXNRQþHQtNWHUpNROLYHWDS\XþHQtGRViKO
ÓURYQčXSODWQčQtSRSLVXVYëVOHGN\XÿHQt 9êVOHGN\XþHQtO]HIRUPXORYDWQDĜDGČ~URYQt~URYHĖ]QDPHQiLQGLNiWRUUHODWLYQtFK SRåDGDYNĤNRPSOH[QRVWLKORXEN\VWXGLDDPtU\DXWRQRPLHVWXGXMtFtKR3URWRRGSRYtGD MtFtP ]SĤVREHP IRUPXOXMHPH YêVOHGN\ XþHQt QD ~URYQL QiURGQt QD ~URYQL VWXGLMQtKR SURJUDPXRERUX D QD ~URYQL PRGXOX SĜHGPČWX þL NWHUpNROLY MLQp MHGQRWN\ XþHQt WHG\ LGtOþtKRWHPDWLFNpKRFHONX3ODWtåHþtPQLåãt~URYHĖMHWtPMVRXYêVOHGN\XþHQtIRUPX ORYiQ\SRGUREQČMLDNRQNUpWQČML Ä5iPHFNYDOL¿NDFtY\VRNRãNROVNpKRY]GČOiYiQtýHVNpUHSXEOLN\³5.99 ]DKUQXMH GYČ~URYQČ QiURGQt GHVNULSWRU\ 1iURGQt GHVNULSWRU\ GH¿QXMt VWUXNWXUX WHUFLiUQtKR Y]GČ OiYiQt)RUPXOXMtPLQLPiOQtRþHNiYDQpRGERUQp]QDORVWLRGERUQpGRYHGQRVWLDREHF Qp]SĤVRELORVWLSURMHGQRWOLYpVWXSQČNYDOL¿NDFtSURVWXSHĖEDNDOiĜVNêPDJLVWHUVNê DGRNWRUVNê DWREH]RKOHGXQDRERURYp]DPČĜHQtVWXGLD3ĜHGSRNOiGDQpD]iYD]Qp YêVOHGN\XþHQtMVRXIRUPXORYiQ\VY\VRNRXPtURXREHFQRVWL GHVNULSWRU\ REODVWt Y]GČOiYiQt 'HVNULSWRU\ REODVWt Y]GČOiYiQt Y\MDGĜXMt RNUXK RGERUQêFK ]QDORVWt GRYHGQRVWt D REHFQêFK ]SĤVRELORVWt NWHUp MVRX W\SLFNp SUR REVDKRYČSĜtEX]QpVWXGLMQtSURJUDP\9êVOHGN\XþHQtQHMVRX]iYD]QpDSĜHVWRåHMVRX 0DUWRQ)56lOM|Ä$SSURDFKHVWROHDUQLQJ´3SLQ)HUHQFH0DUWRQ'DL-+RXQVHOO1RHO
(QWZLVWOHHGV 7KHH[SHULHQFHRIOHDUQLQJLPSOLFDWLRQVIRUWHDFKLQJDQGVWXG\LQJLQKLJKHUHGXFDWLRQ (GLQEXUJK6FRWWLVK$FDGHPLF3UHVV 6DYLQ%DGHQ03UREOHPEDVHGOHDUQLQJLQKLJKHUHGXFDWLRQXQWROGVWRULHV%XFNLQJKDP65+( DQG2SHQ8QLYHUVLW\3UHVV*LEEV*,PSURYLQJWKH4XDOLW\RI6WXGHQW/HDUQLQJ%ULVWRO7HFKQLFDO DQG(GXFDWLRQDO6HUYLFHV 6URYNDSLWROXÄ3URYi]DQRVWYêVOHGNĤXþHQtD]SĤVREĤY]GČOiYiQtDKRGQRFHQtKODYQtSULQFLS\³
_
YHVURYQiQtVQiURGQtPLGHVNULSWRU\NRQNUpWQČMãtMVRXVWiOHIRUPXORYiQ\YREHFQp URYLQČ 1iVOHGXMtFtWDEXONDXYiGtNRQNUpWQtSĜtNODG\RERX~URYQtGHVNULSWRUĤ
'HVNULSWRURGERUQpGRYHGQRVWLDEVROYHQWDEDNDOiĝVNpKRVWXGLMQtKRSURJUDPX QiURGQtGHVNULSWRU\ÿHVNpKRNYDOLÀNDÿQtKRUiPFH $EVROYHQWLVWXGLMQmKRSURJUDPXSRDEVROYRYgQmXPm w VY\XªLWmPRGERUQ®FK]QDORVWmQD]gNODGÂUgPFRYÂY\PH]HQkKRrNROXÐH¨LWSUDN WLFNkSUREOkP\YRERUX
'HVNULSWRURGERUQpGRYHGQRVWLDEVROYHQWDEDNDOiĝVNpKRVWXGLMQtKRSURJUDPX REODVWL=GUDYRWQLFNpRERU\ $EVROYHQWLVWXGLMQmKRSURJUDPXSRDEVROYRYgQmXPm w QD ]gNODGÂ WHRUHWLFN®FK ]QDORVWm Y UgPFL VYkKR SURIHVQmKR RERUX VDPRVWDWQÂ SURYgGÂWGLDJQRVWLNXSDFLHQWDSOgQRYDWDUHDOL]RYDWDGHNYgWQmLQWHUYHQFHDY\ KRGQRFRYDWHIHNWLYQRVWY®VOHGNØ 3RStãHPHOLYêVOHGN\XþHQtQD~URYQLRERUX]tVNiPHSUR¿ODEVROYHQWDNWHUêRGSR YtGi VWXSQL NYDOL¿NDFH Y\MiGĜHQp GHVNULSWRU\ 1.5 D NWHUê ]DKUQXMH W\SLFNp YêVOHGN\ XþHQtREODVWLY]GČOiYiQtNHNWHUpVHSRSLVRYDQêVWXGLMQtRERUKOiVt=iURYHĖWHQWRSRSLV Y\WYiĜtMDVQRXSĜHGVWDYXRRGERUQêFK]QDORVWHFKRGERUQêFKGRYHGQRVWHFKDREHFQêFK ]SĤVRELORVWHFKDEVROYHQWDMHåMHVUR]XPLWHOQiMDNVWXGHQWĤPþLXFKD]HþĤPRVWXGLXP WDN ]DPČVWQDYDWHOĤP 0tUD NRQNUpWQRVWL MH Y\ããt YêVOHGN\ XþHQt PXVt EêW GRVWDWHþQČ NRQNUpWQtSURWRDE\MHMLFKGRVDåHQtPRKOREêWSURND]DWHOQČRYČĜHQR 1iVOHGXMtFtYêþHWMHSĜtNODGHPVWDQRYHQêFKYêVOHGNĤXþHQtYPDJLVWHUVNpPVWXGLMQtP RERUX8þLWHOVWYtþHVNpKRMD]\NDSURVWĜHGQtãNRO\ 2GERUQp]QDORVWL $EVROYHQW Y\VYČWOtþHVNêMD]\NRYêV\VWpP]KOHGLVNDGLDFKURQQtKRSĜHGHYãtPYUR YLQČIRQRORJLFNpDPRUIRORJLFNp LQWHUSUHWXMHYêYRMRYRXSRGPtQČQRVWVRXþDVQêFKMD]\NRYêFKMHYĤDG\QD PLNXYêYRMHMHGQRWOLYêFKURYLQMD]\NRYpKRV\VWpPXLYêYRMRYpWHQGHQFH YVRXþDVQpPþHVNpPMD]\FHMDNRFHONX FKDUDNWHUL]XMHDKRGQRWtFtOHYêXN\PHWRG\YêXN\DYêXNRYpVWUDWHJLHYH Y]WDKXNY\XþRYiQtXþLYDSĜHGPČWXþHVNêMD]\NDOLWHUDWXUD SRStãHãNROQtY]GČOiYDFtSURJUDP]KOHGLVNDRþHNiYDQêFKYêVOHGNĤXþHQt RERUXþHVNêMD]\NDOLWHUDWXUD _
2GERUQpGRYHGQRVWL $EVROYHQW VY\XåLWtPRGSRYtGDMtFtFKPHWRGSURYiGtMD]\NRYRXDQDOê]XWH[WX]NWH UpKRNROLYREGREtYêYRMHþHVNpKRMD]\ND VDPRVWDWQČ LQWHUSUHWXMH OLWHUiUQt WH[W ] NWHUpKRNROLY YêYRMRYpKR REGREt þHVNp OLWHUDWXU\ D WR Y NXOWXUQČ KLVWRULFNêFK VRXYLVORVWHFK D Y NRQWH[WX YêYRMHHYURSVNpDVYČWRYpOLWHUDWXU\ WUDQVIRUPXMH]QDORVWLRERUXþHVNêMD]\NDOLWHUDWXUDYXþLYRWMDGHNYiWQČ VWDQRYtFtOHYêXN\SĜHGPČWXþHVNêMD]\NDOLWHUDWXUDYHYãHFKMHKRVORåNiFK NULWLFN\ DQDO\]XMH LQWHUSUHWXMH D VWUXNWXUXMH XþLYR KRGQČ YROt IRUP\ DPHWRG\YêXN\VUHVSHNWRYiQtPVSHFL¿þQRVWLGDQpYČNRYpNDWHJRULH NRQFLSXMHãNROQtY]GČOiYDFtSURJUDPRERUXþHVNêMD]\NDOLWHUDWXUDSRGOH NRQNUpWQtFKVWDQRYHQêFKSRGPtQHN SĜLSUDYtDUHDOL]XMHYêXNRYRXKRGLQXQD]iNODGČSĜHVQČVWDQRYHQêFKSRG PtQHNNULWLFN\KRGQRWtHGXNDþQtSURFHVYþHWQČVHEHKRGQRFHQt 'HNRPSRQXMHPHOLYêVOHGN\XþHQtRERUXQD~URYHĖMHGQRWOLYêFKSĜHGPČWĤUHVSHN WLYH MHGQRWHN VWXGLMQtKR SURJUDPX D QiVOHGQČ Då QD ~URYHĖ MHGQRWOLYêFK WpPDW NWHUi REVDKSĜHGPČWĤWYRĜtPtUDNRQNUpWQRVWLSRSLVXY]UĤVWi2SČWMHWRGiQRLWtPåHNDåGê ]XYHGHQêFKYêVOHGNĤEXGHRYČĜRYiQ 1iVOHGXMtFtSDViåMHSĜtNODGVWDQRYHQêFKYêVOHGNĤXþHQtXSĜHGPČWXVODYLVWLNDDVWDUR VORYČQãWLQD 2GERUQp]QDORVWL $EVROYHQWY\VYČWOt]iNODGQtYêYRMRYpSURFHV\SUDVORYDQãWLQ\YURYLQČKOiV NRVORYQpDPRUIRORJLFNp Y\VYČWOtMD]\NRYp]QDN\YČWYtVORYDQVNêFKMD]\NĤ FKDUDNWHUL]XMHVWDURVORYČQãWLQXDWR]KOHGLVNDMHMtKRMD]\NRYpKRV\VWpPX L]KOHGLVNDMHMtIXQNFH 2GERUQpGRYHGQRVWL $EVROYHQWþWHDLQWHUSUHWXMHVWDURVORYČQVNêWH[W DQDO\]XMHXåLWpMD]\NRYpSURVWĜHGN\URYLQ\KOiVNRVORYQpDPRUIRORJLFNp
_
3ĜLIRUPXODFLYêVOHGNĤXþHQtþDVWRĜHãtPHQiVOHGXMtFtSUREOpP\ 3tãHPHRQČþHPMLQpPQHåFRPiVWXGHQWQHERDEVROYHQWQDYêVWXSXXPČW 6WXGHQWVHVH]QiPtVH]iNODGQtPKLVWRULFNêPYêYRMHPRERUX 7DWRIRUPXODFHSRSLVXMHSUĤEČKXþHQtQHMHKRYêVOHGHNMHSRWĜHEDSĜHIRUPXORYDW QDSĜ 6WXGHQWXPtFKDUDNWHUL]RYDWWĜLKODYQtKLVWRULFNpHWDS\YêYRMHRERUX 8WDNWRIRUPXORYDQpKRYêVOHGNXMHSDNVWXGHQWĤP]ĜHMPpFRVHRGQLFKSĜL]iYČ UHþQp]NRXãFH]GDQpKRSĜHGPČWXRþHNiYiDVWHMQČWDNMHMDVQpQRYêPY\XþXMtFtP NG\åSĜHEtUDMtYêXNXRGQČNRKRMLQpKRFRPDMt]NRXãHW
3tãHPHR]QDORVWHFKDGRYHGQRVWHFKSĜtOLãREHFQČ 6WXGHQW]Qi]iVDG\SURIHVQtHWLN\ -DNRYČĜXMHPHMHVWOLVWXGHQWÄ]Qi³"2þHNiYiPHRGVWXGHQWĤåH]iVDG\SURIHVQt HWLN\XPtY\MPHQRYDWQHERMHWDNpXPtREViKOHMLSRSVDWQHERXPtY\VYČWOLWMHMLFK KLVWRULFNê Y]QLN QHER XPt ]KRGQRWLW MHMLFK GĤOHåLWRVW SUR SURIHVQt SUD[L QHER XPt]GĤYRGQLWSURþMVRXSUiYČW\WR]iVDG\GĤOHåLWČMãtQHåRVWDWQt"3ĜtOLãREHFQp IRUPXODFHYVREČVNUêYDMtPQRKRPRåQêFK~URYQt]QDORVWLDGRYHGQRVWLDWXGtå QHSRPiKDMt DQL VWXGHQWĤP DQL Y\XþXMtFtP Y\MDVQLW RþHNiYiQt 0tVWR REHFQêFK VORYHVMHYåG\YKRGQČMãtSRXåtYDWNRQNUpWQtNWHUpSĜHVQČY\VWLKXMHFRPiVWXGHQW QHERDEVROYHQWÄSĜHGYpVW³SĜLRYČĜRYiQtYêVOHGNĤXþHQtSĜHGPČWXþLVWXGLMQtKR RERUX-HGQtP]PRåQêFK]SĤVREĤMDNUR]SR]QDWSĜtOLãREHFQiVORYHVDMHMHMLFK QHSRXåLWHOQRVWSURSĜtPp]DGiQtVWXGHQWĤPPĤåHPHSRQLFKFKWtWÄY\VYČWOHWH³ QHERÄVHVWURMWH³DOHYČWãLQRXQLNROLYÄ]QHMWH³QHERÄUR]XPČMWH³ 3ĜtNODG SĜtOLã REHFQêFK VORYHV ]Qi UR]XPt RULHQWXMH VH Pi SRYČGRPt GRNiåHMHVFKRSHQ« 3R]QiPNDQDY\VYČWOHQRXQČNWHUi]WČFKWRVORYHVMVRXSRXåLWDYHYêVOHGFtFKXþHQt YQiURGQtFKPLQLPiOQtFKVWDQGDUGHFKQHERYW\SLFNêFKYêVOHGFtFKXþHQtREODVWt Y]GČOiYiQt7DPYãDNPDMtVYpPtVWRSURWRåHW\WRIRUPXODFHVHSRK\EXMtQDY\ VRNp ~URYQL REHFQRVWL D QDYtF QHMVRX EH]SURVWĜHGQČ RYČĜRYiQ\ QLNGR QHVNOi Gi ]NRXãNX ] REODVWL Y]GČOiYiQt QêEUå YåG\ ] QČNWHUpKR RERUX Y WpWR REODVWL 9êVWXS\]XþHQtRERUĤDMHãWČYtFHMHMLFKSĜHGPČWĤSURWRStãHPHYåG\FRQHMYtFH NRQNUpWQtDE\E\ORMDVQpFRPiDEVROYHQWQHERVWXGHQWÄSĜHGYpVW³DFRPiPHP\ MDNRSHGDJRJRYpRYČĜLW 3tãHPHYêVOHGN\XþHQtMDNRLGHiOQtVXPX]QDORVWtDGRYHGQRVWt 9êVOHGN\ XþHQt VKUQXMt ]QDORVWt D GRYHGQRVWL NWHUp X VWXGHQWĤ VNXWHþQČ RYČĜXMHPHDWXGtåYODVWQČUXþtPH]DWRåHWČPLWR]QDORVWPLDGRYHGQRVWPLGLV SRQXMt YãLFKQL VWXGHQWL D DEVROYHQWL -LQêPL VORY\ YêVOHGN\ XþHQt MHGQRWOLYêFK SĜHGPČWĤDRERUĤSĜHGHYãtPVWDQRYXMtPLQLPiOQtVWDQGDUGNWHUêPXVtYãLFKQL VWXGHQWLVSOQLWQLNROLYLGHiONWHUpKRGRVDKXMtMHQQHMOHSãtVWXGHQWL 7H[WMHSĜHY]DWê]Ä+QLOLFD-33DELDQ7+iMNRYiHGV 1iURGQtNYDOL¿NDþQtUiPHFWHUFLiUQtKR
Y]GČOiYiQt'tO=NXãHQRVWLDGRSRUXþHQt3UDKD0LQLVWHUVWYRãNROVWYtPOiGHåHDWČORYêFKRY\³ _
'ĥOHæLWpDVSHNW\IRUPXORYiQtYëVOHGNĥXÿHQt 2GOL¨HQmRGERUQ®FK]QDORVWmDGRYHGQRVWm 3ĜL SRSLVX RGOLãXMHPH RGERUQp ]QDORVWL D RGERUQp GRYHGQRVWL -H WRPX WDN SURWR åH]iNODGQtPSĜHGSRNODGHPQDSOQČQtIRUPXORYDQêFKYêVOHGNĤXþHQtMHSURFHVW]YNRQ VWUXNWLYQtKRSURSRMHQtY]GČOiYDFtFKFtOĤVHY]GČOiYDFtPLPHWRGDPLDVPHWRGDPLKRG QRFHQt GRVDKRYDQêFK L GRVDåHQêFK YêVOHGNĤ 1HO]H SRX]H IRUPXORYDW SĜHGSRNOiGDQp YêVOHGN\ XþHQt -H QH]E\WQp Y VRXYLVORVWL V QLPL Y\PH]LW MDN EXGHPH ĜtGLW Y]GČOiYDFt SURFHVDNWHUpY\XþRYDFtDKRGQRWLFtPHWRG\XSODWQtPH 3RåDGDYHN QD RGGČORYiQt ]QDORVWt D GRYHGQRVWt QH]QDPHQi UR]GČOHQt GLVFLSOtQ WM SĜHGPČWĤ þL RVWDWQtFK VORåHN RERUĤ QHER GRNRQFH RERUĤ QD ]QDORVWQt D GRYHGQRVWQt -VRXVDPR]ĜHMPČGLVFLSOtQ\RERU\ NWHUpMVRX]DPČĜHQ\SĜHGHYãtPQD]tVNiQtWHRUHWLF NêFK]QDORVWtDMVRXGLVFLSOtQ\NWHUpVHVRXVWĜHćXMtQDGRYHGQRVWLěDGDGLVFLSOtQRERUĤ YãDN]DKUQXMHRERMt3URþWHG\RGGČORYDWIRUPXODFH]QDORVWtDGRYHGQRVWt"'ĤYRGHPMH åHNMHMLFK]tVNiQtVORXåtUR]GtOQpY]GČOiYDFtPHWRG\DNRYČĜRYiQtMHMLFKYêVOHGNĤVORXåt MLQpKRGQRWLFtPHWRG\ 2GERUQp]QDORVWLWMWHRUHWLFNp]QDORVWLYGDQpPRERUXYãHFRVWXGHQWSRDEVROYR YiQt RERUX þL MHGQRWN\ VWXGLMQtKR SURJUDPX XPt Y\MPHQRYDW SRSVDW FKDUDNWHUL]RYDW Y\VYČWOLWDQDO\]RYDWDSRG RYČĜtPHMLQêPLPHWRGDPLQHåRERURYpGRYHGQRVWL6WHMQČ WDNXSODWQtPHMLQpKRGQRWLFtPHWRG\SURRYČĜHQtRGERUQêFK RERURYêFK GRYHGQRVWt MHå]DKUQXMtYãHFKQ\VLWXDFHRERUXNWHUpVWXGHQWSRDEVROYRYiQtGRNiåHĜHãLWWMFRXPt QDYUKQRXWUHDOL]RYDWY\WYRĜLWDSRG 3RGREQČSDN]YROtPHRGOLãQpY\XþRYDFtPHWRG\ SURGRVDåHQtRGERUQêFK]QDORVWtDSUR]tVNiQtRGERUQêFKGRYHGQRVWt 1iVOHGXMtFtSDViåXYiGtSĜtNODGUR]GtOQRVWLPHWRGDSOLNRYDQêFKSĜL]tVNiYiQtDRYČ ĜRYiQt]QDORVWtDGRYHGQRVWt 3UR GRVDåHQt ]QDORVWQtKR YêVOHGNX XþHQt ÄY\VYČWOt ]iNODGQt YêYRMRYp SURFHV\ SUD VORYDQãWLQ\ Y URYLQČ KOiVNRVORYQp D PRUIRORJLFNp³ O]H ]YROLW PHWRGX LQWHUDNWLYQt SĜHGQiãN\YMHMtPå~YRGXMHY\XþXMtFtPIRUPXORYiQSUREOpPNWHUêMHSDNVSROHþQČ VH VWXGHQW\ ĜHãHQ 9êVOHGHN XþHQt PĤåHPH RYČĜLW StVHPQêP WHVWHP NG\ VWXGHQW RGSRYtGiQDRWi]N\YROQRXRGSRYČGt 9\XþRYDFtPHWRGRXNGRVDåHQtGRYHGQRVWQtKRYêVOHGNXXþHQtÄþWHDLQWHUSUHWXMHVWD URVORYČQVNêWH[WDQDO\]XMHXåLWpMD]\NRYpSURVWĜHGN\URYLQ\KOiVNRVORYQpDPRUIR ORJLFNp³PĤåHEêWVDPRVWDWQiSUiFHVWXGHQWĤYVHPLQiĜLSĜLQtåSRGYHGHQtPXþLWHOH SRVWXSQČ]tVNiYDMtGRYHGQRVWSUDFRYDWVHVWDURVORYČQVNêPWH[WHP.RYČĜHQtWRKRWR YêVOHGNXXþHQtVORXåtQDSĜSUH]HQWDFHVDPRVWDWQpSUiFHVWXGHQWĤ±VDPRVWDWQiLQWHU SUHWDFH]DGDQpKR~U\YNXVWDURVORYČQVNpKRWH[WX
3RµHWIRUPXORYDQ®FKY®VOHGNØXµHQm 1HO]H VWDQRYLW YãHREHFQČ SODWQê SRþHW R SRþWX UR]KRGXMH PtUD NRQNUpWQRVWL SR SLVXREVDKDUR]VDKSĜHGPČWXRERUX 9åG\MHWĜHEDY\FKi]HW]WRKRåHGRVDåHQtYãHFK _
IRUPXORYDQêFK XYHGHQêFK YêVOHGNĤ XþHQt PXVt EêW SHGDJRJHP RYČĜHQR åH PXVtPH GHNODURYDWLRGSRYtGDMtFtY]GČOiYDFtPHWRG\WMPXVtPHYČGČWMDNêPLFHVWDPLEXGHVWX GHQW Y SUĤEČKX VWXGLD YêVOHGN\ XþHQt GRVDKRYDW 3ĜL SURPêãOHQt YD]HE PH]L YêVOHGN\ XþHQt D Y]GČOiYDFtPL D KRGQRWLFtPL PHWRGDPL MH ]iURYHĖ QXWQp XYČGRPRYDW VL UR]VDK SĜHGPČWXMHKRREVDKRYRXQiURþQRVWVWXGHQWRYXVWXGLMQt]iWČåNWHURXY\MDGĜXMHPHNUH GLWRYRXKRGQRWRXRGYR]HQRXRGþDVRYpQiURþQRVWLVWXGHQWRYêFKVWXGLMQtFKDNWLYLW7RYãH Y\WYiĜtNRUHNWLYNWHUêXUþXMHSRþHWIRUPXORYDQêFKYêVOHGNĤXþHQt=iURYHĖMHWĜHEDPtW QDSDPČWLåHQHPĤåHEêWSRGPtQNRXVWHMQêSRþHWIRUPXORYDQêFK]QDORVWtDGRYHGQRVWt ýDVWêSUREOpP±VQDåtPHVHYåG\XYpVWVWHMQêSRþHW]QDORVWtDGRYHGQRVWt 1H YãHFKQ\ VWXGLMQt RERU\ D Xå YĤEHF QH YãHFKQ\ SĜHGPČW\ UR]YtMt GR VWHMQp PtU\ ]QDORVWLLGRYHGQRVWL9RERUHFK]DPČĜHQêFKQDSĜtSUDYXSURNRQNUpWQtSURIHVLEXGHYČWãt GĤUD]QDGRYHGQRVWL]DWtPFRYWHRUHWLFN\SRMDWpPRERUXEXGHYČWãtGĤUD]QD]QDORVWL± YWČFKWRSĜtNODGHFKSDNVDPR]ĜHMPČEXGRXYHYêVOHGFtFKXþHQt]QDORVWLQHERGRYHGQRVWL SĜHYDåRYDW 8SĜHGPČWĤWRSODWtGYRMQiVREQČNG\QD]DþiWHNVWXGLDĜDGtPHSĜHGPČW\NWHUpUR]YtMt SĜHGHYãtP WHRUHWLFNp ]QDORVWL QD ]iNODGČ NWHUêFK VWXGHQWL Y QiVOHGXMtFtFK SĜHGPČWHFK UR]YtMtSUDNWLFNpGRYHGQRVWL9êVOHGN\XþHQtXSĜHYiåQČÄWHRUHWLFNêFK³SĜHGPČWĤEXGRX SĜHGHYãtP ]QDORVWL ]DWtPFR PH]L YêVOHGN\ ] XþHQt X ÄSUDNWLFNêFK³ SĜHGPČWĤ EXGRX SĜHYDåRYDWGRYHGQRVWL
=gVDG\IRUPXORYgQmREHFQ®FK]SØVRELORVWm 2EHFQp ]SĤVRELORVWL MVRX VSROHþQp YãHP DEVROYHQWĤP SĜtVOXãQpKR VWXSQČ Y\VRNR ãNROVNpKRVWXGLDSURWRQHQtWĜHEDMHQD~URYQLMHGQRWOLYêFKRERUĤQHERSĜHGPČWĤþLWpPDW IRUPXORYDW VDPRVWDWQČ 3ĜLĜD]XMHPH MHQ GHVNULSWRU\ REHFQêFK ]SĤVRELORVWt VWDQRYHQp QD QiURGQt ~URYQL 6DPR]ĜHMPČ WR DOH QH]QDPHQi åH VH MLPL SĜL SRSLVX VYpKR RERUX þL SĜHGPČWX QHPXVtPH YĤEHF ]DEêYDW , REHFQp ]SĤVRELORVWL VWXGHQW QDEêYi VWXGLHP QDãHKRRERUXQHERSĜHGPČWX±MHWHG\QXWQpYČGČWNG\NGHDMDNNWRPXGRFKi]t6WHMQČ WDNMHREHFQp]SĤVRELORVWLWĜHEDRYČĜRYDW±MHWHG\RSČWQXWQRY\MiGĜLWNG\DMDNEXGH RYČĜRYiQtSUREtKDW-LQDNĜHþHQRREHFQp]SĤVRELORVWLPXVtPH]DKUQRXWGRVYêFK~YDK RY]GČOiYDFtFKPHWRGiFKDRKRGQRWLFtFKPHWRGiFK 1iVOHGXMtFtSDViåXYiGtSĜtNODGMHGQp]WDNWRNRQFLSRYDQêFK~YDK 9êVOHGNX XþHQt IRUPXORYDQpKR MDNR REHFQi ]SĤVRELORVW DEVROYHQWĤ EDNDOiĜVNpKR VWXGLMQtKRSURJUDPXÄMVRXVFKRSQLVUR]XPLWHOQČVKUQRXWQi]RU\RVWDWQtFKþOHQĤWêPX³ GRVDKXMHPHQDSĜ]DĜD]HQtPSURMHNWRYpKRY\XþRYiQtSĜLQČPåVWXGHQWLYWêPXĜHãtSUR MHNWYê]NXPQpKRFKDUDNWHUXDYêVOHGN\VYpKRĜHãHQtSUH]HQWXMtRVWDWQtPVWXGHQWĤP
3DViåMHSĜHY]DWD]+QLOLFD-33DELDQ7+iMNRYiHGV 1iURGQtNYDOL¿NDþQtUiPHFWHUFLiUQtKR Y]GČOiYiQt'tO=NXãHQRVWLDGRSRUXþHQt3UDKD0LQLVWHUVWYRãNROVWYtPOiGHåHDWČORYêFKRY\VWU
_
9]WDK\PH]LYëVOHGN\XÿHQtJUDGDFHDQiYD]QRVW 9êVOHGN\XþHQtMHQXWQRIRUPXORYDWYåG\VH]ĜHWHOHPNMHMLFKY]WDKĤPNFHOpPXNRP SOH[XY]GČOiYiQt3ĜHGHYãtPMHWĜHEDUHVSHNWRYDWY]WDK\PH]LMHGQRWOLYêPLNYDOL¿NDþQtPL VWXSQL =GH SODWt QiYD]QRVW Y\ããt VWXSHĖ VWDYt QD SĜHGSRNOiGDQêFK YêVOHGFtFK XþHQt QLåãtKRVWXSQČD]iURYHĖSURKOXEXMHDUR]ãLĜXMHQDQLåãtPVWXSQL]tVNDQp]QDORVWLDGRYHG QRVWL7R]QDPHQiåHYêVOHGN\XþHQtMHGQRWOLYêFKVWXSĖĤY\VRNRãNROVNpKRY]GČOiYiQt ]FHODVDPR]ĜHMPČJUDGXMtSĜHGSRNOiGiPHåHDEVROYHQWPDJLVWHUVNpKRVWXGLMQtKRSURJUD PXSURND]XMHY\ããtNYDOLWX]QDORVWtDGRYHGQRVWtQHåDEVROYHQWEDNDOiĜVNpKRVWXGLMQtKR SURJUDPXDVWHMQČWDNRþHNiYiPHåHDEVROYHQWGRNWRUVNpKRVWXGLDSĜHY\ãXMHVYêPL]QD ORVWPLGRYHGQRVWPLDREHFQêPL]SĤVRELORVWPLDEVROYHQWDPDJLVWHUVNpKRVWXSQČ 3ĜtNODG 22 *UDGDFLO]HYHIRUPXODFLYêVOHGNĤXþHQtY\MiGĜLWQČNROLND]SĤVRE\ VORYHVHPY\MDGĜXMtFtPNRPSOH[QČMãtþLQQRVWQDSĜSRStãHQDQLåãtDY\VYČWOtQD Y\ããt~URYQLFRåMHLGDOãtGĤYRGSURþQHSRXåtYDWREHFQiVORYHVD±MHVWOLåHVWX GHQWSRDEVROYRYiQt~YRGQtKRSĜHGPČWXÄ]Qi³MDNY\MiGĜtPHJUDGDFLSRDEVRO YRYiQtGDOãtFKQDYD]XMtFtFKSĜHGPČWĤ" PtURXVDPRVWDWQRVWLQDSĜVWXGHQWXPt]SUDFRYDWSRGYHGHQtPQDQLåãtDVWXGHQW XPt]SUDFRYDWVDPRVWDWQČQDY\ããt~URYQL ãtĜNRX D KORXENRX ]QDORVWt D GRYHGQRVWt SĜ X YVWXSQtFK SĜHGPČWĤ VH MHGQi R REHFQp VH]QiPHQt VH ]iNODGQtPL WHRULHPL D PHWRGDPL QDSĜ SRStãH RãHWĜR YDWHOVNê SURFHV Y\VYČWOt UR]GtO\ PH]L KODYQtPL Yê]NXPQêPL PHWRGDPL DSRG X QiVOHGQêFK SĜHGPČWĤ D Y\ããtFK ~URYQt SDN PĤåH MtW R NRQNUpWQt DSOLNDFL XVNXWHþĖXMHRãHWĜRYDWHOVNêSURFHVUHDOL]XMHYê]NXPQiãHWĜHQtDM 3ĜtNODGJUDGDFHþ±VWXGLMQtSURJUDP6WURMtUHQVWYtSĜHGPČW\þiVWLDPHFKDQLVP\ VWURMĤ,D,,
%DNDOiĝVNëVWXSHė²GRYHGQRVWL
0DJLVWHUVNëVWXSHė²GRYHGQRVWL
$EVROYHQWSÐHGPÂWXµgVWLDPHFKDQLVP\ VWURMØ,XPm
$EVROYHQWSÐHGPÂWXµgVWLDPHFKDQLVP\ VWURMØ,XPm
QDYUKQRXWY\EUDQRXVRXµgVWVWURMH SHYQRVWQÂGLPHQ]RYDWY\EUDQRXVRXµgVW VWURMHVWDWLFN\DG\QDPLFN\QDYUKQRXW DSHYQRVWQÂ]NRQWURORYDWUR]HEmUDWHOQk DQHUR]HEmUDWHOQkVSRMHQmKÐmGHOØQDYUKQRXW DSHYQRVWQÂ]NRQWURORYDWSÐHGHSMDWk ¨URXERYkVSRMHQmSRVRXGLWrURYHÊ WHFKQLFNkKRÐH¨HQmMHGQRWOLYkVRXµgVWL
QDYUKQRXWDGLPHQ]RYDWMHGQRGXFKRX VNXSLQXSRKRQXY\SRµmWDWSUXªQk DQHSUXªQkVSRMN\Y\SRµmWDWDGLPHQ]RYDW VWDQGDUGQmDQHVWDQGDUGQm+&5 R]XEHQm NUHVOLWY®UREQmY®NUHV\R]XEHQ®FKNROVH VSUgYQ®PY\SOQÂQmPGRSOÊNRY®FKWDEXOHN R]XEHQmDQDO\]RYDWrURYHÊWHFKQLFNkKR ÐH¨HQmVHVWDY\
221iVOHGXMtFtYêþHWDWDEXONDMVRXGRVORYQČSĜHMDW\]+QLOLFD-33DELDQ7+iMNRYiHGV 1iURGQt
NYDOL¿NDþQtUiPHFWHUFLiUQtKRY]GČOiYiQt'tO=NXãHQRVWLDGRSRUXþHQt3UDKD0LQLVWHUVWYRãNROVWYt POiGHåHDWČORYêFKRY\VWU
_
*UDGDFHRGERUQêFKGRYHGQRVWtVSRþtYiYHVFKRSQRVWLQDYUKRYDWDDQDO\]RYDWVORåL WČMãtVHVWDY\SRDEVROYRYiQtSĜHGPČWXYUiPFLQDYD]XMtFtKRPDJLVWHUVNpKRVWXGLMQtKRSUR JUDPXRSURWLMHGQRWOLYêPVRXþiVWHPSĜtSDGQČMHMLFKVSRMHQtSRDEVROYRYiQtSĜtVOXãQpKR SĜHGPČWXYUiPFLEDNDOiĜVNpKRVWXGLMQtKRSURJUDPX 3ĜtNODGJUDGDFHþ±VWXGLMQtSURJUDP3ROLWRORJLHVWXGLMQtRERU3ROLWRORJLH
%DNDOiĝVNëVWXSHė²GRYHGQRVWL
0DJLVWHUVNëVWXSHė²GRYHGQRVWL
$EVROYHQWVWXGLMQmKRRERUX3ROLWRORJLHXPm
$EVROYHQWVWXGLMQmKRRERUX3ROLWRORJLHXPm
w LQWHUSUHWRYDWY®VOHGN\SROLWRORJLFN®FK YÂGHFN®FKY®]NXPØ w DQDO\]RYDWY®VOHGN\YROHEXQgV µLY]DKUDQLµmQDPmVWQmUHJLRQgOQm FHORVWgWQmLHYURSVNkrURYQL w SÐLSUDYLW]gNODGQmVWUDWHJLHDNRQFHSFH µLQQRVWLSURQHYOgGQmRUJDQL]DFH
w VDPRVWDWQÂQDYUKQRXWREVDKDIRUPX ]gNODGQmKRNYDQWLWDWLYQmKRµL NYDOLWDWLYQmKRSROLWRORJLFNkKRY®]NXPX w DQDO\]RYDWSROLWLFNkSURFHV\XQgV LY]DKUDQLµmDSÐHGYmGDWGDO¨mY®YRM LPRªQk]SØVRE\ÐH¨HQm w DQDO\]RYDWDY\WYgÐHWVWUDWHJLFNkSOgQ\ YREODVWLSROLWLN\YµLQQRVWLQHYOgGQmFK RUJDQL]DFm
6OHGXMHPHLY]WDK\PH]LYêVOHGN\XþHQtYUiPFLRERUX,QDWpWR~URYQLYêVOHGN\ XþHQtJUDGXMt±SĜHGSRNOiGiPHåHVH~URYHĖ]QDORVWtDGRYHGQRVWtYSUĤEČKXVWXGLDRER UX]Y\ãXMH6WXGHQWY\ããtKRURþQtNXSURNiåHY\ããt]QDORVWLþLGRYHGQRVWLQHåYURþQtNX SĜHGFKi]HMtFtP3RGREQČSDNVWXGHQWQD]iYČUVWXGLDSURND]XMHGRYHGQRVWLSURQČå]tVNDO SRWĜHEQp]QDORVWLYMHKR~YRGX 6 WpPDWHP JUDGDFH VRXYLVt VNXWHþQRVW åH SUR GRVDåHQt YêVOHGNĤ XþHQt RERUX Pi YHONêYê]QDPVWDQRYHQtVWXGLMQtKRSOiQX±WHG\Y\WYRĜHQtRSWLPiOQtVNODGE\SĜHGPČWĤ MHGQRWHN VWXGLD 3URWR SĜL IRUPXODFL YêVOHGNĤ XþHQt NDåGpKR SĜHGPČWXMHGQRWN\ VWXGLD VOHGXMHPHLY]WDKNSĜHGPČWĤPSĜHGFKi]HMtFtPYNDWHJRULtFKSĜHGSRNOiGDQêFK]QD ORVWtDGRYHGQRVWtSĜHVQČIRUPXOXMHPHQH]E\WQpYVWXSQtSRåDGDYN\W]YSUHUHNYL]LW\23 -HOL NXSĜtNODGX SĜHGSRNOiGiQ YêVOHGHN XþHQt ÄVWXGHQW Y\VYČWOt YêYRMRYp SURPČQ\ IXQNFtþHãWLQ\Y]iYLVORVWLQDYêYRMLKLVWRULFNpKRNRQWH[WX³MHWĜHEDIRUPXORYDWYVWXSQt SĜHGSRNODGQiVOHGXMtFtP]SĤVREHPÄVWXGHQWY\VYČWOtKODYQtHWDS\KLVWRULFNpKRYêYRMHQD QDãHP~]HPtRG9HONp0RUDY\GRNRQFHVWROHWt³ 'iOHMH]iKRGQRSURPêãOHWLY]WDK\PH]LNDWHJRULHPL]QDORVWLDGRYHGQRVWL=iNOD GHPSURY\PH]HQtYêVOHGNĤXþHQtMVRX]QDORVWL±RGERUQpGRYHGQRVWLVHNWČPWR]QD ORVWHP Y]WDKXMt MVRX Y\PH]RYiQ\ MDNR VFKRSQRVW Y\XåtYDW RGERUQêFK ]QDORVWt 3URWR REVDKDUR]VDK]QDORVWtPiRGSRYtGDWIXQNFLNWHURXPDMtYHY]WDKXNSĜHGSRNOiGDQêP 23 9LQIRUPDþQtFKV\VWpPHFKXUþHQêFKNSRSLVXVWXGLDVHþDVWRMDNRSUHUHNYL]LW\]DGiYDMtSRX]H]NUDWN\
SĜHGFKi]HMtFtFKSĜHGPČWĤ9VRXYLVORVWLVSRSLVHPYêVOHGNĤXþHQtVHWDNRYê]SĤVREY\MiGĜHQtQH]E\WQêFK SĜHGSRNODGĤMHYtMDNRQHGRVWDWHþQê 32 _
GRYHGQRVWHP$QDRSDN±SĜLIRUPXODFLGRYHGQRVWQtKRYêVOHGNXXþHQtVH]DPêãOtPHQDG WtPNGHNG\DMDNVWXGHQW]tVNDO]QDORVWLNWHUpGRYHGQRVWSRGPLĖXMt $EVROYHQWPDJLVWHUVNpKRVWXGLMQtKRSURJUDPX3UĤP\VORYiHOHNWURQLNDDHOHNWURPH FKDQLNDNXSĜtNODGX]tVNiRGERUQRX]QDORVWÄY\VYČWOtSRXåLWtYêSRþHWQtWHFKQLN\SĜLVLPX ODFLYêSRþWXL NRQVWUXRYiQt VWURMĤ³ QD QLå QDYD]XMHRGERUQi GRYHGQRVWÄXPt VHVWDYLW PDWHPDWLFNêPRGHOVWURMHNWHUêVLPXOXMHMHKRFKRYiQtDYODVWQRVWL³.
3URYi]DQRVWYëVOHGNĥXÿHQtD]SĥVREĥY]GčOiYiQtDKRGQRFHQt KODYQtSULQFLS\ .RQVWDWRYDOLMVPHåHQH]E\WQRXSRGPtQNRXIRUPXODFHYêVOHGNĤXþHQtMHMHMLFKSUR Yi]DQRVWVH]SĤVRE\Y]GČOiYiQtWMNWHUpY\XþRYDFtPHWRG\EXGRXXSODWQČQ\ D]SĤVRE\ KRGQRFHQtWMNWHUêPLKRGQRWLFtPLPHWRGDPLEXGRXYêVOHGN\XþHQtRYČĜRYiQ\ 3ĜLYROEČ Y\XþRYDFtFKDKRGQRWLFtFKPHWRGY\FKi]tPH]HGYRX]iNODGQtFK]MLãWČQtY\VRNRãNROVNp SHGDJRJLN\ 6WXGXMtFtVHXþtWRFRGČODMtQLNROLWRFRMLPQČNGRSĜHGQiãtDGHPRQVWUXMHVWXGX MtFtWHG\PXVtYSUĤEČKXY]GČOiYiQtFtORYp]QDORVWLDGRYHGQRVWLSUDNWLNRYDW 6WXGXMtFt SĜLVWXSXMt N XþHQt GYRMtP ]SĤVREHP SRYUFKRYê SĜtVWXS MH ]DPČĜHQ QD PHPRURYiQtVFtOHPXGČODW]NRXãNX]DWtPFRKORXENRYêSĜtVWXSMH]DPČĜHQQDSR UR]XPČQt±SRX]HGUXKêSĜtVWXSYãDNYHGHNWUYDOêP]QDORVWHPDGRYHGQRVWHP 1DãtPFtOHPMHDE\VWXGHQWL]tVNDOLWUYDOp]QDORVWLDGRYHGQRVWLDDE\]iURYHĖY\ VRNRãNROVNpVWXGLXPSRGQČFRYDORDUR]YtMHORMHMLFKNUHDWLYLWX3URWRXVLOXMHPHRY\WYRĜHQt SRGPtQHN NWHUp VWXGHQW\ YHGRX N YROEČ KORXENRYpKR SĜtVWXSX NH Y]GČOiQt SRGUREQp FKDUDNWHULVWLN\ KORXENRYpKR SĜtVWXSX YL] YêãH .URPČ MLQpKR QDSĜ NURPČ YROE\ RGSRYtGDMtFtFKY\XþRYDFtFKDKRGQRWLFtFKPHWRG WR]QDPHQiåHIRUPXOXMHPHYêVOHGN\ XþHQtNWHUp]DKUQXMtQiURNQDSRUR]XPČQtVWXGXMtFtFK$NMHMLFKåGRVDåHQtQHVWDþtSRXKp PHPRURYiQtþLQiSRGRED-LQDNĜHþHQRYêVOHGN\XþHQtNWHUpRþHNiYDMtUHSURGXNFLKR WRYêFK]QDORVWtDSĜHGHPGDQêFKVSUiYQêFKRGSRYČGtNWHUpQHRþHNiYDMtVFKRSQRVWSUD FRYDWVLQIRUPDFHPLYãLUãtFKVRXYLVORVWHFKQHERMHMLFKDSOLNDFLYQH]QiPpPNRQWH[WX MHWĜHEDSRVX]RYDWNULWLFN\ 1iVOHGXMtFtSĜtNODGLOXVWUXMHUR]GtOPH]LYêãHSRSVDQêPLGYČPDSĜtVWXS\ 6WXGHQWL Y\MPHQXMt QHMGĤOHåLWČMãt KLVWRULFNp XGiORVWL Y (YURSČ Y SRVOHGQt WĜHWLQČ VWROHWtPHPRURYiQt 6WXGHQWL ]KRGQRWt GĤVOHGN\ QHMGĤOHåLWČMãtFK KLVWRULFNêFK XGiORVWt Y (YURSČ QD SĜHORPXDVWROHWtSURþHVNpQiURGQtREUR]HQtKRGQRFHQt
=SØVRE\Y]GÂOgYgQmY\XµRYDFmPHWRG\ 6RXþDVQiSHGDJRJLNDRULHQWXMHY\VRNRãNROVNpKRSHGDJRJDNYROEČPHWRGNWHUpSRG SRUXMtW]YþLQQRVWQtXþHQtWMXþHQt]DPČĜHQpQDVWXGHQWD.5ROHVWXGHQWDDXþLWHOHVHPČQt _ 33
±VWXGHQWMHWHQNGRPiVWXGRYDWSĜHPêãOHWKORXEDWREMHYRYDWSUDFRYDWQDLQGLYLGXiO QtFKDVNXSLQRYêFK~NROHFKSUH]HQWRYDWMHRSRQRYDWDKRGQRWLWVSROHþQČVYUVWHYQtN\24 8þLWHOVHMDNRSDUWQHUVRXVWĜHćXMHQDþLQQRVWLNWHUpSRPiKDMtVWXGHQWĤPSUDNWLNRYDW]QD ORVWLDGRYHGQRVWLVWDQRYHQpYHYêVOHGFtFKXþHQt ýDVWR MVRX GR SURWLNODGX GiYiQ\ LQVWUXNWLYLVPXV WUDGLþQt SĜtVWXS NH Y]GČOiYiQt DNRQVWUXNWLYLVPXV,QVWUXNWLYLVPXVSĜHGSRNOiGiåHMHXþHQtIRUPRYiQRYQČMãtPLSRG PtQNDPLåHMHWROLQHiUQtUR]YRM]QDORVWtYQČPåMHNDåGêQRYêVHJPHQWREVDKXYPDOêFK NURFtFK QDYD]RYiQ QD SĜHGFKR]t 8þLWHO IRUPRX SĜHGQiãN\ VGČOXMH LQIRUPDFH SRXåtYi SĜtNODG\ D SUDYLGOD D RG VWXGHQWD RþHNiYi åH WHRUHWLFNp LQIRUPDFH ]YOiGQH D åH ]tVNi QiY\N\SURFYLþRYiQtP1DSURWLWRPXNRQVWUXNWLYLVPXVSRYDåXMHXþHQt]DSURFHVKOXERFH LQGLYLGXiOQtD]GĤUD]ĖXMHåHSR]QiQtDUHDOLWDQHPDMtREMHNWLYQtQHERDEVROXWQtKRGQRWX ýORYČNNRQVWUXXMHDLQWHUSUHWXMH ±DQHERDOHVSRĖ]SĤVRESR]QiQtWpWRUHDOLW\QH]QiPH 3ĜLDSOLNDFLNRQVWUXNWLYLVPXYH UHDOLWXQD]iNODGČVYpYODVWQtLQGLYLGXiOQt]NXãHQRVWL ãNROQtSUD[LVWXGHQWQD]iNODGČVH]QiPHQtVHVQČNROLNDUĤ]QêPLWHRULHPLDWRYURYLQČ SĜtVWXSXYČGHFNpKRLVHQ]LWLYQtKR YDNWLYQtGLVNX]LVXþLWHOHPDVSROXåiN\DYNULWLFNpP SĜHKRGQRFHQtVYêFKSĤYRGQtFKQi]RUĤGRVStYiNY\EXGRYiQtYODVWQtDQHRSDNRYDWHOQp 1HSODWtRYãHPåHWUDGLþQtHIHNWLYQtWUDQVPLVLYQtPHWR VWUXNWXU\YČGRPRVWtDSRVWRMĤ G\VSRMHQpVLQVWUXNWLYLVPHPMVRX]PRGHUQtKRSRMHWtY]GČOiYiQtY\ORXþHQ\9]KOHGHP NGtOþtPXFtOLY]GČOiYDFtKRSURFHVXPRKRXEêWLQVWUXNWLYLVLWFNpPHWRG\IXQNþQtVRXþiVWt NRQVWUXNWLYLVWLFNpKRSRMHWtYêXN\ 3ĜL SRSLVX Y]GČOiYDFtKR SURFHVX YH Y]WDKX N YêVOHGNĤP XþHQt MH QXWQR RGOLãLW RUJDQL]DþQtIRUP\Y]GČOiYiQtDY]GČOiYDFtPHWRG\PHWRG\Y]GČOiYiQt 8VWiOHQRXIRU PRX Y\VRNRãNROVNp YêXN\ MH QDSĜ SĜHGQiãND Y]GČOiYDFt PHWRGRX MH SĜHGQiãND MDNR SUREOpPRYê YêNODG Y\XþXMtFt Y ~YRGX IRUPXOXMH SUREOpP NWHUê Y SĜHGQiãFH YH VSR OXSUiFLYLQWHUDNFL VHVWXGXMtFtPLĜHãt3RGREQČVHPLQiĜFYLþHQtH[NXU]HSUD[HMVRX RUJDQL]DþQt IRUP\ Y\VRNRãNROVNp YêXN\ Y]GČOiYDFtPL PHWRGDPL MVRX QDSĜ GLVNX]H UHIHUiWSUH]HQWDFHGHPRQVWUDFHSUiFHVP\ãOHQNRYRXPDSRXĜHãHQtSUREOpPRYêFKVL WXDFt ĜHãHQt SURMHNWX DSRG 0HWRG\ ]DORåHQp QD NRQVWUXNWLYLVWLFNpP SRMHWt MVRX QDSĜ SURMHNWRYiPHWRGDþLEDGDWHOVNpDYê]NXPQpPHWRG\YêXN\
=SØVRE\KRGQRFHQmKRGQRWLFmPHWRG\ 9êVOHGN\XþHQtY\PH]XMHPHMDNRRYČĜLWHOQp]QDORVWLGRYHGQRVWL]SĤVRELORVWL3UR WR MH SĜL MHMLFK IRUPXORYiQt QH]E\WQp XYDåRYDW L R ]SĤVREHFK NWHUêPL EXGHPH MHMLFK GRVDåHQt QDSOQČQt QDãHKR SĜHGSRNODGX ]MLãĢRYDW D WHG\ KRGQRWLW 2YČĜHQt ]GD E\O\ SRåDGRYDQpYêVOHGN\XþHQtGRVDåHQ\YHGHYMHGQRWOLYêFKSĜHGPČWHFKQHERLMHMLFKYê XNRYêFKPRGXOHFKNDEVROYRYiQtGtOþtFKKRGQRFHQtQHER]NRXãHNY]iYČUXVWXGLDSDN 249DãXWRYi-9\EUDQpRWi]N\Y\VRNRãNROVNpSHGDJRJLN\3UDKDÒ95â 1H]YDORYi ' D NRO .RQVWUXNWLYLVPXV D MHKR DSOLNDFH Y LQWHJURYDQpP SRMHWt SĜtURGRYČGQpKR
Y]GČOiYiQt2ORPRXF8QLYHU]LWD3DODFNpKR
:RROIRON$(GXFDWLRQDOSV\FKRORJ\WKHG %RVWRQ0$$OO\Q %DFRQ
5RKOtNRYi/9HMYRGRYi-9\XþRYDFtPHWRG\QDY\VRNpãNROH3UDKD*UDGD3XEOLVKLQJ
34 _
NXGČOHQtFHUWL¿NiWĤRDEVROYRYiQtVWXGLD±GLSORPXDWLWXOXNWHUêPLVHSRWYU]XMHVSOQČQt SRåDGRYDQpKRNXULNXOD +RGQRFHQtPiYãDNYSURFHVXY]GČOiYiQtLGDOãtIXQNFH±MHSURVWĜHGNHPVHEHUHÀH[H VWXGHQWD L Y\XþXMtFtKR MH GĤOHåLWêP PRWLYDþQtP QiVWURMHP 6WXGHQW SRWĜHEXMH ]SČWQRX YD]EX WM LQIRUPDFL R WRP MDN SRVWXSXMH Y SURFHVX Y]GČOiYiQt QDNROLN MH ~VSČãQê þL QH~VSČãQêGRMDNpPtU\]YOiGi]YOiGO SRåDGDYN\0XVtEêWLQIRUPRYiQMDNGiOHSRVWX SRYDWPXVtEêWPRWLYRYiQSRY]EX]RYiQYGDOãtSUiFLDSRG6WHMQČWDNSRWĜHEXMH]SČWQRX YD]EXLY\XþXMtFt±FKFH]tVNDWLQIRUPDFLRWRPQDNROLNMVRX]YROHQpY\XþRYDFtPHWRG\ IXQNþQtQDNROLNQDSĜSĜHFHQLOYVWXSQt]QDORVWLDGRYHGQRVWLIRUPXORYDQpYSUHUHNYL]L WiFKQDNROLNRGSRYtGDMtYêVOHGN\XþHQtUR]VDKXYêXN\LSĜHGSRNOiGDQpVWXGLMQt]iWČåL VWXGHQWDDSRG =XYHGHQêFKGĤYRGĤ]DĜD]XMHPHGRY]GČOiYDFtKRSURFHVXPHWRG\W]YIRUPDWLYQtKR hodnocení NWHUp VWXGHQWĤP SRPĤåH N SRVWXSQpPX RVYRMRYiQt ]QDORVWt D GRYHGQRVWt VWDQRYHQêFKYêVOHGN\XþHQtLPHWRG\]iYČUHþQpKRsumativního KRGQRFHQtNWHUêPMH RYČĜHQD PtUD D NYDOLWD GRVDåHQt WČFKWR YêVOHGNĤ 2EHFQČ VH X]QiYi åH SUR ~VSČãQp VWXGLXPMHSĜHGHYãtPWĜHEDY\WYRĜLWSĜt]QLYpSRGPtQN\]HNWHUêFKYSUĤEČKXY]GČOiYiQt Y]HMGHYĤOHRFKRWDþLRVREQtQDVD]HQtVWXGXMtFtKRNHVWXGLXFtOHPMHY\WYRĜHQtSRGPtQHN NLQGLYLGXiOQtRWHYĜHQRVWLNXþHQt9\WYRĜHQtWDNRYêFKSRGPtQHNMH~NROHPY\XþXMtFtKR QHERVNXSLQY\XþXMtFtFKDOHYNRQHþQpPGĤVOHGNXMGHR~NROFHOpY]GČOiYDFtLQVWLWXFH 7DNRYi YĤOH MHGQRWOLYFH YČQRYDW VH DGHNYiWQtP ]SĤVREHP VWXGLX SRYHGH QHER PĤåH YpVW NQDE\WtGREUêFKYêVOHGNĤXþHQt1iVOHGQiHWDSDKRGQRFHQtYêVOHGNĤVWXGLDQHER ]NRXãHQtDWHVWRYiQtMHYê]QDPQiMDNSURVWXGXMtFtKRWDNSURSRVN\WRYDWHOHY]GČOiYiQt PiSRVN\WQRXWVSROHKOLYRXLQIRUPDFLRPtĜHGRVDåHQtSRåDGRYDQêFKYêVOHGNĤQDNDåGpP VWXSQLY]GČOiYiQtSURWRPXVtEêW]SĤVREĤPWRKRWRKRGQRFHQtYČQRYiQD]QDþQiSR]RU QRVW6RXGtVHåHY]GČOiYiQtRULHQWRYDQpQDYêVOHGN\XþHQtPĤåHGtN\WČPWRSRVWXSĤP URYQČåYpVWNSR]LWLYQt]PČQČSRVWRMĤVWXGXMtFtKRYSUĤEČKXVDPRWQpKRVWXGLD 8þHQt QD Ei]L MHKR YêVOHGNĤ PXVt Y KRGQRWLFtFK PHWRGiFK QD W\WR YêVOHGN\ ~]FH QDYD]RYDWMDNGHPRQVWUXMHQiVOHGXMtFtSDViåYQiYD]QRVWLQDYêVOHGN\XþHQtMHRYãHP åiGRXFtLPRåQpY\PH]LWNULWpULDKRGQRFHQtSĜHVQČMLNRQNUpWQČMLDSRGUREQČML VWXGHQWYtFRDMDNEXGHYKRGQRFHQtFKNRQNUpWQČRYČĜRYiQRPRWLYDþQtSUYHN DWRMDNYSĜtSDGČ]NRXãHNGtOþtFKWDNYSĜtSDGČ]NRXãHNVRXERUQpKRFKDUDNWHUX VWXGHQWYtDNYDOL¿NRYDQČUR]OLãXMHMDNPiSURNi]DWYêVOHGN\YHVWUXNWXĜH]QD ORVWL±GRYHGQRVWL±]SĤVRELORVWL VWXGHQWMHNWRPXYHGHQVDPRWQRXYêXNRXDSRVN\WQXWêPLYêXNRYêPLRSRUDPL VWXGHQW MH Y\VWDYHQ KRGQRWLFtP PHWRGiP MHå MVRX SURYi]iQ\ VH ]YROHQêPL Y]GČOiYDFtPLVWUDWHJLHPLDRGYR]HQ\]Y\XþRYDFtFKPHWRG VWXGHQW VH Y SUĤEČKX VWXGLD VH]QiPLO SDVLYQČ DNWLYQČ V IRUPRX KRGQRFHQt YH VWXGLX PČO PRåQRVW DEVROYRYDW SĜLPČĜHQê SRþHW KRGQRFHQt IRUPDWLYQtKR FKDUDNWHUXDE\OSĜLSUDYRYiQQDKRGQRFHQtVXPDWLYQt 9DQ*HHUW3'\QDPLFV\VWHPVRIGHYHORSPHQW&KDQJHEHWZHHQFRPSOH[LW\DQGFKDRV1HZ
+DUYHVWHU
_
.URNNWHUêMHSURLPSOHPHQWDFLYêVOHGNĤXþHQtNOtþRYêMHYþOHQČQtYêVOHGNĤXþHQt GRKRGQRFHQtNWHUêPVHWHVWXMHMHMLFKVNXWHþQpGRVDåHQt'REĜHSĜLSUDYHQpKRGQRFHQtE\ PČORPRWLYRYDWYpVWDSRY]EX]RYDWVWXGXMtFtKRDPtWWDNSR]LWLYQtGRSDGQDMHKRSĜtVWXS N XþHQt REHFQČ =HMPpQD IRUPDWLYQt KRGQRFHQt E\ PČOR VORXåLW MDNR SRGSRUD VWXGLD DSRVN\WQRXWVWXGXMtFtPX]SČWQRXYD]EXRPtĜHMHKRSRNURNXYHVWXGLX]DSRGPtQHNEH] VWUHVXVPRåQRVWtUHYL]HQHERRSDNRYiQt3DNPĤåHVWXGXMtFtVPQRKHPYČWãt]NXãHQRVWt SĜLVWRXSLWNVXPDWLYQtPXKRGQRFHQtÒNROHPSHGDJRJDMHXPRåQLWIRUPDWLYQtKRGQRFHQt YUĤ]QêFKIRUPiFK0iEêW]DĜD]HQRYSUH]HQþQtYêXFHLDWRSĜHGHYãtP YHYêXNRYêFK RSRUiFK 3ĜtVWXS N KRGQRFHQt N MHKR PHWRGiP D MHKR SURSRMHQt V YêXNRX L VDPRVWDWQêP XþHQtP MH ]iVDGQtP NURNHP Y LPSOHPHQWDFL YêVOHGNĤ XþHQt .RPSOH[QČMãt IRUPXODFH WRKRWRSUREOpPXYãDN]QtQiVOHGRYQČ -DN RUJDQL]RYDW KRGQRFHQt DE\ ]SĤVRELOR SRVXQ RG SRYUFKRYpKR XþHQt N KORXENR YpPXVWXGLXþLDE\WHQWRSRVXQDOHVSRĖSRGSRĜLOR" 7pWRRWi]FHVHYČQRYDORQČNROLNYê]NXPĤNWHUpVH]DEêYDO\KRGQRFHQtPYêVOHGNĤ VWXGLDDMHKRPHWRGDPLMDNRV\VWpPRYRXþLQQRVWt9ê]QDPQpMVRX]HMPpQDQiVOHGXMtFt SULQFLS\ -H YKRGQp Y\WYiĜHW UĤ]QRURGp IRUP\ WHVWRYiQt FRå XPRåQt KRGQRWLW YêVOHGN\ XþHQt Y MHMLFK YHONp UR]PDQLWRVWL 3ĜLVStYi WR WDNp NH ]YêãHQt ]iMPX VWXGHQWĤ R]NRXãHQt 6WXGXMtFtPXVtSĜHVQČFKiSDWFRVHRGQČMYWHVWRYDFt~OR]HSRåDGXMH .ULWpULDKRGQRFHQtPDMtEêWSRGUREQiSĜHKOHGQiDRGĤYRGQČQi 6NXSLQRYp]NRXãHQtMHWĜHEDSHþOLYČQDSOiQRYDWDVWUXNWXURYDW 6\VWHPDWLFNpDQDO\]RYiQtYêNRQXVWXGHQWĤX]NRXãHNQDSRPiKiLGHQWL¿NRYDWW\ REODVWLQHERþiVWLNXULNXODNWHUpY\åDGXMt]OHSãHQtQHER]SĜHVQČQt =D~þHOQp]DGiQtO]HYKRGQRFHQtQHERYH]NRXãHQtSRYDåRYDWWDNRYpNWHUpSURNiåH åHVWXGXMtFtVSOQLOSRåDGRYDQpYêVOHGN\XþHQt7DNRYp]DGiQtY\WYRĜtPHIRUPXOXMHPHOL ~NRO\SRåDGRYDQpþLQQRVWLQHERGRWD]\VSROXVSĜHGHPSĜLSUDYHQRXVWXSQLFtKRGQRFHQt PtU\SRPRFtNWHUpO]HSDNKRGQRWLWMDNE\O\~NRO\SRåDGRYDQpþLQQRVWLþLGRWD]\Y\ NRQiQ\QHER]RGSRYČ]HQ\ +RGQRFHQtY]WDåHQpNYêVOHGNĤPXþHQtD]SĤVREĤPYêXN\DXþHQtY\WYiĜtNRQFHSW ]QDPH SURSRMHQtNXULNXOD3URSRMHQRVWNXULNXODSRGOH-RKQD%LJJVHD&DWKHULQH7DQJ QiVRXVWĜHGLWVHQDGRGUåHQtQiVOHGXMtFtFK]iVDG 9êVOHGN\XþHQtMVRXMDVQČIRUPXORYiQ\KQHGY~YRGXVWXGLD
-DPHV5&0F,QQLV0'HYOLQ$VVHVVLQJ/HDUQLQJLQ$XVWUDOLDQ8QLYHUVLWLHV0HOERXUQH&HQWUH IRUWKH6WXG\RI+LJKHU(GXFDWLRQ %LJJV-&7DQJÄ$SSO\LQJ&RQVWUXFWLYH$OLJQPHQWWR2XWFRPHVEDVHG7HDFKLQJDQG/HDUQLQJ³ 'RVWXSQp ] KWWSGUMMXLWPHGXP\'5--04$**3$6$SU:KDWLV&$ELJJVWDQJSGI %LJJV - & 7DQJ7HDFKLQJIRU4XDOLW\/HDUQLQJDW8QLYHUVLW\0DLGHQKHDG2SHQ8QLYHUVLW\
_
6WXGXMtFt MVRX Y SUĤEČKX VWXGLD YHGHQL WDN DE\ VH VH]QiPLOL V SRåDGRYDQêPL YêVOHGN\XþHQtD]tVNDOLVWXGLMQt]NXãHQRVWLSRWĜHEQpSURMHMLFKGRVDåHQt 3HþOLYČ SĜLSUDYHQp KRGQRFHQt XPRåĖXMH VWXGXMtFtP SURNi]DW åH SRåDGRYDQp YêVOHGN\XþHQt]YOiGOL 7\WR ]iVDG\ YH NWHUêFK VH IRUPXODFH ]iPČUQČ RSDNXMt ]GĤUD]ĖXMt YHOPL GĤOHåLWRX UROLY\XþXMtFtKRDWRMDNYSĜtSUDYČWDNLYHYODVWQtPSURYiGČQtKRGQRFHQt-LP.QLJKW XYiGtåHKRGQRFHQtPXVtVSOĖRYDWPLQLPiOQČWĜLSRGPtQN\DE\E\ORYVRXODGXVH]iPČU\ XþHQt +RGQRFHQtPXVtEêWYVRXODGXVNXULNXOHPDSĜLWRPYKRGQêPL]SĤVRE\WHVWRYDW ]GDSRUR]XPČQt]QDORVWLGRYHGQRVWLD]SĤVRELORVWLE\O\VWXGXMtFtPGRVDåHQ\ +RGQRFHQtQHERWHVWRYiQtSĜLWRPPXVtSĜHGVWDYRYDWSURSRMHQtVHVDPRWQêPSR MPHPY]GČOiYiQtY]GČOiYiQtVHQDNDåGp~URYQLFKiSHMDNRGRVDåHQtXUþLWpKRVWXSQČ VFKRSQRVWLDEVWUDNFH]HYãHREHFQČQtDSĜHQRVLWHOQRVWL +RGQRFHQtQHPiEêWSĜHNiåNRXYHVSROHþHQVNpP]DþOHQČQtVWXGXMtFtKRGRXUþLWp NRPXQLW\DOHPiVWLPXORYDWMHKRFKRYiQtDMHGQiQt]DORåHQpQDY]GČOiQtDY]GČOiQtP UR]YtMHQp +RGQRWLFtPL PHWRGDPL YH Y\VRNRãNROVNpP Y]GČOiYDFtP SURFHVX MVRX QDSĜ ~VWQt DStVHPQi]NRXãNDNRPELQRYDQi]NRXãNDSUDNWLFNi]NRXãNDWHVWGHPRQVWUDFHGRYH GQRVWt UHIHUiW VHPLQiUQt SUiFH VNXSLQRYi QHER LQGLYLGXiOQt SUH]HQWDFH QD VHPLQiĜL VHEHKRGQRFHQt DSRG 3URYi]DQRVW KRGQRWLFtFK PHWRG V YêVOHGN\ XþHQt YHGH N WRPX åHSĜHVQČMLNRQNUpWQČMLDSRGUREQČMLVWDQRYXMHPHNULWpULDKRGQRFHQt6WXGHQWYtQHMHQWR FRDMDNEXGHNRQNUpWQČRYČĜRYiQRDOHMHWDNpREH]QiPHQVWtPNG\DVMDNêPFtOHPVH WDN EXGH GtW =DĜD]RYiQt IRUPDWLYQtKR KRGQRFHQt YHGH MDN N UR]YtMHQt UĤ]QêFK KRGQR WLFtFKPHWRGYSUĤEČKXY]GČOiYDFtKRSURFHVXDWRLYMHGQpGLVFLSOtQČ WDNNMHKRSRMHWt MDNRLQWHJUiOQtVRXþiVWLYêXN\ 1iVOHGXMtFtSDViåXYiGtMDNRSĜtNODGGĤOHåLWRVWLKRGQRFHQt]NXãHQRVWL]tVNiQ\QD),0 8+. 9ODVWQt]NXãHQRVWL]SURFHVXKRGQRFHQtSRLPSOHPHQWDFLYêVOHGNĤXþHQtGR SĜHGPČWĤ V PDWHPDWLFNêP REVDKHP QD ),0 8+. SOQČ UHÀHNWXMt GRSRUXþHQt ]PLĖRYDQiYWČFKWR~YDKiFKDVRXþDVQČSRWYU]XMtQiURþQRVWWpWRHWDS\XþHQtLSUR ]~þDVWQČQpY\XþXMtFt ]NRXãHQtPiVWXGXMtFtPSRPiKDWYHVWXGLX±E\ORWĜHEDQHMHQSRVN\WQRXW YKRGQêREMHPIRUPDWLYQtKRWHVWRYiQtDOHWDNpYpVWVWXGHQW\NWRPXDE\ VH PX YČQRYDOL E\OR WĜHED YþOHQLW GR YêXN\ YHONê SRþHW WHVWĤ UĤ]QêFK GUXKĤ]HMPpQDGRHOHNWURQLFNêFKRSRUYêXN\GRWUDGLþQtFKVNULSWDWDNp GRSUH]HQþQtYêXN\
.QLJKW-+LJK,PSDFW,QVWUXFWLRQ$)UDPHZRUNIRU*UHDW7HDFKLQJ7KRXVDQG2DNV&RUZLQ
_
NULWpULDKRGQRFHQtMDNRGHWDLOQtWUDQVSDUHQWQtDRSUiYQČQiE\ODXSĜHVĖR YiQDE\ODR]QiPHQDKQHGY~YRGXVWXGLDDE\ODNYĤOLFKDUDNWHUXSĜHGPČWĤ QDVWDYHQDNXPXODWLYQČ VWXGXMtFtRSDNRYDQČ GRVWiYDOLSRGUREQp LQIRUPDFHR WRP MDN GRViKQRXW QDSOQČQt VWDQRYHQêFK NULWpULt ± WHG\ FR PDMt XGČODW QDSĜ Y ĜHãHQt PDWH PDWLFNp~ORK\ SUR QDSOQČQt ~þHOX IRUPDWLYQtKR WHVWRYiQt ± ]tVNiQt ]SČWQp YD]E\ QD WR MDNVWXGHQWVWXGXMH±E\ORSRWĜHEQpY\þOHQLWþDVSURY\VYČWOHQtFK\EQêFK SRVWXSĤWRWRY\VYČWOHQtPXVtY\XþXMtFtSRGDWYþDVDE\VHQHY\WYRĜLO\QH VSUiYQp GtOþt QiY\N\ DE\ VH QDSĜ VSUiYQČ XFKRSLO D DSOLNRYDO ÄSULQFLS ĜHãHQt~NROX³DDE\SDNE\ORPRåQpSRVWXSRYDWNSRMPRYČQiURþQČMãtP DSURFHGXUiOQČVORåLWČMãtP~ORKiP VWXGXMtFtPXVtMDVQČSRFKRSLWFRVHYWHVWRYêFK~ORKiFKåiGiRSČWQDãNiOH ]QDORVWL ± GRYHGQRVWL Y SĜHGPČWHFK V PDWHPDWLFNêP REVDKHP VH MHGQi ]HMPpQDRSURFHGXUiOQtGRYHGQRVWL NYĤOLWRPXE\ODPQRKG\SRWĜHEQiUH IRUPXODFH]DGiQtDWRXåYHIRUPDWLYQtP]NRXãHQtE\ORQXWQpSUHFL]RYDW IRUPXODFH WHUPLQRORJLL R]QDþHQt E\OR QXWQp QDMtW D ]DþOHQLW SRMPHQR YiQtQHERR]QDþHQtLSRPRFQêFKSRGSĤUQêFKSRMPĤÄQLåãtKRĜiGX³E\OR QČNG\QXWQp~þHORYČSRXåtWUHGXQGDQWQtFKIRUPXODFt]HMPpQDXVWXGHQWĤ SUYQtFKURþQtNĤ ]NRXãNRYp ~NRO\RWi]N\ E\O\ SĜHKRGQRFHQ\ Y\EUiQ\ D QDIRUPXORYiQ\ WDN DE\ WHVWRYiQt WRKR ]GD MVRX YêVOHGN\ XþHQt GRVDåHQ\ E\OR YĤEHF PRåQp E\ORQXWQpSHþOLYČVOHGRYDWDE\IRUPXODFH]DGiQtRWi]HNNRUHVSRQGRYDOD VWHUPLQRORJLtSRXåtYDQRXYHYêXFH X VXPDWLYQtKR KRGQRFHQt E\O\ Y SĜtSDGČ QH~VSČFKX SRVN\WQXW\ GHWDLOQt LQIRUPDFHFRMHMHKRSĜtþLQRXFRMHPRåQpDSRWĜHEQpXGČODWSURQiSUD YXDMDNpSURVWĜHGN\MVRXSURWRNGLVSR]LFL]HMPpQDVWXGLMQtOLWHUDWXUD VWXGXMtFtSRWĜHEXMHQHMHQ]tVNDW]QiPNXDOHWDNpVSHFL¿FNRXDSĜtKRGQRX ]SČWQRXYD]EXQDVYRMLSUiFLNWHUiMHURYQČåSURVWĜHGNHPMHKRGDOãtPR WLYDFH YêNRQ VWXGHQWĤ X ]NRXãHN E\O Y WêPX Y\XþXMtFtFK SR NDåGpP VHPHVWUX QHER DNDGHPLFNpP URFH VOHGRYiQ D QD ]iNODGČ ]MLãWČQêFK SR]QDWNĤ VH QČNWHUp þiVWL NXULNXOD QiVOHGQČ PRGL¿NRYDO\ REVDKRYČ PHWRGLFN\ ]H VtOHQRXRSRURXYHVWXGLMQtFKPDWHULiOHFK~SUDYRXþDVRYpYêPČU\DSRG
=iVDG\SRVWXSXSĝLIRUPXODFLSRSLVXVWXGLMQtKRRERUX -DNE\ORXYHGHQRYêVOHGN\XþHQtIRUPXOXMHPHQDĜDGČ~URYQt3ĜLSRSLVXRERUXVH RVYČGþLORSRVWXSRYDWVKRUDGROĤWMQHMSUYHSRSVDWRERUMDNRFHOHNDSRWpYãHFKQ\MHKR VRXþiVWLMHGQRWN\VHJPHQW\
_
'RSRUXþXMHPHQiVOHGXMtFtSRVWXS *DUDQW RERUX WHG\ DNDGHPLFNê SUDFRYQtN NWHUê ]Qi FtOH D REVDK RERUX D Pi ]NXãHQRVWLVMHKRYêXNRXSĜtSDGQČYHVSROXSUiFLVGDOãtPLRVREQRVWPLSRGtOH MtFtPLVH QDSĜtSUDYČDUHDOL]DFLRERUX IRUPXOXMHYêVOHGN\XþHQt RERUX WMFR EXGHDEVROYHQW]QiWþHPXEXGHUR]XPČWFREXGHXPČWGČODW 5HVSHNWXMHVWXSHĖ VWXGLDDRGSRYtGDMtFtJUDGDFLYêVOHGNĤXþHQt )RUPXOXMHYVWXSQtSĜHGSRNODG\±QDFRVWXGLXPRERUXQDYD]XMHNWHUpYêVOHGN\ XþHQt ] SĜHGFKR]tKR VWXSQČ VWXGLD Y]GČOiYiQt MVRX SĜHGSRNOiGiQ\ 7DNp W\WR YVWXSQtSĜHGSRNODG\Y\MDGĜXMHMDNRRYČĜLWHOQpYêVOHGN\XþHQtYNDWHJRULtFK]QD ORVWLGRYHGQRVWLDREHFQp]SĤVRELORVWL 'R SRSLVX ]DKUQH L RGSRYtGDMtFt REHFQp ]SĤVRELORVWL ± GHVNULSWRU\ XYHGHQp YQiURGQtPNYDOL¿NDþQtPUiPFLSURRGSRYtGDMtFtVWXSHĖVWXGLD 8YHGH MDNêPL ]SĤVRE\ KRGQRFHQt EXGRX YêVOHGN\ XþHQt ± RGERUQp ]QDORVWL RGERUQpGRYHGQRVWLLREHFQp]SĤVRELORVWL±RYČĜRYiQ\9WpWRVRXYLVORVWLVH]D P\VOtQHMHQQDGIRUPRXDREVDKHPVWiWQt]iYČUHþQp]NRXãN\DNYDOL¿NDþQtSUiFH DOHUiPFRYČLQDGGDOãtPLKRGQRWLFtPLPHWRGDPLNWHUêPLEXGHYSUĤEČKXVWXGLD RYČĜRYiQRGRVDåHQtVWDQRYHQêFKYêVOHGNĤXþHQt 9 REHFQp URYLQČ IRUPXOXMH ]iNODGQt IRUP\ D PHWRG\ YêXN\ NWHUêFK EXGH SUR GRVDåHQtYêVOHGNĤXþHQtRERUXXåLWR.MHMLFKNRQNUHWL]DFLGRMGHSĜLSRSLVXMHG QRWOLYêFKVRXþiVWtRERUXSĜHGPČWĤPRGXOĤSUD[tDWG 3RURYQiSĜHGSRNOiGDQpYêVOHGN\XþHQtSRSLVRYDQpKRRERUXVREHFQêPLGHVNULS WRU\ VWXSQČ Y]GČOiYiQt NWHUp MVRX Y\MiGĜHQ\ Y QiURGQtP NYDOL¿NDþQtP UiPFL DYSRSLVXSĜtVOXãQpREODVWLY]GČOiYiQt 9êVOHGN\XþHQtVKUQXMt]QDORVWLGRYHGQRVWLDREHFQp]SĤVRELORVWLNWHUêFKGRViKQH NDåGêDEVROYHQWRERUX7R]QDPHQiåHY\MDGĜXMtPLQLPiOQtVWDQGDUGDWHG\QLNR OLYLGHiOQtSĜHGVWDYXNQtåVHSĜLEOtåtMHQQČNROLNQHMOHSãtFKDEVROYHQWĤ=iURYHĖ MVRX GRVWDWHþQČ NRQNUpWQt ± WYRĜt SUR¿O DEVROYHQWD VUR]XPLWHOQê VWXGHQWĤP XFKD]HþĤPRVWXGLXPLSRWHQFLiOQtPDEVROYHQWĤP3RSLVMHQH]E\WQpGRYpVWDå QD~URYHĖYãHFKMHGQRWHNVWXGLMQtKRSOiQXWMVWXGLMQtFKPRGXOĤSĜHGPČWĤGLV FLSOtQ RGERUQêFKSUD[tDSRG
=iVDG\SRVWXSXSĝLSRSLVXSĝHGPčWXMHGQRWN\VWXGLMQtKRSOiQX 3ĜLSRSLVXSĜHGPČWXSRVWXSXMHPHDQDORJLFN\WRPXMDNSRVWXSXMHPHSĜLSRSLVXVWXGLM QtKR RERUX 3RSLV WYRĜt JDUDQW SĜHGPČWX ± XþLWHO NWHUê ]Qi QD Y\VRNp RGERUQp ~URYQL REVDKSĜHGPČWXMHKRFtOHLMHKRSRVWDYHQtYNRQWH[WXYČGQtKRLVWXGLMQtKRRERUXDNWHUê PiVYêXNRXSĜHGPČWX]NXãHQRVWL 3ĜL IRUPXODFL YêVOHGNĤ XþHQt VOHGXMH Y\VRNRX PtUX NRQNUpWQRVWL D SĜLPČĜHQê SRþHW YêVOHGNĤ XþHQt GDQê Y]WDKHP N MHMLFK RYČĜLWHOQRVWL N SĜHGSRNOiGDQêP Y\XþRYDFtPPHWRGiPNþDVRYpPXUR]VDKXDNIRUPČYêXN\DYVRXYLVORVWLVWtP LNSRþWXNUHGLWĤ(&76NWHUpY\MDGĜXMtVWXGHQWRYXVWXGLMQt]iWČåYNDWHJRULLþDVX _
6OHGXMHNRQWH[WSĜHGPČWXYHVWXGLMQtPRERUX±MHKR]DĜD]HQtYHVWXGLMQtPSOiQX DMHKRY]WDKNRVWDWQtPSĜHGPČWĤPMHGQRWNiPVWXGLMQtKRSOiQX =WČFKWRSR] QDQêFKY]WDKĤY\FKi]tLY\MiGĜHQtJUDGDFHYêVOHGNĤXþHQt 9NDWHJRULtFKRGERUQp]QDORVWLRGERUQpGRYHGQRVWLDREHFQp]SĤVRELORVWLY\MiGĜt LQXWQpDRYČĜLWHOQpSĜHGSRNODG\VWXGLDSRSLVRYDQpKRSĜHGPČWX3ODWtRYãHPMLå ]PLĖRYDQpREHFQpSUDYLGOR±YãHFKQ\NDWHJRULHQHPXVtEêW]DVWRXSHQ\ =FHODNRQNUpWQČDYQiYD]QRVWLQDRYČĜLWHOQpYêVOHGN\XþHQtXYiGtKRGQRWLFtPH WRG\DPHWRG\YêXN\ =NXãHQRVWLXNi]DO\åHUHiOQRVWYêVOHGNĤXþHQtSĜHGPČWXO]HYHUL¿NRYDWSĜLVWRXSt PHOLLNSRSLVXYêVOHGNĤXþHQtGtOþtFKWpPDWMLPLåMHWYRĜHQREVDKSĜHGPČWX1DWpWR ~URYQLMVRXYêVOHGN\XþHQt]FHODNRQNUpWQtYåG\MVRXVSRMHQ\VNRQNUpWQtPLKRGQRWLFtPL DY\XþRYDFtPLPHWRGDPL3RURYQiQtVSRSLVHPSĜHGPČWXXNiåHQDNROLNMHYQLWĜQtVWDYED SĜHGPČWXNRQFLSRYiQDWDNDE\PRKO\EêWVWDQRYHQpYêVOHGN\XþHQtGRVDåHQ\
3URSRMHQtQD~URYQLRERUX 9]iYČUHþQpHWDSČSRSLVXRERUXMHWĜHED]DPČĜLWVHQDSURSRMHQtSĜHGPČWĤWMSURYi]D QRVWNXULNXODMDNRFHONX=QDPHQiWRĜHãLW Y]WDKYêVOHGNĤXþHQtMHGQRWOLYêFKSĜHGPČWĤMHGQRWHNVWXGLD NYêVOHGNĤPXþHQt RERUX-HY\WYiĜHQDMDNiVLPDSDRERUXQDQtåYRSWLPiOQtPSĜtSDGČQHMVRXDQL SĜHNU\Y\DQLEtOiPtVWD±WMYãHFKQ\YêVOHGN\XþHQtRERUXMVRXQDSOQČQ\RYČ ĜLWHOQêPLYêVOHGN\XþHQtSĜHGPČWĤQHH[LVWXMtGXSOLFLW\YSOiQXQHMVRX]DĜD]HQ\ SĜHGPČW\MHMLFKåYêVOHGN\XþHQtMVRXWRWRåQp Y]WDKYêVOHGNĤXþHQt]DĜD]HQêFKSĜHGPČWĤMHGQRWHNVWXGLD PH]LVHERX 1D ĜHãHQt WČFKWR Y]WDKĤ VH PXVt SRGtOHW QHMHQ JDUDQW RERUX D JDUDQWL SĜHGPČWĤ DOHLYãLFKQLY\XþXMtFt
3.10 Shrnutí 3ĜL IRUPXODFL YêVOHGNĤ XþHQt Pi XþLWHO YåG\ QD P\VOL REVDK SĜHGPČWX SRSVDQê QDSĜ Y V\ODEX SĜHGPČWX WM þHPX EXGH XþLW FtO SĜHGPČWX WMSURþEXGHXþLWY\XþRYDFtPHWRG\WMMDNEXGHXþLWUHVSHNWLYHMDNVHEXGH VWXGHQWXþLWDKRGQRWLFtPHWRG\WMMDNEXGHRYČĜRYDWDKRGQRWLWGRVDåHQt VWDQRYHQpKRYêVOHGNXXþHQt9êVOHGN\XþHQtMHWHG\WĜHEDIRUPXORYDWMDN VRKOHGHPQD]SĤVRE\NWHUêPLEXGRXRYČĜRYiQ\YHIRUPDWLYQtPLVXPD WLYQtPKRGQRFHQt WDNVRKOHGHPQDWHFKQRORJLFNpPRåQRVWLYêXN\ -HURYQČåWĜHEDNRQNUpWQČIRUPXORYDWSĜHGSRNODG\WMYVWXSQt]QDORVWLDGR YHGQRVWL±MHQWDNEXGH]ĜHMPpQDNROLNIRUPXORYDQpYêVOHGN\XþHQt]QD PHQDMtSRVXQYFHONRYpPY]GČOiYDFtPSURFHVX=iURYHĖMHWDNY\WYRĜHQD _
PRåQRVW VOHGRYDW QiYD]QRVW MHGQRWHN YH VWXGLMQtP SURJUDPX L FHONRYRX NYDOLWXVWXGLMQtKRSURJUDPXRGVWUDQČQtGXSOLFLW]DSOQČQtEtOêFKPtVW -HWĜHEDGRGUåHW]iVDGXLQIRUPRYDQRVWLYêVOHGN\XþHQtPDMtEêWVRXþiVWt ]iNODGQtFK LQIRUPDFt R SRVN\WRYDQêFK Y]GČOiYDFtFK SURJUDPHFK Då QD ~URYHĖ MHGQRWOLYêFK SĜHGPČWĤ YþHWQČ XYHGHQt PHWRG ]NRXãHQt D NULWpULt KRGQRFHQt~VSČãQRVWLVWXGXMtFtKR =iURYHĖMHWĜHEDVGČOLWLQIRUPDFLRSR åDGRYDQêFK]QDORVWHFKDGRYHGQRVWHFK]SĜHGFKR]tKRVWXGLD 9êXNDVWXGLXPPiSUREtKDWYWČVQpDH[SOLFLWQtYD]EČQDYêVOHGN\XþHQt =QDORVWLLGRYHGQRVWLPDMtEêWYHYêXFHH[SOLFLWQČSURNi]iQ\Y\XþXMtFtP MHUHVSHNWRYiQSULQFLSÄY\VYČWOLW±SĜHGYpVW±SRXåtW³ 9HVWXGLXMHåiGRXFtXSODWQLWHIHNWLYQtVW\O\VWXGLDNWHUpSRYHGRXN]tVNiQt ]QDORVWt QHER GRYHGQRVWt D Y QHMUĤ]QČMãtFK SRGREiFK UHDOL]RYDW VWXGLMQt SRUDGHQVWYtVWXGXMtFtE\PČOGRVWDWQiYRG\VXNi]NRYêPLSRVWXS\MDNVWX GRYDW 3ĜL VHVWDYRYiQt YêVOHGNĤ XþHQt MH QXWQp GEiW QD GRVWXSQRVW VWXGLMQtFK PDWHULiOĤRGSRYtGDMtFtKRFKDUDNWHUXD]iURYHĖUĤ]QpREWtåQRVWL 9êVOHGN\XþHQtQDãNiOH]QDORVWL±GRYHGQRVWLPDMtEêWVRXþiVWtVWXGLMQtFK RSRU D PDMt EêW H[SOLFLWQČ SRMPHQRYiQ\ =iURYHĖ Pi EêW YH VWXGLMQtFK RSRUiFKH[SOLFLWQČXYHGHQRMDNêPLSRVWXS\EXGRXGRVDåHQ\ 1DSRSLVXVWXGLMQtKRRERUXVHPXVtSRGtOHWYãLFKQLY\XþXMtFtNWHĜtPDMt VYêXNRX]NXãHQRVWL1HO]HMHKRWYRUEXSRQHFKDWMHQQDJDUDQWRYLRERUX 1H]E\WQiMHRSDNRYDQiGLVNX]HRSDNRYDQpRYČĜRYiQtNULWLFNpKRGQRFHQt YêVOHGNĤVRXþLQQRVWVHVWXGHQW\ 3RSLV VWXGLMQtKR RERUX D YãHFK MHKR MHGQRWHN MH QH]E\WQp FKiSDW MDNR QHX]DYĜHQê SURFHV QD NWHUpP VH SRGtOHMt Y\XþXMtFt L VWXGHQWL MDNR SĜtOHåLWRVWNQDSOQČQtSULQFLSXDNDGHPLFNpKRY]GČOiYiQtMDNRSDUWQHUVWYt XþLWHOĤDVWXGHQWĤ
_
3ÐmNODG\SUDNWLFNkKRY\XªLWm Y®VOHGNØXµHQm 0DVDU\NRYDXQLYHU]LWD/pNDĝVNiIDNXOWDSURMHNW237,0(' 1D /pNDĜVNp IDNXOWČ 0DVDU\NRY\ XQLYHU]LW\ /) 08 SUREČKOD SLORWQt LPSOH PHQWDFH PHWRGLN\ SUR WYRUEX YêVOHGNĤ XþHQt Y OHWHFK Y UiPFL Y]GČOiYiQt YRERUX9ãHREHFQpOpNDĜVWYtSRG]iãWLWRXSURMHNWXÄ237,0('RSWLPDOL]RYDQiYê XNDYãHREHFQpKROpNDĜVWYtKRUL]RQWiOQtDYHUWLNiOQtSURSRMHQtLQRYDFHDHIHNWLYLWD SURSUD[L³.32 /) 08 Pi GORXKRX WUDGLFL E\OD MHGQRX ] NPHQRYêFK IDNXOW XQLYHU]LW\ D Y]QLNOD VSROXVRVWDWQtPLIDNXOWDPLYURFHYUiPFLMHMtKR]DORåHQt9UiPFLOpNDĜVNpIDNXOW\ 08SĤVREtĜDGDYČGHFNêFKãNRONWHUp]þiVWLSRNUDþXMtYRGERUQêFKWUDGLFtFKD]þiVWL UHÀHNWXMt QHMPRGHUQČMãt WUHQG\ OpNDĜVNêFK YČG /pNDĜVNi IDNXOWD 08 Pi WDNp YHOPL GREĜHSURSUDFRYDQêV\VWpPRERXVWUDQQpKRSURSRMHQtYê]NXPXVHY]GČOiYiQtPNWHUêMH X]QiYiQRGERUQRXYHĜHMQRVWtYý5L]DKUDQLþt ,SĜHVQHVSRUQRXNYDOLWXYêXN\QD/)MHRYãHPMDVQpåHYČWãt]DSRMHQtPRGHUQtFK PHWRGLFNêFK QiVWURMĤ MH QH]E\WQp D SURWR QD WXWR SRWĜHEX Y URFH YHGHQt IDNXOW\ UHDJRYDORSĜtSUDYRXYêãHXYHGHQpKRSURMHNWX2EHFQêPFtOHPE\ORY\WYRĜLWRSWLPiOQt SRGPtQN\ SUR YKRGQRX UHDNFL YêXN\ QD LQIRUPDþQt H[SOR]L QD SROL ELRPHGLFtQVNpKR Yê]NXPXD]OHSãLWG\QDPLNXYêXN\QD/)VRKOHGHPQDSRåDGDYN\]SUD[H-H]MHYQp åH VWXGLXP YãHREHFQpKR OpNDĜVWYt QHPĤåH Y\FKi]HW YêKUDGQČ ] WUDGLþQtFK ]SĤVREĤ DOHPXVtÀH[LELOQČDG\QDPLFN\UHDJRYDWQDPČQtFtVHSRGPtQN\SURVWĜHGtGRNWHUpKRVH DEVROYHQWLIDNXOW\Y\GiYDMt 9ODVWQtFKDUDNWHUSURMHNWXW\SX237,0('Y\SOêYi]DQDOê]\SRWĜHENWHUiVHRStUi RþW\ĜLVWUDWHJLFNpSUYN\ • • • •
GORXKRGREê]iPČU08 VWUDWHJLL/)08 SĜHGPČWRYRXDQDOê]X DQDOê]XSRWĜHEJDUDQWĤ
$EVROYHQWPDJLVWHUVNpKRVWXGLMQtKRSURJUDPXYãHREHFQpOpNDĜVWYt9/ SR~VSČãQpP ]DYUãHQt YêXN\ NOLQLFNêFK SĜHGPČWĤ YVWXSXMH GR GDOãtKR V\VWpPX SRVWJUDGXiOQtKR Y]GČOiYiQtDSURWRE\PČOFtOHPYêXN\PDJLVWHUVNpKRVWXGLD9/EêWDEVROYHQWNWHUêVH QDSHYQpP]iNODGX]QDORVWtGRYHGQRVWtDREHFQêFK]SĤVRELORVWtEXGHVFKRSHQVXYHUpQQČ RULHQWRYDWMDNYNOLQLFNpPHGLFtQČWDNYREODVWLYê]NXPX'iOHMHSUR/)QH]E\WQpNYD 32 3URMHNW SRGSRĜHQê ] 2SHUDþQtKR SURJUDPX Ä9]GČOiYiQt SUR NRQNXUHQFHVFKRSQRVW³ þtVOR SURMHNWX
&= 42 _
OLWQČGH¿QRYDWSRåDGDYN\QDDEVROYHQW\VWĜHGQtFKãNRONWHĜtNHVWXGLXQD/)08SĜL FKi]HMt0HWRGLND]DORåHQiQDYêVOHGFtFKXþHQtQDEt]tYHOPLDWUDNWLYQtQiVWURMHSURĜHãHQt RERXVLWXDFtWHG\MDNYVWXSXVWXGHQWĤQD/)WDNMHMLFKRGFKRGXGRGDOãtKRY]GČOiYiQt SRDEVROXWRULX 6ODELQRXVRXþDVQpYêXN\QD/)MHSĜHYDåXMtFtRULHQWDFHQDSĜHGPČW\HYHQWQHPRFL D QHGRVWDWHþQp ]DPČĜHQt QD ĜHãHQt GLDJQRVWLFNpKRWHUDSHXWLFNpKR SUREOpPX X NRQNUpW QtKRSDFLHQWD$E\E\ORPRåQpWRWRVPČĜRYiQt]PČQLWMHQXWQpSRWODþLW~]FH]DPČĜHQRX VSHFLDOL]DFL MHGQRWOLYêFK RERUĤ D QDRSDN SRGSRĜLW LQWHUGLVFLSOLQiUQt QD SUREOpPGLIH UHQFLiOQtGLDJQRVWLNXRULHQWRYDQêSRKOHG'ĤUD]E\PČOEêWNODGHQQDUR]YtMHQtGRYHGQRVWt DNRPSHWHQFtDQDLQWHJUXMtFtPH]LRERURYêSĜtVWXS9êVOHGNHPĜHãHQtSURMHNWX237,0(' PČOR EêW X VWXGHQWĤ ]DMLãWČQt V\VWpPRYpKR SRKOHGX QD ]tVNiYDQp SR]QDWN\ D UR]YtMHQt SRVWXSĤNULWLFNpKRDWYRĜLYpKRP\ãOHQtNWHUpMHYSRGPtQNiFKNOLQLFNpSUD[HQH]E\WQp 3URMHNW 237,0(' MH ]DORåHQ QD SĜHGSRNODGX åH N GRVDåHQt WDNRYp LQRYDFH YêXN\ MH QXWQp QHMSUYH NYDOLWQČ ]PDSRYDW YêVOHGN\ XþHQt D QiVOHGQČ G\QDPLFN\ RSWLPDOL]RYDW QiYD]QRVWLDY\YiåHQRVWYêXN\ 3URMHNW 237,0(' E\O UHDOL]RYiQ Y VRXODGX VH ]DGiYDFt GRNXPHQWDFt 239. YH IRUPČWĜtVHSDUiWQtFKNOtþRYêFKDNWLYLW\.$,.$,,D.$,,, SUREtKDMtFtFKQDSDUDOHOQČ EČåtFt SRGSĤUQp SODWIRUPČ .$ ,9 7\WR NOtþRYp DNWLYLW\ E\O\ GH¿QRYiQ\ QiVOHGXMtFtP ]SĤVREHP .$,E\ODGH¿QRYiQDMDNRNOtþRYiDNWLYLWDQDSODWIRUPČSUHNOLQLFNêFKDWHRUHWLF NêFKRERUĤDE\OD]DPČĜHQDQDY\WYRĜHQtGH¿QLFYêVOHGNĤXþHQtXWČFKWRRERUĤ .$,,E\ODGH¿QRYiQDMDNRNOtþRYiDNWLYLWDQDSODWIRUPČNOLQLFNêFKRERUĤDE\OD ]DPČĜHQDQDY\WYRĜHQtåLYRWDVFKRSQêFKGH¿QLFYêVOHGNĤXþHQtSURNOLQLFNpRERU\ .$,,,E\ODGH¿QRYiQDMDNRNOtþRYiDNWLYLWD]DMLãĢXMtFtKDUPRQL]DFLNRPXQLNDFH PH]L.$,D.$,,DSRNUêYDODLYODVWQtYHUWLNiOQtIi]LSURMHNWXYHVP\VOXPH]L RERURYpGLVNX]HPH]LWHRUHWLFNêPLSUHNOLQLFNêPLDNOLQLFNêPLRERU\ .$,9E\ODGH¿QRYiQDMDNRNOtþRYiDNWLYLWD]DMLãĢXMtFtIXQJRYiQtHOHNWURQLFNpKR UHSR]LWiĜHQDYi]DQpKRQDLQIRUPDþQtV\VWpP,6 0DVDU\NRY\XQLYHU]LW\ =iVDGQt QiSOQt .$ , D .$ ,, E\OD GH¿QLFH SDUDPHWUL]RYDQêFK YêVOHGNĤ XþHQt DNQLPYi]DQêFKYêXNRYêFKMHGQRWHNMHMLFKåREVDKE\OYVWXSHPGRGDOãtFKDNWLYLWSUR MHNWX.$,,, 0H]LRERURYiGLVNX]HLVHWNiYiQtYUiPFL.$,D.$,,SUREtKDO\QDSODW IRUPČWHRUHWLFNêFKSUHNOLQLFNêFKDNOLQLFNêFKRERUĤVSROHþQČDWRMHGQDNRQOLQHIRUPRX SĜtVWXSX GR Y\WYRĜHQpKR UHSR]LWiĜH MHGQDN IRUPRX LQGLYLGXiOQtFK VHWNiQt SHGDJRJĤ VYROiYDQêFKGOHXYiåHQtJDUDQWDSURMHNWXDNRRUGLQiWRUD.$,.$,,QHER.$,,,9êVOHG N\XþHQtDVQLPLVRXYLVHMtFtYêXNRYpMHGQRWN\E\O\RSDWĜHQ\SDUDPHWULFNêPSRSLVHP DSĜHQHVHQ\GRHOHNWURQLFNpKRZHERYpKRUHSR]LWiĜHNWHUêMHVYi]iQVLQIRUPDþQtPV\V WpPHP ,6 081, XQLYHU]LW\ FRå SĜHGVWDYXMH YHONRX YêKRGX ] KOHGLVND ]SĜtVWXSQČQt WRKRWRV\VWpPXVWXGHQWĤPLSHGDJRJĤP6ORXþHQtPWDNWRGH¿QRYDQêFKYêVOHGNĤXþHQt DYêXNRYêFKMHGQRWHNY]QLNO¿QiOQt0DQXiOSUHNOLQLFNpDWHRUHWLFNpYêXN\D0DQXiO NOLQLFNpYêXN\2EDGRNXPHQW\E\O\QiVOHGQČSĜHORåHQ\GRDQJOLFNpKRMD]\ND
_ 43
+ODYQtP~NROHP.$,,,E\O\KDUPRQL]DþQtDHYDOXDþQtDNWLYLW\QDEi]LMHGQRWOLYêFK SĜHGPČWĤNGHE\O\GRNRQHþQpSRGRE\GLVNXWRYiQ\YêVOHGN\XþHQtGDQpKRSĜHGPČWX SUHUHNYL]LWQt ]QDORVWL VWXGHQWD YVWXSXMtFtKR GR GDQpKR SĜHGPČWX L QiYD]QRVWL Y GDOãtP VWXGLX,QRYDWLYQtPSUYNHPWpWRDNWLYLW\E\OR]DSRMHQtH[SHUWDPHWRGLNDMHKRåSULPiUQt þLQQRVWtQDSURMHNWXE\ODUHYL]HMDNYêVOHGNĤXþHQtWDNYêXNRYêFKMHGQRWHNY\WYRĜHQêFK YUiPFL.$,D.$,,WDNRYêP]SĤVREHPDE\W\WRE\O\PHWRGLFN\VMHGQRFHQ\QD]KUXED VURYQDWHOQpJUDQXODULWČSDUDPHWULFNpKRSRSLVXLREVDKXDWDNpYVRXODGXVSOiQRYDQêPL DNWLYLWDPL(YURSVNpKRUiPFHNYDOL¿NDFt 2EHFQČMHPRåQpĜtFLåHSURMHNW237,0('VSOQLO • hlavní cíle WM Y\WYRĜHQt PDQXiOX SUR RERU 9ãHREHFQp OpNDĜVWYt REVDKXMtFtKR Y\þHUSiYDMtFt VH]QDP YêXNRYêFK MHGQRWHN Q YêVOHGNĤ XþHQt LQGL YLGXiOQČGH¿QRYDQpYêVOHGN\XþHQtQ VNXSLQRYpYêVOHGN\XþHQtQ D MHMLFK YD]HE Y þHVNp L DQJOLFNp YHU]L SUR FHONHP SĜHGPČWĤ YH YêXFH 9ãHREHFQpKROpNDĜVWYtQD/)08VYêMLPNRXSĜHGPČWĤ$QJOLþWLQD%LRVWDWLND 'ČMLQ\PHGLFtQ\D7ČORYêFKRYQpOpNDĜVWYtNWHUpE\O\QDKUD]HQ\SĜHGPČW\5R GLQQpOpNDĜVWYtD*HULDWULH • FtOH YHGOHMãt GRWD]QtNRYp ãHWĜHQt WêNDMtFt VH SRåDGDYNĤ QD DEVROYHQW\ RERUX 9ãHREHFQp OpNDĜVWYt ]H VWUDQ\ ]DPČVWQDYDWHOĤ SURMHNW ]DKUDQLþQtFK VWiåt WYRU ED SUĤĜH]RYpKR WHVWX SUR VWXGHQW\ , L ,, SRORYLQ\ VWXGLD D MHKR Y\KRGQRFHQt SĜtSUDYD D UHDOL]DFH NXU]X Ä8UJHQWQt PHGLFtQD³ D Ä'LIHUHQFLiOQt GLDJQRVWLND³ SĜtSUDYDDUHDOL]DFHSRXåtYiQtRQOLQHWXWRULiOXSURVH]QiPHQtVWXGHQWĤVSRMP\ ÄYêXNRYi MHGQRWND³ D ÄYêVOHGHN XþHQt³ D SUR YODVWQt VH]QiPHQt VWXGHQWĤ D SH GDJRJĤVUHSR]LWiĜHP • DNWLYLW\SRGSĤUQpQH]E\WQpNUHDOL]DFLSURMHNWXDUFKLWHNWXUDDYODVWQtUHDOL ]DFHDSRGSRUDRQOLQHUHSR]LWiĜH 33 'R VDPRWQpKR SURMHNWX 237,0(' E\OR Y UiPFL WĜtOHWpKR F\NOX DNWLYQČ ]DSRMHQR YtFHQHåSHGDJRJĤDJDUDQWĤNWHĜtVHVSROHþQČSRGtOHOLQDY\WYRĜHQtSRSLVXPHGL FtQVNpKRNXULNXOD9SUĤEČKXSUYQtKRURNXRGRNDPåLNXVSXãWČQtSRUWiOXSURVWXGHQW\ DSHGDJRJ\/pNDĜVNpIDNXOW\0DVDU\NRY\XQLYHU]LW\GXEHQDåGXEHQ E\OR ]D]QDPHQiQRFHONHPXQLNiWQtFKSĜtVWXSĤSHGDJRJĤLVWXGHQWĤ NWHUpVPČĜRYDO\ GR DXWHQWL]RYDQp þiVWL V\VWpPX NGH MVRX REVDåHQ\ VWČåHMQt PRGXO\ SUR YêXNX FRå ]D GDQpþDVRYpREGREtRGSRYtGiFHONHPQiYãWČYiPFHONHP3ĜLSRKOHGXQDSRPČU QRYêFK DYUDFHMtFtFKXåLYDWHOĤ MH]ĜHMPpåHMHSRUWiOY\XåtYiQYVRXODGX VRþHNiYiQtPDåHMHMVWXGHQWLY\XåtYDMtRSDNRYDQČ,GDOãtVWDWLVWLN\MDVQČGRNOiGDMtPtUX FHONRYpQiYãWČYQRVWLDWHG\LIDNWåH237,0('NRQWLQXiOQČVORXåtMDNRRQOLQH]GURM LQIRUPDFtNYêXFH 9UiPFLYVWXSXGRUHSR]LWiĜHPDMtVWXGHQWLLXþLWHOpSĜtVWXSNYHãNHUêPYêVOHGNĤP XþHQt]MHGQRWOLYêFKSĜHGPČWĤ]DĜD]HQêFKGRNXULNXODSUR9ãHREHFQpOpNDĜVWYtLNVRX 33 9tFHYL]3URMHNWRYiGRNXPHQWDFHSURMHNWX237,0('0DQXiOHOHDUQLJQRYpSRGSRU\SURPRGHUQL]DFL
YêXN\QD/)GRNXPHQWSRSLVXMtFtUHDOL]DFL]iYČUHþQpNRQIHUHQFHSURMHNWXGRNXPHQW\VRXþiVWtVRXKUQQp ]SUiY\RUHDOL]DFLSURMHNWX 44 _
YLVHMtFtPYêXNRYêPMHGQRWNiPMHMLFKSDUDPHWULFNpPXSRSLVXDQDYi]DQêPYêXNRYêP PDWHULiOĤP9SĜtSDGČSRWĜHE\PĤåHVWXGHQWþLSHGDJRJY\XåtW]SČWQRXYD]EXYSRGREČ SĜtPpKRNRQWDNWXQDDXWRUDYêXNRYpKRMHGQRWN\þLYêVOHGNX]XþHQt &tOHPGDOãtKRVQDåHQtMHSĜHGHYãtP]DMLVWLWþLOpY\XåtYiQtUHSR]LWiĜHSHGDJRJ\LVWX GHQW\DWRWDNRYêP]SĤVREHPDE\E\OD]DMLãWČQDMHKRQHXVWiOiDNWXDOL]DFHDE\OVYêP ]SĤVREHPÄåLYê³=DMLVWLWLQIRUPRYDQRVWRPRåQRVWHFKUHSR]LWiĜLYUR]VDKXFHOpVWXGHQW VNpREFHLYãHFKSHGDJRJĤMHRYãHPREWtåQp9HGHQt/)08SURWRQDWXWRSRWĜHEXQ\Qt UHDJXMHY\WYiĜHQtPYODVWQtKRPHWRGLFNpKRFHQWUDNWHUpEXGHREVDKRYDWMHGQDNVHNFLSUR SHGDJRJ\MHGQDNVHNFLSURVWXGHQW\7RWRFHQWUXPVLNODGH]DFtO]HMPpQDDGHNYiWQtP ]SĤVREHPSRVN\WRYDWLQIRUPDFHRSRUWiOXDUHDJRYDWQDPRåQpSRWtåHSĜLMHKRXåtYiQt 'REXGRXFQDVHSOiQXMHFHQWUXPUR]ãtĜLWLRY\WYiĜHQtDGHNYiWQtFKGLGDNWLFNêFKQiVWURMĤ DYKRGQêFKPHWRGLNWHVWRYiQt
8QLYHU]LWD+UDGHF.UiORYp)DNXOWDLQIRUPDWLN\DPDQDJHPHQWX DSOLNDFHYëVOHGNĥXÿHQtYSĝHGPčWHFKVPDWHPDWLFNëPREVDKHP 1D )DNXOWČ LQIRUPDWLN\ D PDQDJHPHQWX 8+. E\O\ Y UiPFL SURMHNWX (6) Ä5(), 0$7³ Y REGREt ± ]DYHGHQ\ YêVOHGN\ XþHQt GR SĜHGPČWĤ V PDWHPDWLFNêP REVDKHP =iPČUHP E\O\ LQRYDþQt SRVWXS\ YH YêXFH WČFKWR SĜHGPČWĤ ]D ~þHOHP VQtåHQt VWXGLMQt QH~VSČãQRVWL &tORYi VNXSLQD VHVWiYDOD ] YtFH QHå VWXGHQWĤ),0NWHĜtVL]DSVDOLGRVWXGLMQtFKSOiQĤSĜHGPČW\VPDWHPDWLFNêPREVDKHP ,PSOHPHQWDFHSUREČKODYSUH]HQþQtYêXFH3DUDOHOQČVHWDNVWDORYHOHNWURQLFNpIRUPČ YH HSĜHGPČWHFK NWHUp NRUHVSRQGRYDO\ V UR]YUKRYDQêPL SĜHGPČW\ D Y WLãWČQêFK YêXNRYêFKRSRUiFK
9VWXSQmQH]E\WQRVWLDVWDQRYHQmFmOØ 9 ~YRGQt Ii]L VH ĜHãLWHOĤ ± Y\XþXMtFtFK YêãH XYHGHQêFK SĜHGPČWĤ ± VH]QiPLOR V NRQFHSWHP YêVOHGNĤ XþHQt 6WDQRYLOL ]SĤVRE YêXN\ VYêFK YODVWQtFK SĜHGPČWĤ SRGOH MHGQRWQpKRSURMHNWRYpKRUiPFHDWRVLFHMDNIRUPiOQtKRWDNYQLWĜQtKR3ĜHVWRåHYREGR Et ĜHãHQt SURMHNWX Xå SUREtKDO\ SURMHNW\ 45$0 ± D .YDOLWD ± QHYãLFKQL]~þDVWQČQtPČOLRSUREOHPDWLFHYêVOHGNĤXþHQtSRWĜHEQpLQIRUPDFH 3UR SUiFL V YêVOHGN\ XþHQt E\OR QXWQp PtW N GLVSR]LFL SĜHKOHG R ~URYQL SĜtSUDY\ VWXGHQWĤNHVWXGLXWHG\R~URYQLMHMLFK]QDORVWtYREODVWLPDWHPDWLN\ YRNDPåLNXMH MLFKYVWXSXQDY\VRNRXãNROX%\ORURYQČåWĜHED]tVNDWSR]QDWN\RWRPMDNêPVW\OHP VWXGHQWLVWXGXMtMDNpVWXGLMQtPDWHULiO\SUHIHUXMtDSRG2Wi]N\YRSDNRYDQêFKGRWD]QtNR YêFKãHWĜHQtFKVHWêNDO\VWXGLD~YRGQtKRPDWHPDWLFNpKRSĜHGPČWXY\XåtYiQtNRQWDNWQt YêXN\QDYãWČYRYiQtSĜHGQiãHN~þDVWLYHFYLþHQtFKDQDNRQ]XOWDFtFKDY\XåtYiQtHOHN WURQLFNêFK]GURMĤNQLKRYQ\VWXGLMQtFKPDWHULiOĤUĤ]QêFKIRUHP9ČQRYDO\VHSRVWRMĤP D PRWLYDFtP VWXGHQWĤ NH VWXGLX PDSRYDO\ REWtåQp VHJPHQW\ SĜHGPČWX GRNXPHQWRYD O\ þDVRYRX L LQWHOHNWXiOQt ]iWČå VWXGHQWĤ SĜL VWXGLX 3URNi]DOR VH åH VWXGHQWL SRYDåXMt PDWHPDWLFNêSĜHGPČW]DMHGHQ]QHMREWtåQČMãtFKSĜHGPČWĤY~YRGXVWXGLDĜDGDVWXGHQWĤ _
VL PXVHOD UR]ãLĜRYDW VYp ]QDORVWL ] PDWHPDWLN\ ]H VWĜHGQt ãNRO\ QČNWHĜt VWXGHQWL PČOL VWXGLMQtSUREOpP\VRXYLVHMtFtVSĜHFKRGHP]HVWĜHGQtãNRO\QDãNROXY\VRNRX6WXGHQWL VLSĜHMtNYDOLWQtVWXGLMQtRSRU\SUHIHUXMtDY\XåtYDMtVWXGLMQtRSRU\YHOHNWURQLFNpPWYDUX DSĜLYtWDOLE\UĤ]QpIRUP\DXGLRYL]XiOQtFKPDWHULiOĤ=GRWD]QtNĤYHNWHUêFKE\OR]tVNi QRYtFHQHåGDWY\ãORYãDNPLPRMLQpQDMHYRåH]QDþQêSRþHWSĜtþLQQH~VSČãQRVWL QHVRXYLVtVHVDPRWQRXSĜtSUDYRXYREODVWLVWĜHGRãNROVNpPDWHPDWLN\þLSĜtPRVHY]WDKHP NSĜHGPČWXVPDWHPDWLFNêPREVDKHPQêEUåV~NROHPÄQDXþLWVHMDNVHXþLW³7ČåLãWČ SUREOpPXWHG\OHåtYRWi]FHMDNSĜLVWRXSLWNPDQDJHPHQWXYODVWQtKRVWXGLD,PSOHPHQ WDFH WHG\ VOHGRYDOD GDOãt FtO ± SĜLVSČW N RVREQt RUJDQL]DFL VWXGLD MHGQRWOLYFH =HMPpQD VWXGLXPSĜHGPČWXVPDWHPDWLFNêPREVDKHPY\åDGXMHYKOHGGRMHKRVWUXNWXUQtDKLHUDU FKLFNpSRYDK\DSRFKRSHQtYQLWĜQtKRREVDKXþDVWR]QDþQČDEVWUDNWQtFKSRMPĤ9]iYČUX SURMHNWXE\ORSURYHGHQRãHWĜHQtVFtOHP]tVNDWLQIRUPDFHRWRPMDNSURMHNWRYOLYQLOFtOR YRXVNXSLQX
,PSOHPHQWDFHY®VOHGNØXµHQm 6HVWDYHQtYêVOHGNĤXþHQtY\FKi]HOR]FtOĤMHGQRWOLYêFKSĜHGPČWĤWHG\]SUR¿ORYiQt VWXGLDQD),0D]MHGQRWOLYêFKV\ODEĤ9êVOHGN\XþHQtE\O\GHWDLOQČGH¿QRYiQ\MDNSUR NDåGê]SĜHGPČWĤSUH]HQþQtKRVWXGLDWDNSURMHKRMHGQRWOLYpPRGXO\NWHUpVHREY\NOH YiåRXQDNRQNUpWQt~GREtYUiPFLVHPHVWUX 1HMSUYHXYHćPHSĜtNODG\QČNWHUêFKSR]QDWNĤNWHUêFKE\ORQDE\WRSURVWĜHGQLFWYtP ]NXãHQRVWt]SĜtPpYêXN\ )RUPXORYDWYêVOHGN\XþHQtPiWHQNGRSĜHGPČWXþt9LGHiOQtPSĜtSDGČE\VH PČOR MHGQDW R Y\XþXMtFtKR NWHUê SĜHGPČW Y\XþXMH GORXKRGREČ X SURJUDPĤ MH QXWQiNRRUGLQDFHY\XþXMtFtFK -H åiGRXFt WUDQVIRUPRYDW FKiSiQt YêXN\ UR]OLãRYDW KLHUDUFKLH SRMPĤ SRGSRĜLW SRVWXS\YHGRXFtNGRYHGQRVWHPYPDWHPDWLFHMGH]HMPpQDRGRYHGQRVWLYêSR þHWQtKRFKDUDNWHUX 6WXGXMtFtPiEêWVH]QiPHQVDSOLNDFtYêVOHGNĤXþHQtQDYêXNXPiMHQD]iNODGČ SĜLSUDYHQpKRSRVWXSXY\XþXMtFtKRSĜLMPRXWDPiVH]WRWRåQLWVHVW\OHPXþHQt 9HYêXFHVH]QDORVWLDGRYHGQRVWLPDMtH[SOLFLWQČGHPRQVWURYDWPXVtMHSĜHGYpVW VDPRWQêY\XþXMtFtDPXVtMtWRGHPRQVWUDFLGLYHU]L¿NRYDQRXIRUPRXWMIRUPRX NWHUiRGOLãXMH]QDORVWRGGRYHGQRVWLIRUPRXNWHUiSRXND]XMHQDWRMDNMHPRåQp SRåDGRYDQRX ]QDORVW QDEêW D FR MH WĜHED SUR ]tVNiQt GDQp GRYHGQRVWL XGČODW 6WXGXMtFtVHWDNVH]QiPtVWtPFRRGQČMEXGHSRåDGRYiQRD]MLVWtQDMDNpFtOHPi YHVWXGLXGRViKQRXWDYMDNpIRUPČVHWDNPiGtW 9\XþXMtFtPiXåSĜLEČKXYêXN\SĜLSUDYLWV\VWpP]NRXãHQtWDNpXåSĜHGHPPXVt PtWUR]P\ãOHQRMDNpMVRXMHKRNDSDFLWQtWHFKQRORJLFNpSHGDJRJLFNpSUDNWLFNp DOLGVNpPRåQRVWLRYČĜRYDW]GDMHYHYêXFHYêVOHGNĤXþHQtGRVDåHQR 6WXGXMtFtPiEêWVH]QiPHQVSRGPtQNDPL~VSČãQpKRDEVROYRYiQtSĜHGPČWXDWDNp VPRåQRVWPLQDSUDYLWYODVWQtVWXGLMQtVHOKiQt _
9êVOHGN\XþHQtE\O\YþOHQČQ\GRVWXGLMQtFKPDWHULiOĤYMHGQRWQpPIRUPiWXE\ORSĜL SUDYHQRWLWXOĤWLãWČQêFKVWXGLMQtFKRSRUQČNWHUp]QLFKMDNRNRPSOHWQtWH[WNSĜHGPČWX WHRULHĜHãHQpXNi]NRYp~ORK\~ORK\NĜHãHQt QČNWHUpMDNRVEtUN\~ORKVH]QDþQêP SRGtOHP~ORKQHĜHãHQêFK .DåGiNDSLWRODSĜHGVWDYRYDODY~YRGXSRWĜHEQpSUHUHNYL]LW\ D VXPDUL]RYDOD YêVOHGN\ XþHQt ] QLFK SO\QRXFt QD ãNiOH ]QDORVWL ± GRYHGQRVWL ± ]SĤVRELORVWL9 ~ORKiFK N ĜHãHQt E\OR SRXåLWR R]QDþHQt NWHUp VLJQDOL]RYDOR ]GD ~ORKD VORXåt N QDE\Wt ]QDORVWL QHER GRYHGQRVWL Y ]iYČUHþQp þiVWL NDSLWRO\ VH X VORåLWČMãtFK ~ORKSURWHVWRYiQtSRSLVMLåQHXYiGČO±VWXGXMtFtPXVtEêWYWpWRIi]LVFKRSHQSR]QDW]GD XSODWQt ]QDORVW QHER GRYHGQRVW 3UR VWXGHQW\ ~YRGQtFK VHPHVWUĤ E\O\ QČNWHUp NOtþRYp ~ORK\ NYĤOL SĜHKOHGQRVWL IRUPXORYiQ\ WDN DE\ VH SRGOH PRåQRVWL WêNDO\ QDE\Wt SUiYČ MHGQpGRYHGQRVWLDWRSURWRDE\VWXGHQWLPRKOLSURYiGČWYODVWQtNRQWUROX 1iVOHGXMtFtYêþHWXYiGtQČNWHUpGDOãt]NXãHQRVWLQDE\WpGtN\SURJUDPX 9H VWXGLMQtFK PDWHULiOHFK MH QXWQp H[SOLFLWQČ XYpVW MDNp ]QDORVWL VH UR]YtMHMt DNMDNpPXFtOLVPČĜXMtMHQXWQpVWDQRYLWMDNpGRYHGQRVWLMHQXWQpQDFYLþLWDDS OLNRYDWMHWĜHEDVWXGHQWĤPGRGDWVWXGLMQtPDWHULiOMHQåYHGHNY\WYiĜHQtGDQêFK GRYHGQRVWtDMHKRåREWtåQRVWURVWHMHGREUpVHVWDYLWPDWHULiOIRUPRXSRVORXSQRVWL NURNĤYHGRXFtNMHMLFKQDE\WtD]YOiGQXWt6WXGHQWPiEêWYWRPWRVP\VOXLQIRU PRYiQRþOHQČQtVWXGLD 6WXGLMQtPDWHULiOPiSRNUêWSĜHGHYãtPSRMP\DNRUHVSRQGXMtFt~ORK\NWHUpMVRX W\SLFNp SUR SĜHGPČW QHER PRGXO -H YKRGQp WHQWR SRåDGDYHN NRQWURORYDW D SR SĜtSDGQpUHYL]LPDWHULiOXSUDYLW 'iYNRYiQtPDWHULiOXVHRGYtMt]HMPpQDRGFKDUDNWHUXGRYHGQRVWtNWHUpMHQXWQp ]tVNDWSURWRNDSLWRO\QHPXVtEêWURYQRPČUQpDQHPXVtNRUHVSRQGRYDWVKRGLQR YRXGRWDFtSUH]HQþQtYêXN\WLãWČQiRSRUDVHPiSRXåtYDWRSDNRYDQČD]QDORVWL LGRYHGQRVWLO]H]tVNiYDWMDNNXPXODWLYQČWDNJUDGRYDQČ 9êVOHGN\XþHQtE\O\]DþOHQČQ\GRHOHNWURQLFNêFKRSRUVWXGLDW]YHSĜHGPČWĤSUR JUDPXNi]DOåHWDWRIRUPDVWXGLMQtFKRSRUMHVWXGHQW\QHMY\KOHGiYDQČMãtDYUiPFLMLQêFK SUĤ]NXPĤE\OR]MLãWČQRåHMHWRPXWDNXVWXGHQWĤGDOãtFKIDNXOW9MHGQRWQpPIRUPi WXY/06QD),0E\OSRXåLW%ODFNERDUG/HDUQ E\ORY\WYRĜHQRHSĜHGPČWĤQD PRGXORYpPSULQFLSX7\WRPRGXO\ÄYêXNRYpMHGQRWN\³ MDNRFHON\þDVRYČNRUHVSRQGX Mt V NRQNUpWQtPL WêGQ\ VHPHVWUiOQt YêXN\ )RUPiOQČ REVDKRYDO\ ÄNRPSOHWQt REVDKRYê DLQIRUPDþQtVHUYLVSĜHGPČWX³DE\O\Y]iMHPQČRSRQRYiQ\þOHQ\WêPX 1iVOHGXMtFtSDViåVKUQXMHQČNWHUp]H]NXãHQRVWtVYêãHSRSVDQêPLHSĜHGPČW\ NDåGê HSĜHGPČW MH RSDWĜHQê W]Y NDUWRX SĜHGPČWX VH ]iNODGQtPL LQIRUPDFHPL RREVDKXLRUJDQL]DFLVWXGLDDWRYþHWQČSRåDGRYDQêFKYêVOHGNĤXþHQtSURSĜHG PČWYHOPLGHWDLOQtKRSRSLVXREVDKXMHGQRWOLYêFKPRGXOĤNDSLWRO\WpPDWD HSĜHGPČW\REVDKXMtWH[W\SĜHGQiãHNVRXERU\~ORKQDSURFYLþHQtOiWN\SUR]tVNiQt GRYHGQRVWtYUĤ]QRURGpIRUPČVY\XåLWtPIXQNFLRQDOLW/06 WHVWRYDFtVRXERU\ SRWĜHEQRXOLWHUDWXUXRGND]\QDYKRGQpLQWHUQHWRYp]GURMHMDNRGDOãtUR]ãLĜXMtFt VWXGLMQt RSRU\ MH ]GH ]DþOHQČQ YêþHW SĜHGSRNODGĤ D IRUPiOQtFK SRGPtQHN SUR DEVROYRYiQtSĜHGPČWXWHQMHGĤOHåLWêSURNRQIURQWDFLVYêNRQHPVWXGHQWD _
QD VWUiQNiFK HSĜHGPČWĤ Y\XþXMtFt SRVN\WRYDOL DQDOê]X FK\EQêFK ĜHãHQt W\SLF NêFK~ORKLVSRXNi]iQtPQDSRWĜHEQRX]QDORVWQHERQDGRYHGQRVWL VWXGHQWPČOQDVWUiQNiFKHSĜHGPČWXNGLVSR]LFLRKRGQRFHQtYODVWQtFKYêVOHGNĤ GRVDåHQêFKYWHVWHFK HSĜHGPČW\ REVDKHP L IRUPRX NRUHVSRQGRYDO\ V WLãWČQêPL RSRUDPL Y\XåtYDO\ GDOãtJUD¿FNpQiVWURMHDYL]XiOQtSUYN\W\E\O\þDVWRG\QDPLFNpSRYDK\ Y HSĜHGPČWHFK VH Y\XåtYDO\ SURVWĜHGN\ SUR NRPXQLNDFL NRQ]XOWDFH GLVNXVH V Y\XþXMtFtPL QHER PH]L VWXGXMtFtPL SUR KRGQRFHQt YêXN\ FHONRYČ VWUiQND HSĜHGPČWXE\ODSURWRSURVWRUHPSUR]tVNiYiQt]SČWQpYD]E\ Y\XþXMtFtPRKOLQDYãWtYLWVWUiQN\YãHFKHSĜHGPČWĤDSRVN\WQRXWVLWDNNULWLFNp UHÀH[HQHERGRSRUXþHQtNSĜtSDGQêP~SUDYiP
9®VOHGN\XµHQmDKRGQRFHQmVWXGHQWD]NRX¨N\ 9WpWRHWDSČLPSOHPHQWDFHYêVOHGNĤXþHQtVHSOQČSRWYUGLORåHMGHRQHMREWtåQČMãt VRXþiVWSURFHVXDWRYþHWQČMHKRþDVRYpQiURþQRVWL=NXãHQRVWLSURNi]DO\åHXåYSUĤ EČKXYODVWQtYêXN\MHWĜHEDVOHGRYDWDE\ Y\XþRYDQpSRMP\SUDYLGODSURFHGXU\DWHRULHSOQČNRUHVSRQGRYDO\VHV\ODEHP ]iYDåQpQHERNOtþRYpSRMP\SURFHGXU\DWHRULHQDNWHUêFKSĜLWHVWRYiQtQHMYtFH ]iOHåtWHG\HOHPHQW\ÄQHSRGNURþLWHOQp³ GRVWDO\YHYêXFHMLPRGSRYtGDMtFtYiKX E\O\ SĜLSUDYHQ\ WDNRYp ]NRXãNRYp QiVWURMH þL PHWRG\ GHWDLOQČ Då IRUPXODFH GRWD]Ĥ NWHUp EXGRX X ]NRXãN\ SRORåHQ\ NWHUêPL MH PRåQp WHVWRYDW ]GD E\O\ SRåDGRYDQpYêVOHGN\XþHQtGRVDåHQ\D]GD]NRXãHMtFtPiNHVYpþLQQRVWLY\KRYX MtFtþDVRYpDWHFKQRORJLFNpSRGPtQN\ 9 SRGPtQNiFK ),0 E\O\ QDSĜtNODG Y WHVWRYêFK RWi]NiFK XSUDYHQ\ IRUPXODFH WDN DE\ Y QLFK E\OR H[SOLFLWQČ D SRGUREQČ XYHGHQR FR Pi VWXGXMtFt X ]NRXãN\ SURNi]DW DWRQDãNiOH]QDORVWL±GRYHGQRVWL±]SĤVRELORVWL+RGQRFHQt]QiPNRXVHYi]DORQDPtUX SURNi]iQtWČFKWRYêVOHGNĤXþHQtDVWXGXMtFtE\ORWpWRPtĜHLQIRUPRYiQ7DNRYêWRSRVWXS PĤåHPtWGRSDGLQDVWXGXMtFtKRGDOãtVWXGLXP
1XWQRVW]SÂWQkYD]E\ 9SUĤEČKXĜHãHQtSURMHNWXSUREČKODYêXNDYSLORWQtPUHåLPXSRXNRQþHQtSURMHNWXMH YêXNDYHGHQDDQDORJLFNêP]SĤVREHPMHYKRGQČMãt]PČĜLW~þLQHNLQRYDFtQDVWXGXMtFtKR DåSRMHKRDEVROYRYiQtVWXGLDMDNRFHONX9]iYČUXĜHãHQtSURMHNWXE\ORSRPRFtGRWD]QtNĤ ]NRXPiQR]GDDGRMDNpPtU\VWXGHQWLLQRYDFHYSĜHGPČWHFKDNFHSWRYDOLDMDNêMHMLFK YOLY]D]QDPHQDOL 'iOHVHNDNWXiOQtLPSOHPHQWDFLYêVOHGNĤXþHQtY\MiGĜLOLSHGDJRJRYpSRWYUGLOLåH LQRYDFHYHGO\NUDFLRQiOQtYêXFHDE\O\RGVWUDQČQ\GXSOLFLW\ E\OY\WYRĜHQ]iYD]QêUiPHFSRåDGDYNĤDNWLYLWYXþHQtSRåDGDYNĤNODGHQêFKQH MHQQDVWXGHQWDDOHLQDSHGDJRJD E\O\XSUDYHQ\QiYD]QRVWLYSĜHGPČWHFKDXMDVQLO\VHIRUP\WHVWRYiQtD]NRXãHQt _
8Ni]DORVHåH]HMPpQDIRUPDWLYQtPHWRG\KRGQRFHQtMHWĜHEDUR]ãtĜLWRGDOãtIRUP\ DWRLYUiPFL/06 DE\W\WR]DFK\WLO\YHYČWãtPtĜHLQGLYLGXiOQtUR]GtO\PH]LRGOLãQČ SUDFXMtFtPLVWXGHQW\ =iYČUHþQêGRWD]QtN]NRXPDOSRVWRMHVWXGHQWĤNYêXFHDNYODVWQtPXVWXGLXGiOHSDN MHMLFK]tVNDQp]QDORVWLGRYHGQRVWLD]SĤVRELORVWLDMHMLFKSUDFRYQtQiY\N\'RWD]QtNQH NRQVWDWRYDO åiGQê PČĜLWHOQê SUĤORP Y SRVWRML N SĜHGPČWĤP V PDWHPDWLFNêP REVDKHP ±WRDQLSRWDNNUiWNpPþDVHQHE\ORPRåQpRþHNiYDW±VWXGHQWLYãDNXYiGČOLY\ããt]iMHP RSĜHGPČW\D]PČQXSUDFRYQtFKQiY\NĤDSRVWRMĤNRUJDQL]DFLYODVWQtKRVWXGLDěHãLWHOp SRYDåXMtW\WRLQIRUPDFH]DYê]QDPQp9QtåHXYHGHQêFKY\EUDQêFKIRUPXODFtFKE\ONRQ VWDWRYiQVRXKODVQêSRVWRMQD~URYQLPLQLPiOQČSURFHQWSUĤPČUQČSDNNROHPSUR FHQWNH]PČQČSRVWRMHNHVWXGLXPDWHPDWLN\QDSRVWRMSR]LWLYQtVHVRXKODVQČY\MiGĜLOR SURFHQW 0RMHVFKRSQRVWLFKiSDWRGERUQêYêNODGWH[WQDEi]LPDWHPDWLN\VH]YêãLO\ 0RMHVFKRSQRVWVWXGRYDWVDPRVWDWQČ]OLWHUDWXU\DGDOãtFK]GURMĤVH]YêãLOD 0RMH]QDORVWSULQFLSĤSRMPĤDPHWRGVH]YČWãLOD 0RMHSUDNWLFNpDYêSRþHWQtGRYHGQRVWLĜHãLWSUREOpPVH]YČWãLO\ 0RMHVFKRSQRVWLNRPXQLNRYDWRĜHãHQtPDWHPDWLFNêFK~ORKDSUREOpPĤVH]YêãLO\ %\OODMVHPYHGHQDNRUJDQL]DFLYODVWQtKRþDVXDNH]SĤVREĤPMHKRHIHNWLYQtKR QDSOQČQtPRMHVFKRSQRVWLUR]SOiQRYDWVLSUiFLVWXGLXPVHUR]ãtĜLO\ =tVNDODMVHPSR]LWLYQtSRVWRMNHVWXGLXPDWHPDWLN\ 1DE\OODMVHPãLUãtYKOHGGRUROHDPHWRGPDWHPDWLN\LPLPRVDPRWQRXPDWHPD WLNX
=iSDGRÿHVNiXQLYHU]LWDY3O]QL3HGDJRJLFNiIDNXOWDSURYi]D QRVWYëVOHGNĥXÿHQtD]SĥVREĥY]GčOiYiQtDKRGQRFHQt 1D)DNXOWČSHGDJRJLFNp=ý8Y3O]QLMVPHYUiPFLSLORWQtLPSOHPHQWDFH,31.YDOLWD RYČĜRYDOLNRQVWUXNWLYQtSURSRMHQtYêVOHGNĤXþHQtPHWRGY]GČOiYiQtDPHWRGKRGQRFHQt 9\FKi]HOL MVPH ] SĜHGSRNODGX åH VWDQRYHQp YêVOHGN\ XþHQt QD QČ QDYD]XMtFt PHWRG\ Y]GČOiYiQtDPHWRG\KRGQRFHQtO]HQD~URYQLRERUXYHUL¿NRYDWMHGLQČWHKG\EXGHOLSR SLVGRYHGHQDåQD~URYHĖYãHFKMHKRVORåHNWMSĜHGPČWĤPRGXOĤSUD[tDWGEDGRNRQFH DåQD~URYHĖMHGQRWOLYêFKWpPDWNWHUiWYRĜtREVDKSĜHGPČWĤ ,PSOHPHQWDFH SUREtKDOD YH GYRX DNDGHPLFNêFK URFtFK D WR Y QČNROLND HWDSiFK 9SĜtSUDYQpHWDSČSĜHG]DKiMHQtPYêXN\E\O\Y]iYLVORVWLQDSRSLVXRERUXIRUPXORYiQ\ YêVOHGN\ XþHQt Y\EUDQêFK SĜHGPČWĤ D QD QČ QDYD]XMtFt SĜHGSRNOiGDQp PHWRG\ YêXN\ DKRGQRFHQt1iVOHGQČE\O\SĜHGPČW\VWHMQRXPHWRGLNRXUR]SUDFRYiQ\QD~URYHĖMHG QRWOLYêFKGtOþtFKWpPDW6WtPWRSRSLVHPNWHUêE\OVSROXVGDOãtPL~GDMLY]WDKXMtFtPLVH NYêXFHREVDKSĜHGPČWXVWXGLMQtOLWHUDWXUDWH]HSĜHGQiãHNNULWpULDKRGQRFHQtNRQWUROQt RWi]N\DSRG ]YHĜHMQČQYXQLYHU]LWQtPLQIRUPDþQtPV\VWpPXE\OLY~YRGXYêXN\VH]Qi 347DWRNDSLWRODVKUQXMH]NXãHQRVWL]tVNDQp]LPSOHPHQWDFHQD~URYQLSĜHGPČWĤDMHMLFKMHGQRWOLYêFKWpPDW
SĜLĜHãHQtSURMHNWX.9$/,7$
_
PHQLVWXGHQWL9SUĤEČKXVHPHVWUXE\O\]D]QDPHQiYiQ\]NXãHQRVWLKRGQRFHQt~þLQQRVWL XåLWêFKPHWRGY]GČOiYiQtYêVOHGN\IRUPDWLYQtKRKRGQRFHQtQi]RU\VWXGHQWĤQDSUĤEČK LPSOHPHQWDFHDQDVWXSHĖSRVWXSQpKRGRVDKRYiQtVWDQRYHQêFKYêVOHGNĤXþHQt 3R VNRQþHQt VHPHVWUX E\OR SURYHGHQR ]iYČUHþQp KRGQRFHQt D E\OD IRUPXORYiQD RSDWĜHQt NWHUi VH VWDOD ]iNODGHP RSDNRYDQp NRPSOH[Qt SĜtSUDY\ VWXGLMQtFK SĜHGPČWĤ =MLVWLOLMVPHåHQČNWHUpYêVOHGN\XþHQtE\O\VWDQRYHQ\QHUHiOQČåHY]KOHGHPNUR]VDKX DVWUXNWXĜHSĜHGPČWXSRþHWKRGLQSĜHGQiãHNDVHPLQiĜĤ E\OSĜHGLPHQ]RYiQLREVDKDUR] VDKXþLYD1HE\OY\WYRĜHQþDVRYêSURVWRUSURWRDE\VWXGHQWLPRKOL]tVNDWSĜHGSRNOiGDQp ]QDORVWLþLGRYHGQRVWL9HVYpPGĤVOHGNXSDNWDWRVNXWHþQRVWYHGODVWXGXMtFtNSRYUFKR YpPXSĜtVWXSXNHVWXGLXWMVQDåLOLVHMHQR]DSDPDWRYiQtSRåDGRYDQêFKIDNW1ČNG\E\O\ QHUHiOQp L SĜHGSRNOiGDQp YVWXSQt ]QDORVWL D GRYHGQRVWL 9 QiYD]QRVWL QD IRUPXORYDQp YêVOHGN\XþHQtE\ORWĜHEDPČQLWUHVSHNWLYHUR]ãtĜLW]YROHQpY\XþRYDFtPHWRG\]HMPpQD YVHPLQiĜtFKE\ORWĜHEDSRVtOLWPHWRG\YHGRXFtNHVWDQRYHQêPGRYHGQRVWHP 9ê]QDPQp E\OR]MLãWČQtåHMHQH]E\WQpSRVtOLWIRUPDWLYQtKRGQRFHQtDWRYQHMUĤ]QČMãtFKIRUPiFK 2SDNRYDQêPRYČĜRYiQtPYQiVOHGXMtFtPDNDGHPLFNpPURFHMVPH]MLVWLOLåHVHSR]L WLYQČSURMHYLOR UR]ãtĜHQtY]GČOiYDFtFKSRVWXSĤDWRQHMHQY]KOHGHPNHVWDQRYHQêPYêVOHGNĤP XþHQtDOHLVRKOHGHPQD]MLãWČQRXQHGRVWDWHþQRX~URYHĖSĜHGSRNOiGDQêFKYVWXS QtFK]QDORVWtþLGRYHGQRVWt SRVtOHQt IRUPDWLYQtKR KRGQRFHQt VWXGHQWĤ SOQLOR URYQČå IXQNFL Yê]QDPQpKR PRWLYDþQtKRSUYNX 9ê]QDPQpE\OR]MLãWČQtåHVWXGHQWLSRFKRSLOLIXQNFLWRKRWR KRGQRFHQtMDNR]SČWQpYD]E\DåHVHQDXþLOLKOHGDWĜHãHQtEH]REDY]FK\EQêFK YêVOHGNĤ ]DSRMHQtVWXGHQWĤGRSURFHVXLPSOHPHQWDFHPČOLNGLVSR]LFLYãHFKQ\]SUDFRYDQp PDWHULiO\YSUĤEČKXYêXN\E\OL]DSRMRYiQLGRSURFHVXKRGQRFHQt~þLQQRVWL]YR OHQêFKPHWRGLGRKRGQRFHQtPtU\GRVDåHQtYêVOHGNĤ]XþHQt
2EHFQk]gYÂU\SO\QRXFm]QDE\W®FK]NX¨HQRVWm ,PSOHPHQWDFH YêVOHGNĤ XþHQt SURSRMHQêFK VH Y]GČOiYDFtPL D KRGQRWLFtPL PHWR GDPL Då QD ~URYHĖ WpPDW MHGQRWOLYêFK SĜHGPČWĤ GLVFLSOtQ SĜLQiãt GĤNODGQRX UHÀH[L Y]GČOiYDFtKRSURFHVX]HVWUDQ\Y\XþXMtFtKRSRXND]XMHNXSĜtNODGXQDQXWQRVWPRGL¿NR YDW UR]VDK XþLYD ]YROHQp Y]GČOiYDFt SRVWXS\ L ]SĤVRE KRGQRFHQt =iURYHĖ SRVN\WXMH VWXGHQWĤP MDVQp D NRQNUpWQt LQIRUPDFH R SRåDGDYFtFK NWHUp PXVt VSOQLW SUR ~VSČãQp DEVROYRYiQt SĜHGPČWX 0ĤåH EêW YKRGQêP QiVWURMHP SUR NYDQWL¿NDFL VWXGLMQt ]iWČåH Y\MiGĜHQpNUHGLWQtPRKRGQRFHQtPSĜHGPČWX 9QiYD]QRVWLQDVWDQRYHQpYêVOHGN\XþHQtMHWĜHEDUR]ãLĜRYDWVSHNWUXPY]GČOiYDFtFK SRVWXSĤMHWĜHEDSRVLORYDWþLQQRVWLVWXGHQWĤ 1H]E\WQpMH]DĜD]RYDWIRUPDWLYQtKRGQR FHQt D WR Y MDNpNROLY SRGREČ VHEHKRGQRFHQt VWXGHQWĤ Y]iMHPQp KRGQRFHQt VWXGHQW\ KRGQRFHQt XþLWHOHP 3RNXG VH VQDåtPH DE\ Y SURFHVX Y]GČOiYiQt SĜHYOiGO\ PHWRG\ RULHQWRYDQp QD þLQQRVW VWXGHQWD ]Y\ãXMt VH QiURN\ QD MHKR VDPRVWXGLXP QD SĜtSUDYX YSUĤEČKXVHPHVWUXQDVDPRVWDWQpĜHãHQtSUREOpPĤDWG=MHGQRGXãHQČDVXUþLWRXQDG Vi]NRX ĜHþHQR VWXGHQWRYL QHVWDþt Y\VOHFKQRXW V YČWãt þL PHQãt SR]RUQRVWt SĜHGQiãN\ _
Y\XþXMtFtKR QD VHPLQiĜtFK UHIHUiW\ VYêFK NROHJĤ D YH ]NRXãNRYpP REGREt SDPČWQČ ]YOiGQRXWRGSRYČGLQDY\SVDQpRWi]N\2YČĜLOLMVPHVLåHSURPRWLYDFLVWXGHQWĤNWHĜt PQRKG\ QHGLVSRQXMt RGSRYtGDMtFtPL VWXGLMQtPL QiY\N\ Y\SČVWRYDQêPL Y SĜHGFKR]tP VWXGLXMHYKRGQpYWiKQRXWMHGRY]GČOiYDFtKRSURFHVXWtPåHMHVH]QiPtPHMDNVFtOHP NWHUêPiPHMDNRY\XþXMtFtWDNVYêVOHGN\XþHQtNWHUpMVPHVWDQRYLOLSURFHOêSĜHGPČW LSURMHGQRWOLYiWpPDWD6\ODE\NWHUpMVPHSURMHGQRWOLYiWpPDWDUR]SUDFRYDOLREVDKRYDO\ NURPČYêVOHGNĤXþHQtDPHWRGY]GČOiYiQtDKRGQRFHQtWDNpRVQRY\SĜHGQiãHNDSUiFH YVHPLQiĜtFKRWi]N\SURVDPRVWXGLXPDNULWpULDVWDQRYHQiSURGtOþtIRUPDWLYQtL]iYČUHþQp VXPDWLYQtKRGQRFHQt9ãHFKQ\PDWHULiO\E\O\VWXGHQWĤPNGLVSR]LFLYLQIRUPDþQtPV\V WpPX8Ni]DORVHåHMHWĜHEDSRPČUQČGHWDLOQČDKODYQČNRQNUpWQČIRUPXORYDWNULWpULD KRGQRFHQtDGEiWQDWRDE\WDWRNULWpULD]DFK\FRYDODSRVWXSQČVH]Y\ãXMtFtQiURN\ =MLVWLOLMVPHåHN]iYDåQêPSUREOpPĤPSDWĜtVNXWHþQRVWåHY\XþXMtFtPQRKG\SĜHG SRNOiGDMtYVWXSQtRGERUQp]QDORVWLGRYHGQRVWLD]SĤVRELORVWLNWHUpVWXGHQWLQHSURND]XMt 1HQt GRVWDþXMtFt XYpVW MDNR W]Y SUHUHNYL]LW\ MHQ Qi]Y\ GLVFLSOtQ SĜHGPČWĤ þL MLQêFK VHJPHQWĤVWXGLMQtKRSOiQXþLSĜHGFKR]tKRVWXGLD -HWĜHEDH[SOLFLWQČY\MiGĜLWNWHUpYê VOHGN\ XþHQt MVRX QH]E\WQČ SĜHGSRNOiGiQ\9QtPDOL MVPH L VYRMLQHGRVWDWHþQRX SĜLSUD YHQRVWYREODVWLY\VRNRãNROVNpGLGDNWLN\QDSĜYGRYHGQRVWHFKIXQNþQtKRY\XåLWtPRG HUQtFKY\XþRYDFtFKPHWRG 3ĜLIRUPXORYiQtYêVOHGNĤXþHQtE\ORQiURþQpMHGQR]QDþQČ UR]OLãLWRGERUQp]QDORVWLDRGERUQpGRYHGQRVWL3UREOpPHPE\ODLSUYRWQtVQDKDIRUPXOR YDWYHONêSRþHWYêVOHGNĤXþHQtDPHWRG -VPH SĜHVYČGþHQL R WRP åH Yê]QDPQêP SĜtQRVHP RYČĜRYDQpKR SĜtVWXSX MH SUR P\ãOHQi D GHWDLOQt SĜtSUDYD YêXN\ D MHMt UHÀH[H 3RGPtQNRX SORãQp LPSOHPHQWDFH QD Y\VRNpãNROHMHLQVWLWXFLRQiOQtSRGSRUDSHGDJRJLFNpþLQQRVWLDNDGHPLFNêFKSUDFRYQtNĤ QDSĜ~þLQQêPDNYDOLWQtPY]GČOiYiQtPSUR]Y\ãRYiQtMHMLFKSHGDJRJLFNêFKNRPSHWHQFt QDVWDYHQtP NULWpULt KRGQRFHQt DNDGHPLFNêFK SUDFRYQtNĤ ]RKOHGĖXMtFtFK NYDOLWX MHMLFK SHGDJRJLFNpþLQQRVWL 1DãH]NXãHQRVW]iURYHĖXND]XMHåHSĜtQRVHPEXGH]YêãHQtNYDOL W\DHIHNWLYLW\Y]GČOiYDFtþLQQRVWLNQtåSĜLVSČMtSURSUDFRYDQiVWDYEDVWXGLMQtFKSURJUDPĤ QiYD]QRVWSĜHGPČWĤHOLPLQDFHGXSOLFLWY\WYiĜHQtORJLFNêFKY]WDKĤPH]LGLVFLSOtQDPL UHÀH[HY]GČOiYDFtKRSURFHVX]HVWUDQ\Y\XþXMtFtFKD]YêãHQiPRWLYDFHVWXGHQWĤ
_
6KUQXWm]gNODGQmFKSULQFLSØ 5gPFHNYDOLILNDFm Y\VRNR¨NROVNkKRY]GÂOgYgQm ´HVNkUHSXEOLN\
7DWR NDSLWROD VL NODGH ]D FtO SĜHKOHGQRX IRUPRX SĜHGVWDYLW 5iPHF NYDOL¿NDFt Y\ VRNRãNROVNpKRY]GČOiYiQtýHVNpUHSXEOLN\GiOHMHQÄ5.99³ DXVQDGQLWWDNMHKRXåtYiQt YSUD[L5.99E\OY\SUDFRYiQYUiPFLSURMHNWX,3145DPYGREČY\GiQtWpWRSXEOL NDFHSUREtKiMHKR]DSUDFRYiQtGRSURYiGČFtFKSĜHGSLVĤQRYHO\]iNRQDRY\VRNêFKãNR OiFK 5iPFH NYDOL¿NDFt SRXåtYDMt SUR SRSLV NYDOL¿NDFt SUiYČ YêVOHGNĤ XþHQt NWHUp SĜHGVWDYRYDODSĜHGFKR]tþiVWWpWRSXEOLNDFH5.99PiYtFHIXQNFtYL]QtåH DOHPĤåH VORXåLW L YãHP DNDGHPLFNêP SUDFRYQtNĤP MDNR LQVSLUDFH SUR SĜtSUDYX YODVWQtFK VWXGL MQtFKSURJUDPĤDSĜHGPČWĤDIRUPXODFLMHMLFKYêVOHGNĤXþHQt5.99]GHWDNpSUH]HQWX MHPHMDNRSĜtNODGY\XåLWtYêVOHGNĤXþHQtQD~URYQLQiURGQtY\VRNRãNROVNpSROLWLN\
5.1 Podstata a cíle 5iPHFNYDOL¿NDFtY\VRNRãNROVNpKRY]GČOiYiQtýHVNpUHSXEOLN\MHSRSLVHPDNDWHJR UL]DFtNYDOL¿NDFtXGČORYDQêFKY\VRNêPLãNRODPLYýHVNpUHSXEOLFH5.99MH]DORåHQ QD VWDQRYHQt YêVOHGNĤ NWHUêFK E\ DEVROYHQWL MHGQRWOLYêFK ~URYQt PČOL GRVDKRYDW SĜL DEVROYRYiQt VWXGLD7\WR W]Y YêVOHGN\ XþHQt MVRX NDWHJRUL]RYiQ\ QD RGERUQp ]QDORVWL RGERUQpGRYHGQRVWLDREHFQp]SĤVRELORVWL5.99Y\PH]XMHREHFQpSRåDGDYN\QDDEVRO YHQW\MHGQRWOLYêFK~URYQtY\VRNRãNROVNpKRY]GČOiYiQtD~þHODFtOHMHGQRWOLYêFKVWXSĖĤ Y\VRNRãNROVNpKRVWXGLD
&mORYkVNXSLQ\ ,NG\åWRQHQtYNRQWH[WXPQRåVWYtDNUHGLWRYDQêFKVWXGLMQtFKRERUĤQDSUYQtSRKOHG ]ĜHMPpLDNDGHPLFNpY]GČOiYiQtMHVRXþiVWtV\VWpPX1DYD]XMHQDQLåãtVWXSQČY]GČOiYiQt VDPRSRVN\WXMHQČNROLN~URYQtY]GČOiYDFtSURJUDPĤPQRKG\VQXWQRVWtSĜHFKRGX]MHG QRKR SURJUDPX GR GUXKpKR SĜLSUDYXMH DEVROYHQW\ V SHVWURX ãNiORX SĜHGSRNODGĤ SUR 7DWRNDSLWRODþHUSi]SXEOLNDFH1DQWO-3ýHUQLNRYVNêDNRO1iURGQtNYDOL¿NDþQtUiPHFWHU FLiUQtKRY]GČOiYiQt'tO1iURGQtGHVNULSWRU\'UXKpUHYLGRYDQpY\GiQt3UDKD0LQLVWHUVWYRãNROVWYt POiGHåHDWČORYêFKRY\
_
XSODWQČQtVHQDSUDFRYQtPWUKX9QHSRVOHGQtĜDGČVHWDNpSURSRMXMHVY\VRNRãNROVNêP SURVWĜHGtPGDOãtFK]HPt]HMPpQDYUiPFLLQWHJURYDQêFKþiVWt(YURS\8FKD]HþLRVWX GLXPVWXGHQWLWX]HPãWtL]DKUDQLþQt]DPČVWQDYDWHOpVWiWQtVSUiYDþLVSRQ]RĜLPDMtSURWR SĜLUR]HQê ]iMHP RULHQWRYDW VH YH VSOHWL VWXGLMQtFK RERUĤ Y MHMLFK YD]EiFK QD EXGRXFt SURIHVQtXSODWQČQtþLYMHMLFK~URYQLYPH]LQiURGQtPNRQWH[WX 3RWĜHEDV\VWHPDWLþWČMãtKRSĜtVWXSXNY\VRNRãNROVNpPXY]GČOiYiQtY]QLNDODSRVWXSQČ YGĤVOHGNXQtåHXYHGHQpĜDG\VSROHþHQVNêFK]PČQNWHUpY\ND]XMtVSROHþQpU\V\QDSĜtþ Y\VSČOêPL]HPČPLYãHFKNRQWLQHQWĤ PDVL¿NDFH Y\VRNRãNROVNpKR Y]GČOiYiQt Y\YRODQi SRWĜHERX Y\ããt NYDOL¿NDFH DY]GČODQRVWLRE\YDWHOVWYD G\QDPLFNêYêYRMSR]QiQtRERUĤLPHWRGY]GČOiYiQtDVWtPVSRMHQiSRWĜHEDXåãt VSHFLDOL]DFH RWHYĜHQtQiURGQtFKWUKĤSUiFH]Y\ãXMtFtSRWĜHEXPH]LQiURGQtKRVURYQiYiQtNYDOL ¿NDFt XYROQČQtSĜtVWXSXNHY]GČOiYiQtLNMHKRSRVN\WRYiQt RþHNiYDQi JDUDQFH ~URYQČ SRVN\WRYDQpKR Y]GČOiQt Y VLWXDFL NG\ QHVWDþt NRQ VHQVXVYUiPFLDNDGHPLFNpNRPXQLW\DOHMHWĜHEDEUiWY~YDKXLGDOãtDNWpU\VWX GHQW\]DPČVWQDYDWHOHVWiWQtVSUiYX
µHODPHWRGLND &tOHP]DYiGČQtUiPFĤNYDOL¿NDFtMH]YêãLWSĜHKOHGQRVWDWXGtåLSURVWXSQRVWY]GČ OiYDFtFKVRXVWDYYQiURGQtPLPH]LQiURGQtPNRQWH[WX5iPHFNYDOL¿NDFtMHSĜHGHYãtP QiVWURMHP NWHUê SĜLĜD]XMH MHGQRWOLYêP NYDOL¿NDFtP VWXGLHP ]tVNDQêP ]QDORVWHP GRYHGQRVWHPDREHFQêP]SĤVRELORVWHP XUþLWRX~URYHĖYUiPFLY]GČOiYDFtKRV\VWpPX SĜtSDGQČVWDQRYXMHNULWpULDSURWDNRYpWRSĜLĜD]RYiQt7DWRNODVL¿NDþQtIXQNFHMH]iNODGQt D REHFQČ VGtOHQRX UROt UiPFĤ NYDOL¿NDFt 'DOãt UROt PĤåH EêW PM IXQNFH QiVWURMH SUR VDPRWQRXWYRUEXNYDOL¿NDþQtFKSUR¿OĤYD]EDQDV\VWpP]DMLãĢRYiQtNYDOLW\DDNUHGLWDFt QDEt]HQpKRY]GČOiYiQt]DMLãĢRYiQtNRQ]LVWHQFHDNDGHPLFNêFKVWDQGDUGĤVQD]ãtXUþRYiQt VWXGLMQt]iWČåHSURVWĜHGQLFWYtPNUHGLWĤDGDOãtY\XåLWtWČFKWRNUHGLWĤSĜLSUĤFKRGXVWXGHQWD Y]GČOiYDFtVRXVWDYRX 1DUR]GtORGWUDGLþQtFKSRSLVĤY]GČOiYDFtFKVRXVWDY]DORåHQêFKQDYêþWXIRUPiOQtFK XND]DWHOĤMDNRMVRXGpONDVWXGLDQHERSRYLQQpSĜHGPČW\VHUiPFHNYDOL¿NDFt]DPČĜXMtQD YêVOHGN\XþHQtWHG\QDVNXWHþQp]QDORVWLGRYHGQRVWLD]SĤVRELORVWLDEVROYHQWĤ2þHNiYDQp ]QDORVWLGRYHGQRVWLD]SĤVRELORVWLDEVROYHQWĤMVRXXQLYHU]iOQtPQiVWURMHPY\XåLWHOQêP YãHPL VNXSLQDPL SRWHQFLiOQtFK XåLYDWHOĤ QD YãHFK ~URYQtFK Y]GČOiYDFtKR SURFHVX RG MHGQRWOLYêFKVWXGLMQtFKDNWLYLWSĜHVSĜHGPČW\VWXGLMQtSURJUDP\REODVWLY]GČOiYiQtDåSR QiURGQtDPH]LQiURGQt~URYHĖ3URY\XþXMtFtSĜLQiãHMtRGNORQRGIRUPiOQtFKXND]DWHOĤ NVDPRWQpPXVP\VOXMHMLFKSHGDJRJLFNpSUiFH6WXGXMtFtPSRVN\WXMtLQIRUPDFLRWRPMDNp ]QDORVWLGRYHGQRVWLD]SĤVRELORVWLVYêPVWXGLHP]tVNDMt]DPČVWQDYDWHOĤPSDNVGČOXMt FRPRKRXRGDEVROYHQWĤRþHNiYDW=KOHGLVNDY]GČOiYDFtSROLWLN\DY]GČOiYDFtFKLQVWLWXFt WDNWR SRMDWp NYDOL¿NDþQt UiPFH ]QDPHQDMt VRXERU NULWpULt SUR OHSãt D WUDQVSDUHQWQČMãt ]DMLãWČQtNYDOLW\Y\VRNRãNROVNpKRY]GČOiYiQt9PH]LQiURGQtPNRQWH[WX5.99GtN\EX _
GRXFtPXSURSRMHQtVH]DVWĜHãXMtFtPLHYURSVNêPLUiPFLNYDOL¿NDFt PLPRMLQpYê]QDPQČ ]MHGQRGXãtPH]LQiURGQtVURYQiYiQtREGREQêFKNYDOL¿NDFt
$þNROL Y SRGPtQNiFK ýHVNp UHSXEOLN\ PĤåH FHQWUiOQt ]DYiGČQt UiPFĤ NYDOL¿NDFt DSRSLVXYêVOHGNĤXþHQtMDNRMHMLFKLQVWUXPHQWXSĤVRELWQiVLOQČPH]LQiURGQtPXSĜLMHWt WČFKWRSRVWXSĤ]DVWDQGDUGPRGHUQtKRY]GČOiYiQtSĜHGFKi]HOSRVWXSQêDSĜLUR]HQêYêYRM RG ]NRXPiQt ]iNRQLWRVWt SHGDJRJLFNpKR SURFHVX SĜHV QiVOHGQRX RULHQWDFL QD YêVOHGN\ VWXGLDQDPtVWRMHKRSUĤEČKXSĜHVSRVWXSQpY\PH]RYiQtSURIHVQtFKVWDQGDUGĤDIRUPRYiQt ORNiOQtFKUiPFĤNYDOL¿NDFtDåSRSĜLMHWt]iYD]NXVEOtåLWWtPWR]SĤVREHPW]Y(YURSVNê SURVWRUY\VRNRãNROVNpKRY]GČOiYiQt1HQtQiKRGRXåHLYUiPFLýHVNpUHSXEOLN\MHG QRWOLYpþDVWRL]RORYDQČSUREtKDMtFtSRNXV\VHULy]QČXFKRSLWWXWRSUREOHPDWLNXGRVStYDMt NHVWHMQêP]iYČUĤPDGRSRUXþHQtPMDNiO]HQDOp]WLYPDWHULiOHFK]DKUDQLþQtFKDXWRUĤ DåHW\WRSRNXV\Y\]QtYDMtSĜHVQHVNUêYDQi~VNDOtYHVPČVYHOPLSR]LWLYQČ
'ØOHªLWRVWNRPSDWLELOLW\ 9ýHVNpUHSXEOLFHMVRXYVRXþDVQpGREČNYDOL¿NDFHV\VWpPRYČGH¿QRYiQ\]QČNROLND VWUDQ 1D ]iNODGČ ãNROVNpKR ]iNRQD D ]iNRQD R Y\VRNêFK ãNROiFK 0â07 UHJLVWUXMH UHVSHNWLYHDNUHGLWXMHMHGQRWOLYpY]GČOiYDFtVWXGLMQt SURJUDP\VXUþLWêPDEVROYHQWVNêP SUR¿OHP3RGOH]iNRQDRX]QiYiQtYêVOHGNĤGDOãtKRY]GČOiYiQt]iNRQþ6E SDNVSUDYXMH1iURGQtVRXVWDYXNYDOL¿NDFt16. SRVWXSQČEXGRYDQêUHJLVWUSURIHVQtFK NYDOL¿NDFtH[LVWXMtFtFKQDSUDFRYQtPWUKXYý5NWHUêXPRåĖXMHXGČORYiQtNYDOL¿NDþQtFK FHUWL¿NiWĤ QD ]iNODGČ SURND]DWHOQČ VSOQČQêFK NYDOL¿NDþQtFK SĜHGSRNODGĤ QLNROL QD ]iNODGČ ~þDVWL QD Y]GČOiYDFtFK F\NOHFK 3DUDOHOQČ Y]QLNi Y JHVFL 0LQLVWHUVWYD SUiFH DVRFLiOQtFKYČFtW]Y1iURGQtVRXVWDYDSRYROiQtVDPELFtSURPtWQRXW]DPČVWQDYDWHOVNp SRMHWtSURIHVQtFKSUR¿OĤGRSRGRE\NYDOL¿NDFtHYLGRYDQêFKY16.'LVNXWXMHVHSRWĜHED Y\WYRĜHQtMHGQRWQpKRQiURGQtKRUiPFHNYDOL¿NDFtSURYãHFKQ\VWXSQČY]GČOiYDFtVRXVWDY\ D SUR NRPSHWHQFH ]tVNDQp PLPR IRUPiOQt Y]GČOiYiQt -H WHG\ ]ĜHMPp åH SRSWiYND SR VWUXNWXURYDQêFKSUR¿OHFKNYDOL¿NDFtREMHNWLYQČH[LVWXMHLYUiPFLýHVNpUHSXEOLN\DWêNi VHLY\VRNRãNROVNêFKY]GČOiYDFtFKSURJUDPĤ-HY]iMPXVDPRWQêFKY\VRNêFKãNRODE\ GRNi]DO\ VYRX QDEtGNX SUH]HQWRYDW GRVWDWHþQČ VWUXNWXURYDQČ D VUR]XPLWHOQČ YH IRUPČ NRPSDWLELOQtVMLåIRUPXORYDQêPLRþHNiYiQtPL]DPČVWQDYDWHOĤþLVWiWXUHVSHNWLYHDE\ SĜHFKRGHPQDVSROHþQêMD]\NXVQDGQLO\SURYi]iQtGRVDYDGQtFKDNWLYLWDVWDO\VHURYQR SUiYQêPSDUWQHUHPYGLVNXVLQDWpPDSĜLSUDYRYDQêFKNYDOL¿NDþQtFKSUR¿OĤ6RXþDVQČ MH ]iKRGQR UHÀHNWRYDW L SRWĜHEX NRPSDWLELOLW\ V QDGQiURGQtPL DNWLYLWDPL PM Y UiPFL W]Y %RORĖVNpKR SURFHVX D (YURSVNp XQLH ± MGH QDSĜtNODG R NUHGLWRYê V\VWpP (&76 (YURSVNê UiPHF NYDOL¿NDFt (4) 5iPHF NYDOL¿NDFt SUR (YURSVNê SURVWRU Y\VRNR ãNROVNpKRY]GČOiYiQt4)(+($ þLPH]LQiURGQtGRKRG\RX]QiYiQt]DKUDQLþQtFKNYDOL ¿NDFt/LVDERQVNi~POXYD
Ä(4)³MH]NUDWNRXSURÄ(YURSVNêUiPHFNYDOL¿NDFtSURFHORåLYRWQtXþHQt³NWHUêMHVSUDYRYiQ(8EOtåH YL]VORYQtNSRMPĤÄ4)(+($³MH]NUDWNRXSURÄ5iPHFNYDOL¿NDFtSUR(YURSVNêSURVWRUY\VRNRãNROVNpKR Y]GČOiYiQt³NWHUêMHVSUDYRYiQVLJQDWiĜL%RORĖVNpKRSURFHVXEOtåHYL]VORYQtNSRMPĤ
_
&KDUDNWHULVWLN\NYDOLILNDFH 9HY\VRNRãNROVNpPY]GČOiYiQtMVRXXGČORYiQ\NYDOL¿NDFHNWHUpSURND]XMtGRVDåHQt XUþLWêFKYêVOHGNĤXþHQt.YDOL¿NDFHMVRXFKDUDNWHUL]RYiQ\QtåHXYHGHQêPLNDWHJRULHPL MHå þiVWHþQČ SĜHMtPi L 5.99 MDNR UiPHF YãHFK NYDOL¿NDFt XGČORYDQêFK QD Y\VRNêFK ãNROiFKYýHVNpUHSXEOLFH ÒURYHĖNYDOL¿NDFHY\MDGĜXMHKLHUDUFKLFNRXSR]LFLGDQpNYDOL¿NDFHYV\VWpPXY]GČ OiYiQtDVRXþDVQČPtUXQiURþQRVWLMHMtKRQDE\Wt9\PH]HQt~URYQtNYDOL¿NDFtMHVRXþDVQČ GĤOHåLWpSURSURVWXSQRVWY]GČOiYDFtPV\VWpPHP±]tVNiQtNYDOL¿NDFHQLåãt~URYQČ]DNOiGi ]SUDYLGODSĜtVWXSNHY]GČOiYiQtQiVOHGXMtFtY\ããt~URYQČNXSĜtNODGXPDWXULWQt]NRXãNRX XNRQþHQpVWĜHGRãNROVNpY]GČOiQtRWHYtUiFHVWXNHVWXGLXQDY\VRNpãNROH 3UR¿O NYDOL¿NDFH Y\PH]XMH ~þHO D REHFQČMãt Y]GČOiYDFt FtOH XUþLWp NYDOL¿NDFH MDNRå L FtORYRX VNXSLQX SUR QLå MH NYDOL¿NDFH XUþHQD ] KOHGLVND ]iMPĤ D EXGRXFtKR SĜHGSRNOiGDQpKRXSODWQČQt 2GY]GČOiYDFtFKLQVWLWXFtVHRþHNiYiåHEXGRXSRVN\WRYDW VUR]XPLWHOQpLQIRUPDFHRSUR¿OXQDEt]HQêFKNYDOL¿NDFtNWHUpPRKRX]DKUQRYDWLQIRU PDFLQHMHQRRGERUQpP]DPČĜHQtGDQpKRVWXGLMQtKRSURJUDPXMHKRWHRUHWLFNpPDPH WRGRORJLFNpP ]iNODGX D ãLUãtFK Y]GČOiYDFtFK FtOHFK DOH L R RVREQRVWQtFK YODVWQRVWHFK RþHNiYDQêFKRGDEVROYHQWĤDRMHMLFKSĜHGSRNOiGDQpPXSODWQČQtQDWUKXSUiFH 9êVOHGN\XþHQtÄXþHQtVH³ MVRXYêVORYQêPY\MiGĜHQtP]QDORVWtGRYHGQRVWtD]SĤ VRELORVWtNWHUpPXVtVWXGHQWSURNi]DWDE\PXE\ODSĜtVOXãQiNYDOL¿NDFHXGČOHQD3RGRED YêVOHGNĤXþHQtMHSRFKRSLWHOQČYê]QDPQČRYOLYQČQD~URYQtQDQtåVHSUR¿ONYDOL¿NDFH UR]SUDFRYiYi.URPČ~URYQČSURIHVQtNYDOL¿NDFH~URYHĖVWXGLMQtKRSURJUDPXþLRERUX PĤåHMtWR~URYHĖY]GČOiYDFtKRV\VWpPXMDNRFHONXYMHKRåUiPFLEêYDMtYêVOHGN\XþHQt IRUPXORYiQ\YHOPLREHFQČDGiOHSDNR~URYHĖPRGXOXSĜHGPČWXQHERMLQpMHGQRWN\ XþHQt3ODWtåHþtPPHQãtGDQiMHGQRWNDMHWtPSRGUREQČMLDSĜHVQČMLMVRXYêVOHGN\XþHQt IRUPXORYiQ\ 7DNp YH VWDQGDUGHFK SRXåtYDQêFK SUR KRGQRFHQt QDSĜ KRGQRWtFt NULWp ULDSUR ]NRXãN\ EêYDMtYêVOHGN\ XþHQtUR]YHGHQ\SRGUREQČMLQHå SĜLSURVWpLQIRUPDFL RREVDKXVWXGLMQtKRSURJUDPXQHERSĜHGPČWX 6WXGLMQt ]iWČå SĜHGVWDYXMH NYDQWLWDWLYQt Y\MiGĜHQt REMHPX XþHQt QD ]iNODGČ GH¿QR YDQêFKYêVOHGNĤXþHQtDRGYR]HQpVWXGLMQt]iWČåH9êVOHGN\XþHQtDRGSRYtGDMtFtVWXGLMQt ]iWČåY\FKi]HMtFt ] SOQpKR ÄIXOOWLPH³ VWXGLD Y MHGQRP DNDGHPLFNpPURFH QHER MHKR HNYLYDOHQWX RGSRYtGDMtFtPX NUHGLWĤP 6WXGLMQt ]iWČå MH RGKDGHP W\SLFNp þDVRYp QiURþQRVWL VSOQČQt YãHFK DNWLYLW QDSĜ SĜHGQiãHN VHPLQiĜĤ SURMHNWRYp SUiFH FYLþHQt VWiåt SUD[t D LQGLYLGXiOQtKR VWXGLD NWHUp MVRX Y\åDGRYiQ\ SUR GRVDåHQt VWDQRYHQêFK YêVOHGNĤXþHQt8åtYiQtNUHGLWĤ(&76VHĜtGtXåLYDWHOVNêPPDQXiOHP .YDOLWD NYDOL¿NDFH MH SRGPtQČQD YãHPL YêãH XYHGHQêPL ]QDN\ 1LFPpQČ SUR MHMt ]DMLãWČQtMHNOtþRYp]HMPpQDW]YNRQVWUXNWLYQtSURSRMHQtRþHNiYDQêFKYêVOHGNĤVWXGLD YêXNRYêFK D VWXGLMQtFK PHWRG D ]SĤVREĤ KRGQRFHQt GRVDåHQêFK YêVOHGNĤ -GH R WR åH IRUP\ D PHWRG\ YêXN\ D XþHQt PDMt EêW QDYUåHQ\ WDN DE\ FR QHMOpSH SRGSRURYDO\ GRVDåHQtRþHNiYDQêFKYêVOHGNĤVWHMQČWDNPHWRG\KRGQRFHQtPDMtDGHNYiWQČRYČĜRYDW (YURSVNiXQLH(&768VHUVµ*XLGH/XFHPEXUN3XEOLNDþQtNDQFHOiĜ(YURSVNpXQLH
_
YêVOHGN\NWHUpE\O\VWDQRYHQ\DMHåVHSRGOH]YROHQêFKIRUHPDPHWRGYêXN\DXþHQt VWXGHQW VNXWHþQČ PRKO QDXþLW $YãDN DQL YKRGQp PHWRG\ YêXN\ D KRGQRFHQt QHPXVt VWDþLWQHMVRXOLVSUiYQČVWDQRYHQ\YêVOHGN\XþHQtQDSĜQiURþQRVWQČNWHUêFKYêVOHGNĤMH QLåãtQHERQDRSDNY\ããtQHåE\RGSRYtGDOR~URYQLNYDOL¿NDFHQHER]YOiGQXWtQČNWHUêFK YêVOHGNĤ QHQt UHiOQp Y]KOHGHP NH VWXGLMQt ]iWČåL SĜLGČOHQp ] FHONX NUHGLWRYp KRGQRW\ GDQpNYDOL¿NDFH
)XQNFH5.99 5iPHFNYDOL¿NDFtY\VRNRãNROVNpKRY]GČOiYiQtýHVNpUHSXEOLN\PiY\YiåHQČSOQLW REČhlavní funkceNYDOL¿NDþQtFKUiPFĤ )XQNFHNRPXQLNDþQt SRVN\WXMHVWXGHQWĤPOHSãtLQIRUPDFHRPRåQRVWHFKVWXGLDFRåMLPXPRåQtVQD]ãt D]RGSRYČGQČMãtYêEČUY\VRNpãNRO\ ]DMLãĢXMHVURYQDWHOQRVWVWXGLDDWtPLSURVWXSQRVWPH]LãNRODPLPH]LQiURGQtPR ELOLWXD]DPČVWQDWHOQRVWVWXGHQWĤDDEVROYHQWĤ LQIRUPXMH]DPČVWQDYDWHOHDREHFQČRNROtY\VRNRãNROVNpKRY]GČOiYiQtRRþHNi YDWHOQêFK]QDORVWHFKGRYHGQRVWHFKD]SĤVRELORVWHFKDEVROYHQWĤDXPRåĖXMHWDN OpSHSRVRXGLWMHMLFKPRåQRVWLSĜLYVWXSXQDWUKSUiFH )XQNFHUHJXODWLYQt Y\PH]XMH YQLWURVWiWQt VWDQGDUG WêNDMtFt VH ~URYQČ ]QDORVWt GRYHGQRVWt D ]SĤVR ELORVWtDEVROYHQWĤVWXGLMQtFKSURJUDPĤYHY\VRNRãNROVNpPY]GČOiYiQt XUþXMHNUHGLWRYêUR]VDKMHGQRWOLYêFKW\SĤVWXGLMQtFKSURJUDPĤY\VRNRãNROVNpKR Y]GČOiYiQtý5YHY]WDKXN(&76 SRVN\WXMHNULWpULDSURSRVX]RYiQtDNUHGLWRYDQêFKY]GČOiYDFtFKþLQQRVWtYHY\VR NRãNROVNpPY]GČOiYiQt IRUPXOXMHNULWpULDSURX]QiYiQt]DKUDQLþQtKRY]GČOiQtQHERMHKRþiVWL QD~URYQL Y\VRNRãNROVNpKRY]GČOiYiQtYý5
6WUXNWXUDSRSLVXNYDOLÀNDFtSULQFLS\DWHUPLQRORJLH 5.99 Y\PH]XMH MHGQRWOLYp NYDOL¿NDþQt ~URYQČ Y\VRNRãNROVNpKR Y]GČOiYiQt SUR VWĜHGQLFWYtP RGERUQêFK ]QDORVWt RGERUQêFK GRYHGQRVWt D REHFQêFK ]SĤVRELORVWt NWHUp SURND]XMt DEVROYHQWL SĜtVOXãQêFK VWXGLMQtFK SURJUDPĤ SĜL DEVROYRYiQt 3URVWĜHGQLFWYtP NUHGLWĤ(&76VSHFL¿NXMtVWXGLMQt]iWČåRGSRYtGDMtFtVWDQGDUGQtGREČVWXGLDYSĜtVOXãQêFK VWXGLMQtFK SURJUDPHFK 7DNWR GH¿QRYDQp NYDOL¿NDFH SDN SĜLĜD]XMt N PH]LQiURGQtP VWDQGDUGĤP±MHGQRWOLYêPF\NOĤP4)(+($D~URYQtP(4)
URYHÊNYDOLILNDFH 9HUWLNiOQt VWUXNWXUD UiPFH NYDOL¿NDFt MH UR]GČOHQD QD WĜL ~URYQČ SUYQt ~URYHĖ , RGSRYtGiEDNDOiĜVNêPVWXGLMQtPSURJUDPĤPGUXKi~URYHĖ,, PDJLVWHUVNêPVWXGLMQtP _
SURJUDPĤPDWĜHWt~URYHĖ,,, GRNWRUVNêPVWXGLMQtPSURJUDPĤP-HGQRWOLYp~URYQČMVRX URYQČåSĜLĜD]RYiQ\NF\NOĤP4)(+($± D~URYQtP(4)± 3ĜLĜD]HQpNYDOL¿ NDFHRGSRYtGDMtFKDUDNWHULVWLNiPRERXUHOHYDQWQtFKHYURSVNêFKUiPFĤýHVNiUHSXEOLND GHNODUXMHåH5.99MHYVRXODGXV4)(+($LV(4)1HVKRGXMtOLVH4)(+($D(4) ]FHODSĜHVQČYHY\PH]HQtGDQpNDWHJRULHMHWĜHEDGiWSĜHGQRVWKOHGLVNX4)(+($QHERĢ ViP(4)GHNODUXMHVRXODGY\PH]HQtVYêFK~URYQtDåVGHVNULSWRU\4)(+($SUR SUYQtDåWĜHWtF\NOXVERORĖVNpVWUXNWXU\Y\VRNRãNROVNpKRY]GČOiYiQt 6WXGLMQt SURJUDP\ ]DKUQXWp GR 5.99 E\ PČO\ PtW YêVOHGN\ XþHQt IRUPXORYiQ\ SĜtVOXãQRXY\VRNRXãNRORXWDNDE\QDSOQLO\RGERUQêSUR¿ONYDOL¿NDFHDVRXþDVQČY\ KRYČO\SĜHGHSVDQpNYDOL¿NDþQt~URYQLGOH5.99.GRVDåHQtWDNWRVWDQRYHQêFKYêVOHGNĤ XþHQtMHWĜHEDYROLWDGHNYiWQtPHWRG\YêXN\DVWXGLDQHGtOQRXVRXþiVWtVWXGLMQtKRSUR JUDPXMHSDNKRGQRFHQt]GDDMDNE\ORRþHNiYDQêFKYêVOHGNĤGRVDåHQR )RUPD VWXGLMQtKR SURJUDPX WM ]GD MH SURJUDP XVNXWHþĖRYiQ SUH]HQþQt NRPELQR YDQRXQHERGLVWDQþQtIRUPRXQHQtSURMHKR]DĜD]HQtGR5.99SRGVWDWQi3RSLV\MHG QRWOLYêFKNYDOL¿NDþQtFK~URYQtVHY]WDKXMtQDYãHFKQ\XYHGHQpW\S\VWXGLMQtFKSURJUDPĤ EH]RKOHGXQDMHMLFKIRUPX3RGOHSODWQpSUiYQt~SUDY\QHPiIRUPDXVNXWHþĖRYiQtVWXGLM QtKRSURJUDPXYOLYQDSRåDGRYDQpYêVOHGN\XþHQtDVWXGLMQt]iWČåY\SOêYDMtFt]HVWDQG DUGQtGRE\VWXGLDWêNiVHSRX]HRUJDQL]DFHYêXN\DMHMtKRþDVRYpKRDPtVWQtKRUR]YUåHQt
8GÂORYDQkNYDOLILNDFH .YDOL¿NDFt VH UR]XPt IRUPiOQt RVYČGþHQt GRVDåHQêFK YêVOHGNĤ VWXGLD NWHUp E\O\ SURNi]iQ\SĜHGHSVDQêP]SĤVREHPSRGOHVWDQRYHQêFKVWDQGDUGĤ.YDOL¿NDFHNWHUpMVRX XGČORYiQ\SRGOH5.99WHG\]QDPHQDMtRVYČGþHQtRVNXWHþQRVWLåHGDQiRVREDVSOQLOD SRGPtQN\DEVROYRYiQtSĜtVOXãQpKRVWXGLMQtKRSURJUDPX]iNRQDRY\VRNêFKãNR OiFK 6SOQČQtSRGPtQHNDEVROYRYiQtVWXGLDVHYãDNGRVDKXMHYHVWXGLMQtPSURJUDPXMDNR FHONXQLNROLSRX]HVWiWQt]NRXãNRXQHERĢNYDOL¿NDþQtUiPHFVHY]WDKXMHQDVWXGLMQtSUR JUDP\YFHOpMHMLFKãtĜLGDQpSRåDGRYDQêPLYêVOHGN\XþHQtDNUHGLWRYRX]iWČåt .YDOL¿NDFHYREODVWLSĤVREQRVWL5.99MVRXRVYČGþRYiQ\Y\VRNRãNROVNêPGLSORPHP RGVW ]iNRQD R Y\VRNêFK ãNROiFK N QČPXå MH Y\GiYiQ DXWRPDWLFN\ WDNp GR GDWHNÄGLSORPDVXSSOHPHQW³ YHGYRMMD]\þQpP]QČQt9\VRNRãNROVNêGLSORPDGRGDWHN NGLSORPXRVYČGþXMt]tVNiQtSĜtVOXãQpNYDOL¿NDFHDVWtPVSRMHQpRSUiYQČQtXåtYDWDND GHPLFNêWLWXOY]iNRQHPVWDQRYHQpSRGREČRGVWRGVWDRGVW ]iNRQDRY\VRNêFKãNROiFK NWHUêMHYQČMãtPY\MiGĜHQtPQDE\WpNYDOL¿NDFH
3URVWXSQRVWV\VWkPX 3RSLV\YêVOHGNĤXþHQtY\PH]XMtWDNpSULQFLSSUĤFKRGXV\VWpPHPY\VRNRãNROVNpKR Y]GČOiYiQt 3RSLV MHGQRWOLYêFK ~URYQt SĜHGSRNOiGi åH DEVROYHQWL VWXGLMQtKR SURJUDPX Y\ããt ~URYQČ PDMt WDNp ]QDORVWL GRYHGQRVWL D ]SĤVRELORVWL SĜtVOXãHMtFt VWXGLMQtP SUR JUDPĤPQLåãt~URYQČ9NRQWH[WX]iNRQDRY\VRNêFKãNROiFKRGVWD WR]QD PHQiåH]tVNiQtNYDOL¿NDFHQLåãt~URYQČMHSRGPtQNRXSĜLMHWtGRVWXGLMQtKRSURJUDPX YHGRXFtKRNHNYDOL¿NDFLY\ããt~URYQČGOHUiPFHNYDOL¿NDFt3RSLV\YêVOHGNĤXþHQtXUþXMt _
MDNRX~URYHĖ]QDORVWtGRYHGQRVWtD]SĤVRELORVWtPXVtYUiPFLSĜtVOXãQpKRVWXGLMQtKRSUR JUDPX DEVROYHQWLSURNi]DWSĜLþHPåW\WRYêVOHGN\XþHQtMVRXVWDQRYHQ\WDNDE\QHMHQ Y\YiåHQČSRGSRURYDO\VFKRSQRVWDEVROYHQWDGDQpKRVWXGLMQtKRSURJUDPXEH]SURVWĜHGQČ VHXSODWQLWYDGHNYiWQtPSRYROiQtDOHLGiOHUR]YtMHO\MHKRVFKRSQRVWY]GČOiYDWVHDWR YþHWQČSĜtSUDY\N]tVNiQtNYDOL¿NDFHY\ããt~URYQČ5iPHFNYDOL¿NDFtWXGtåQHSĜLSRXãWtYH VYpSĤVREQRVWLåiGQpVOHSpY]GČOiYDFtFHVW\
$VSHNW\]DKUDQLFm5.99 .YDOL¿NDþQtUiPHFVHY]WDKXMHQDNYDOL¿NDFHNWHUpMVRX]DSODWQpKROHJLVODWLYQtKR VWDYX XGČORYiQ\ SRGOH ]iNRQD R Y\VRNêFK ãNROiFK 5iPHF VH QHY]WDKXMH QD H[LVWXMt Ft DNUHGLWRYDQp Y]GČOiYDFt SURJUDP\ Y\ããtKR RGERUQpKR Y]GČOiYiQt SRGOH ãNROVNpKR ]iNRQD NWHUp VH Y\P\NDMt SRMHWt D ORJLFH þHVNpKR NYDOL¿NDþQtKR UiPFH MDN ] KOHGLVND VURYQDWHOQRVWLYHY]WDKXNHNULWpULtP4)(+($WDNQHPRåQRVWLJDUDQWRYDWQDSOQČQtSULQ FLSX QiYD]QRVWL NYDOL¿NDFt ] KOHGLVND SUĤFKRGX NYDOL¿NDþQtP V\VWpPHP$EVROYRYiQt Y]GČOiYDFtKRSURJUDPXY\ããtKRRGERUQpKRY]GČOiYiQtSRGOHSODWQêFKSUiYQtFKSĜHGSLVĤ QHRSUDYĖXMHNSĜLMHWtGRVWXGLMQtFKSURJUDPĤGUXKpKRF\NOXD]WRKRWRGĤYRGXMLPQHO]H SĜL]QDWDQLSRVWDYHQtVWXGLMQtFKSURJUDPĤSUYQtKRF\NOXQD~URYQLEDNDOiĜVNêFKVWXGLM QtFKSURJUDPĤ 5.99 VH GiOH QHY]WDKXMH QD SRGPtQN\ MPHQRYiQt GRFHQWHP þL SURIHVRUHP SRGOH ]iNRQDRY\VRNêFKãNROiFK7\WRLQVWLWXW\EêYDMtYþHVNpPSURVWĜHGtþDVWRR]QDþRYiQ\ MDNRW]YDNDGHPLFNpNYDOL¿NDFHFRåMHRYãHPR]QDþHQt]DYiGČMtFtDPH]LQiURGQČQH VUR]XPLWHOQp 1HMY\ããt PH]LQiURGQČ GRVDåLWHOQRX NYDOL¿NDþQt ~URYHĖ SRVN\WXMH MLå DEVROYRYiQtGRNWRUVNpKRVWXGLMQtKRSURJUDPX-PHQRYiQtGRFHQWHPQHERSURIHVRUHPO]H SRYDåRYDW]DGUXKSURIHVQtNYDOL¿NDFHQD~URYQLWRKRWRQHMY\ããtKRVWXSQČNWHUêQLFPpQČ QHQtVRXþiVWtY\VRNRãNROVNpKRY]GČOiYiQtMDNRNYDOL¿NDþQtKRV\VWpPXDOHYiåHVHNRUJD QL]DFL Y\VRNêFK ãNRO SRGPtQNiP REVD]RYiQt SUDFRYQtFK PtVW QD Y\VRNêFK ãNROiFK D]YOiãWQtYHĜHMQRSUiYQtUHJXODFLNWRPXVHY]WDKXMtFt
9ëVOHGN\XÿHQt]QDORVWLGRYHGQRVWL]SĥVRELORVWL 9ODVWQtSRSLVYêVOHGNĤXþHQtQD~URYQLFHOpKRY\VRNRãNROVNpKRV\VWpPXY\PH]XMH SRYDKXRþHNiYDQêFKRGERUQêFK]QDORVWtRGERUQêFKGRYHGQRVWtDREHFQêFK]SĤVRELORVWt NWHUpPDMtSURNi]DWDEVROYHQWLVWDQRYHQêFKVWXGLMQtFKSURJUDPĤY\VRNRãNROVNpKRY]GČ OiYiQtDE\]tVNDOLRGSRYtGDMtFtNYDOL¿NDFL5.99SĜLMDOSURVYpYêVOHGN\XþHQtUR]þOHQČQt QDRGERUQp]QDORVWLDRGERUQpGRYHGQRVWLXQLFKåVHSĜHGSRNOiGiGDOãtVSHFL¿NDFHYSR SLVHFKSRGUREQČMãtFK~URYQtY]GČOiYDFtFKFHONĤREODVWtY]GČOiYiQtVWXGLMQtFKSURJUDPĤ RERUĤ DQDREHFQp]SĤVRELORVWLNWHUpSĜHGVWDYXMtY\MiGĜHQtRþHNiYDQpPtU\VDPRVWDW QRVWLDRGSRYČGQRVWLDEVROYHQWĤQDGDQpNYDOL¿NDþQt~URYQLFRåMHVSROHþQpSURYãHFKQ\ REODVWLY]GČOiYiQtVWXGLMQtSURJUDP\DRERU\'HVNULSWRU\REHFQêFK]SĤVRELORVWt]DKUQX MtWYRUEX~VXGNXNRPXQLNDFLDVFKRSQRVWGDOãtKRY]GČOiYiQtDYãDNKUDQLFHPH]LWČPLWR VXENDWHJRULHPLMVRXPpQČRVWUp
_
5iPHFNYDOL¿NDFtWYRĜtORJLFN\XVSRĜiGDQêDY]iMHPQČSURYi]DQêV\VWpP-HGQRWOLYp NDWHJRULHVXENDWHJRULHDMHMLFKIRUPXODFHMHWĜHEDFKiSDWYVRXYLVORVWHFK7\WRVRXYLV ORVWLY\SOêYDMt]YD]HEKRUL]RQWiOQtFKYUiPFLMHGQRWOLYêFKNYDOL¿NDþQtFK~URYQt LYHU WLNiOQtFKPH]LNYDOL¿NDþQtPL~URYQČPLQDY]iMHP 9UiPFLNDåGpNYDOL¿NDþQt~URYQČMVRX]iNODGHPMHMtKRY\PH]HQtQiURN\QD]QD ORVWLSURWRåHGRYHGQRVWLVHY]WDKXMtNSRXåtYiQtWČFKWR]QDORVWtD]SĤVRELORVWLVH Y]WDKXMtNHNRQWH[WXYHNWHUpPVH]QDORVWLDGRYHGQRVWLXSODWĖXMt 0H]LMHGQRWOLYêPLNYDOL¿NDþQtPL~URYQČPLSODWtåHQDYD]XMtFt~URYHĖVWDYtQD ]QDORVWHFKGRYHGQRVWHFKD]SĤVRELORVWHFK~URYQČSĜHGFKi]HMtFt3RYDKDDUR]VDK ]QDORVWtSURWRPXVtQHMHQRGSRYtGDWIXQNFLY\SOêYDMtFt]SĜHGSRNOiGDQêFKGRYHG QRVWtD]SĤVRELORVWtQDGDQpNYDOL¿NDþQt~URYQLDOHLUR]ãLĜRYDWQHERSURKOXERYDW YêVOHGN\SĜHGFKi]HMtFtNYDOL¿NDþQt~URYQČ
2GERUQk]QDORVWL 5.99SUDFXMHYHY\PH]HQtRGERUQêFK]QDORVWtVSRMP\ÄãLURNp]QDORVWL³ÄKOXERNp ]QDORVWL³DÄV\VWHPDWLFNp]QDORVWL³MHMLFKåGH¿QLFHMVRXNOtþRYpSURSRFKRSHQtRþHNiYiQt RGMHGQRWOLYêFK~URYQtDMHMLFKJUDGDFHVURVWRXFt~URYQtNYDOL¿NDFH âLURNp]QDORVWLVHRStUDMtSĜHGHYãtPRVHNXQGiUQtSUDPHQ\RERUXDSĜHGSRNOiGiVH MHMLFKXSODWQČQtMDNYSUD[LPLPRDNDGHPLFNpSRYROiQtFRåMHMLQDNVDPR]ĜHMPČWDNp GUXKSUD[H WDNSĜLSRNUDþXMtFtPY]GČOiYiQtVFKRSQRVWGiOHVHSRGRGERUQêPYHGHQtP Y]GČOiYDWMHMHGQRX]H]SĤVRELORVWtQDEêYDQêFKYSUYQt, ~URYQLSURMHMtåY\PH]HQtMH NDWHJRULHãLURNêFK]QDORVWt]iVDGQt +OXERNp]QDORVWLVHY]WDKXMtNXUþLWpPXYêVHNXRERUXREODVWLY]GČOiYiQtYHVYpãtĜL SĜHGSRNOiGi VH åH VH RStUDMt MDN R VHNXQGiUQt SUDPHQ\ WDN R YêVOHGN\ YODVWQt WYĤUþt þLQQRVWL GRYHGQRVW ]tVNiYDW QRYp SR]QDWN\ SRNURþLOêPL Yê]NXPQêPL SRVWXS\ RERUX MH MHGQtP ]H ]QDNĤ GUXKp ,, ~URYQČ SUR NWHURX MVRX KOXERNp ]QDORVWL FKDUDNWHULV WLFNp =DWtPFR ãLURNp ]QDORVWL SĜHGSRNOiGDMt SĜHGHYãtP SURVWp SRUR]XPČQt VFKRSQRVW EH]SURVWĜHGQtDSOLNDFHSĜtSDGQČDQDOê]\SURKOXERNp]QDORVWLMHW\SLFNiSĜHYDKDY\ããt PtU\VFKRSQRVWLSRUR]XPČQtWMDQDOê]\V\QWp]\DHYDOXDFH 6\VWHPDWLFNp ]QDORVWL FKDUDNWHUL]XMtFt WĜHWt ,,, ~URYHĖ MVRX ]DORåHQ\ QD GRPL QDQFLVFKRSQRVWLHYDOXDFHDY]WDKXMtVHNHVFKRSQRVWLSURSRMLWY\VRNRXPtUXVSHFLDOL]R YDQpKRSR]QiQtKOXERNp]QDORVWL VGRVWXSQêPLYČGHFNêPLSR]QDWN\DWHRULHPLYĤEHF .DWHJRULH SRUR]XPČQt MH XåtYiQD YH VSRMHQt VH ]QDORVWPL D Y\]QDþXMH SRåDGDYHN DE\]YOiGQXWt]QDORVWtE\ORQD~URYQLXPRåĖXMtFtYtFHQHåSRXKpUHSURGXNRYiQtDWHG\ JUDGXMH Y NRQWH[WX WRKR FR MH QXWQp SUR IXQNþQt SRXåtYiQt KRUL]RQWiOQČ VRXYLVHMtFtFK GRYHGQRVWtD]SĤVRELORVWt
2GERUQkGRYHGQRVWL 2GERUQp GRYHGQRVWL MVRX Y\PH]HQ\ MDNR VFKRSQRVW SRXåtYDW RGERUQp ]QDORVWL 1HMGHWHG\QDSĜRWRMDNpYê]NXPQpPHWRG\DEVROYHQW]QiYWRPVP\VOXåHRQLFKYt _
MHVFKRSHQMHSRSVDWY\VYČWOLWDUR]OLãRYDW DOHVMDNêPLPHWRGDPLYMDNpPUR]VDKXDQD MDNp~URYQLMHVFKRSHQSUDFRYDWSURVWi]QDORVWYê]NXPQêFKPHWRGVSDGiGRNDWHJRULH RGERUQêFK]QDORVWt ěHãHQtPSUREOpPĤVHUR]XPtVFKRSQRVW]MLVWLW]iNODGQtSĜtþLQXXUþLWpKRMHYXVWDYX -HWĜHEDXSR]RUQLWQDWRåHWHSUYHRG~URYQČEDNDOiĜVNpKRVWXGLMQtKRSURJUDPXNWpWR GRYHGQRVWLSĜLEêYiMDNRGDOãtVXENDWHJRULHVFKRSQRVWSRXåtYDWYê]NXPQpSRVWXS\RER UXNWHURXVHUR]XPt]YOiGQXWtYČGHFNpPHWRG\SR]QiYiQt -HURYQČåGĤOHåLWpåHYê]NXPQêPLSRVWXS\VHYUiPFLNDWHJRULHGRYHGQRVWtUR]XPt YãHFKQ\SRVWXS\SR]QiYiQt]DORåHQpQDYČGHFNpPHWRGČLNG\åQHMVRXSRXåLW\Y~]FH FKiSDQpPDNDGHPLFNpPNRQWH[WX1HMHGQiVHWXGtåQXWQČSRX]HRYê]NXPDYêYRMMDNR WDNRYêDOHLRSUDNWLFNpXåLWtSRVWXSĤMDNRMVRXGLDJQRVWLFNpPHWRG\DSRG$GMHNWLYD Ä]iNODGQt³DÄSRNURþLOp³MHWĜHEDFKiSDWYWČFKWRVRXYLVORVWHFKYHY]WDKXNIXQNFLMDNRX PiWDWRGRYHGQRVWQDGDQpNYDOL¿NDþQt~URYQLSOQLW 'RYHGQRVW SURYiGČW YČGHFNê Yê]NXP Y SOQpP UR]VDKX YþHWQČ WYRUE\ D Y\KRGQR FRYiQt WHRULt NRQFHSWĤ D PHWRG VH RþHNiYi Då QD WĜHWt NYDOL¿NDþQt ~URYQL VWXSHĖ SRNURþLORVWL]YOiGDQêFKYê]NXPQêFKSRVWXSĤSURNi]DQêSĜLXNRQþHQtGUXKpNYDOL¿NDþQt ~URYQČPiEêWWDNRYêDE\XPRåQLO]DKiMHQtVWXGLDYNYDOL¿NDþQt~URYQLWĜHWt
2EHFQk]SØVRELORVWL 2EHFQp]SĤVRELORVWLY\MDGĜXMtYMDNpPNRQWH[WXDVMDNRXPtURXVDPRVWDWQRVWLDRG SRYČGQRVWLMHQRVLWHONYDOL¿NDFHVFKRSHQXSODWĖRYDWRGERUQp]QDORVWLDRGERUQpGRYH GQRVWL $GMHNWLYXP ÄREHFQp³ ]QDþt SĜHGSRNODG åH ]SĤVRELORVWL Y\PH]HQp SRSVDQêPL YêVOHGN\ XþHQt MVRX VSROHþQp Y UR]VDKX MHGQRWOLYêFK NYDOL¿NDþQtFK ~URYQt SUR FHOp Y\VRNRãNROVNp Y]GČOiYiQt WM EH] RKOHGX QD REODVW Y]GČOiYiQt 2EHFQp ]SĤVRELORVWL SĜHGVWDYXMt NDWHJRULL QD Qtå GR ]QDþQp PtU\ VWDYt SUR¿O\ MHGQRWOLYêFK NYDOL¿NDFt SĜL IRUPXODFLSĜHGSRNOiGDQpKRXSODWQČQtDEVROYHQWĤ2EHFQp]SĤVRELORVWLPDMtYUiPFLKRUL ]RQWiOQtFK YD]HE Y NYDOL¿NDþQtP UiPFL SURSRMHQt ]QDORVWt GRYHGQRVWt D ]SĤVRELORVWt YUiPFLWpåHNYDOL¿NDþQt~URYQČ GĤOHåLWêYê]QDPWtPåHY\MDGĜXMtNRQWH[WDYãDNþLQt WDNYHIRUPČVDPRVWDWQČSR]RURYDWHOQêFKYêVOHGNĤXþHQtMHMLFKåQDSOĖRYiQtNXULNXOHP VWXGLMQtKR SURJUDPX MH ]iYDåQp QHPpQČ QHå MH WRPX X ]QDORVWt D GRYHGQRVWt 2EHFQp ]SĤVRELORVWL]DKUQXMtSĜHGHYãtPWYRĜHQt~VXGNXNRPXQLNDFLDVFKRSQRVWGDOãtKRY]GČ OiYiQt 2EHFQp]SĤVRELORVWLPDMtYUiPFLKRUL]RQWiOQtFKYD]HEYNYDOL¿NDþQtPUiPFLSURSR MHQt]QDORVWtGRYHGQRVWtD]SĤVRELORVWtYUiPFLWpåHNYDOL¿NDþQt~URYQČ GĤOHåLWêYê]QDP WtPåHY\MDGĜXMtNRQWH[WDYãDNþLQtWDNYHIRUPČVDPRVWDWQČSR]RURYDWHOQêFKYêVOHGNĤ XþHQtMHMLFKåQDSOĖRYiQtNXULNXOHPVWXGLMQtKRSURJUDPXMH]iYDåQpQHPpQČQHåMH WRPXX]QDORVWtDGRYHGQRVWt. 9H Y\PH]HQt MHGQRWOLYêFK RþHNiYDQêFK YêVOHGNĤ XþHQt QD MHGQRWOLYêFK ~URYQtFK NYDOL¿NDFt VH JUDGDFH SURPtWi SĜtPR GR MHMLFK IRUPXODFH ± V YêMLPNRX MD]\NRYp ]SĤVRELORVWL7RYãDNPiVYpRSRGVWDWQČQtSUiYČYHIXQNFLY\MDGĜRYiQtNRQWH[WXQDQČPå _
SRMHWtREHFQêFK]SĤVRELORVWtVWRMt-HVWOLåHSRSLVUiPFHNYDOL¿NDFtSRåDGXMHDE\DEVRO YHQWVWXGLMQtKRSURJUDPXE\OQDNDåGpMHGQRWOLYpNYDOL¿NDþQt~URYQLVFKRSHQSRXåtYDW VYpRGERUQp]QDORVWLRGERUQpGRYHGQRVWLDREHFQp]SĤVRELORVWLYDOHVSRĖMHGQRPFL]tP MD]\FHSDNVHWRORJLFN\Y]WDKXMHNSRXåtYiQtWČFK]QDORVWtGRYHGQRVWtD]SĤVRELORVWt NWHUpMVRXRþHNiYiQ\QDGDQpNYDOL¿NDþQt~URYQL*UDGDFHMD]\NRYêFK]SĤVRELORVWtMHWDN Y5.99VWDQRYHQDLPSOLFLWQČ3RMHWtMD]\NRYêFK]SĤVRELORVWt]GHQDYtFSĜHNUDþXMHSURV WRXNRPXQLNDFLMHVWOLåHQDSĜtNODGDEVROYHQWEDNDOiĜVNpKRVWXGLMQtKRSURJUDPXPiEêW VFKRSHQ]tVNiYDWGDOãt]QDORVWLPMVDPRVWDWQêPVWXGLHPWHRUHWLFNêFKSR]QDWNĤRERUX SDN]Y\PH]HQtMD]\NRYêFK]SĤVRELORVWtSRGOHSULQFLSXLPSOLFLWQtJUDGDFHSO\QHåHWDN PXVtEêWVFKRSHQþLQLWWDNpYQHMPpQČMHGQRPFL]tPMD]\FH
'UXKgrURYHÊSRSLVXNYDOLILNDFmREODVWLY]GÂOgYgQm 5.99 GH¿QXMH SULPiUQČ MHGQRWOLYp ~URYQČ NYDOL¿NDFt Y SUD[L Y\VRNêFK ãNRO O]H Y\XåtYDW URYQČå MHMLFK UR]SUDFRYiQt SUR REODVWt Y]GČOiYiQt SRSVDQêFK SURMHNWHP 45DP6RXþDVQČVHSĜHGSRNOiGiDQDORJLFNpUR]SUDFRYiQtNYDOL¿NDþQtFKSUR¿OĤVDPRW QêPL Y]GČOiYDFtPL LQVWLWXFHPL QD ~URYQL VWXGLMQtFK SURJUDPĤ D RERUĤ LGHiOQČ Wpå SĜHGPČWĤSĜtSDGQČMHGQRWOLYêFKYêXNRYêFKDNWLYLW7DNWRSRSVDQpDNWLYLW\QLåãt~URYQČ E\SĜLWRPPČO\SĜLVStYDWNGRVDåHQtRþHNiYDQêFKYêVOHGNĤXþHQtY\ããtKRY]GČOiYDFtKR FHONXSĜHGQiãNDFYLþHQtSURMHNWĺRERUSURJUDP UHVSHNWLYHNRUHVSRQGRYDWVREHFQČML GH¿QRYDQêPL VWDQGDUG\ Y\ããt ~URYQČ RERUSURJUDP ĺ REODVW Y]GČOiYiQt ĺ ~URYHĖ NYDOL¿NDFH 'HVNULSWRU\REODVWtY]GČOiYiQtSĜHGVWDYXMtGUXKRXGRSOĖNRYRXDQH]iYD]QRX~URYHĖ 5.99NWHUiPĤåHVORXåLWMDNRLQVSLUDFHSURY\VRNpãNRO\SĜLSUDYXMtFtDSRSLVXMtFtVYp VWXGLMQtSURJUDP\-HMLFK~NROHPMHXSĜHVQLWREHFQpSULQFLS\5.99SURVNXSLQ\YČFQČ SĜtEX]QêFKVWXGLMQtFKSURJUDPĤ'HVNULSWRU\REODVWtY]GČOiYiQtQLFPpQČQHSĜHGVWDYXMt SUR¿O åiGQpKR NRQNUpWQtKR VWXGLMQtKR SURJUDPX D MHMLFK VP\VOHP SURWR QHQt GHWDLOQt VSHFL¿NDFHDYQLWURVWiWQtXQL¿NDFHNXULNXODYHY\VRNRãNROVNpPY]GČOiYiQt
_
_
2GERUQpGRYHGQRVWL
2GERUQp]QDORVWL
WĜHWtF\NOXV 180-240
60-180
SRUR]XPČQtV\VWpPXYČG DYê]NXPQêPSUREOpPĤP QDSRPH]tRERUĤ
KOXERNpDV\VWHPDWLFNp ]QDORVWLDSRUR]XPČQt WHRULtPNRQFHSWĤP DPHWRGiPNWHUpMVRX YSRSĜHGtSR]QiQtRERUX QDPH]LQiURGQt~URYQL
ãLURNpDKOXERNp]QDORVWL DSRUR]XPČQtWHRULtP NRQFHSWĤPDPHWRGiP RGSRYtGDMtFtVRXGREpPX VWDYXSR]QiQtYRERUX SRUR]XPČQtPRåQRVWHP SRGPtQNiPDRPH]HQtP Y\XåLWtSR]QDWNĤ VRXYLVHMtFtFKRERUĤ
KOXERNpDV\VWHPDWLFNp ]QDORVWLDSRUR]XPČQt SĜHGPČWXDUR]VDKXRERUX RGSRYtGDMtFtVRXGREpPX VWDYXSR]QiQt
ãLURNpDKOXERNp]QDORVWL DSRUR]XPČQtSĜHGPČWX DUR]VDKXRERUX RGSRYtGDMtFtVRXGREpPX VWDYXSR]QiQt
VY\XåLWtPRGERUQêFK ]QDORVWtQD]iNODGČUiPFRYČ Y\PH]HQpKR~NROXĜHãLW SUREOpP\YRERUX
VY\XåLWtPRGERUQêFK ]QDORVWtVDPRVWDWQČY\PH]LW DWYĤUþtP]SĤVREHPĜHãLW WHRUHWLFNê DSUDNWLFNêSUREOpPYRERUX
QDYUKRYDWDSRXåtYDW SRNURþLOpYê]NXPQp SRVWXS\YRERUX]SĤVREHP XPRåĖXMtFtPUR]ãLĜRYDW SR]QiQtRERUXSĤYRGQtP Yê]NXPHP
$EVROYHQWLVWXGLMQtKRSURJUDPXSĜLDEVROYRYiQtXPt
SRUR]XPČQtPRåQRVWHP SRGPtQNiPDRPH]HQtP Y\XåLWtWHRULtNRQFHSWĤ DPHWRGRERUXYSUD[L
ãLURNp]QDORVWLWHRULt NRQFHSWĤDPHWRGRERUX
8
'RNWRUVNêVWXGLMQtSURJUDP
III.
GUXKêF\NOXV
7
0DJLVWHUVNêVWXGLMQtSURJUDP
II.
$EVROYHQWLVWXGLMQtKRSURJUDPXSĜLDEVROYRYiQtSURND]XMt ãLURNp]QDORVWLD SRUR]XPČQtSĜHGPČWXD UR]VDKXGDQpKRRERUX
180-240
SUYQtF\NOXV
4)(+($
.UHGLWRYiKRGQRWD(&76
6
%DNDOiĜVNêVWXGLMQtSURJUDP
(4)
7\SVWXGLMQtKRSURJUDPX
1DYUKRYDQêY]WDK N]DVWĜHãXMtFtP UiPFĤPNYDOL¿NDFt
I.
2]QDþHQt~URYQČNYDOL¿NDFH
3ĝtORKDÿ3RSLVNYDOLÀNDFtY\VRNRäNROVNpKRY]GčOiYiQtþ5
_
2EHFQp]SĤVRELORVWL
SRXåtWQČNWHUp]SRNURþLOêFK Yê]NXPQêFKSRVWXSĤ YRERUX]SĤVREHP XPRåĖXMtFtP]tVNiYDWQRYp SĤYRGQtLQIRUPDFH
VDPRVWDWQČDWYĤUþtP ]SĤVREHPĜHãLWNRPSOH[Qt SUREOpPVSRXåLWtP Y\EUDQêFKWHRULtNRQFHSWĤ DPHWRGRERUX
UR]YtMHWDY\KRGQRFRYDW WHRULHNRQFHSW\DPHWRG\ RERUXYþHWQČY\PH]HQt RERUĤQHERMHMLFK]DĜD]HQt GRãLUãtREODVWL
VUR]XPLWHOQČVKUQRXW Qi]RU\RVWDWQtFKþOHQĤWêPX
VUR]XPLWHOQČDSĜHVYČGþLYČ VGČORYDWRGERUQtNĤP LODLNĤPLQIRUPDFHRSRYD]H RGERUQêFKSUREOpPĤ DYODVWQtPQi]RUXQDMHMLFK ĜHãHQt
GOHUiPFRYpKR]DGiQt DSĜLGČOHQêFK]GURMĤ NRRUGLQRYDWþLQQRVWWêPX DQpVWRGSRYČGQRVW]D MHKRYêVOHGN\GRĜHãHQt SUREOpPĤ]DKUQRXW~YDKXR MHMLFKHWLFNpPUR]PČUX
VDPRVWDWQČDRGSRYČGQČVH UR]KRGRYDWYMHQþiVWHþQČ ]QiPêFKVRXYLVORVWHFKQD ]iNODGČUiPFRYpKR]DGiQt
VUR]XPLWHOQČDSĜHVYČGþLYČ VGČORYDWRGERUQtNĤPLãLUãt YHĜHMQRVWLYODVWQtRGERUQp Qi]RU\
VDPRVWDWQČĜHãLWHWLFNê SUREOpP
GOHY\YtMHMtFtFKVH VRXYLVORVWtDGRVWXSQêFK ]GURMĤY\PH]LW]DGiQt SURRGERUQpþLQQRVWL NRRUGLQRYDWMHDQpVW NRQHþQRXRGSRYČGQRVW ]DMHMLFKYêVOHGN\
VDPRVWDWQČDRGSRYČGQČ UR]KRGRYDWYQRYêFKQHER PČQtFtFKVHVRXYLVORVWHFK QHERY]iVDGQČVH Y\YtMHMtFtPSURVWĜHGt VSĜLKOpGQXWtPNãLUãtP VSROHþHQVNêPGĤVOHGNĤP UR]KRGRYiQt
VUR]XPLWHOQČDSĜHVYČGþLYČ VGČORYDWYODVWQtSR]QDWN\ YRERUXRVWDWQtPþOHQĤP YČGHFNpNRPXQLW\QD PH]LQiURGQt~URYQLLãLURNp YHĜHMQRVWL
VDPRVWDWQČĜHãLWVORåLWê HWLFNêSUREOpPSĜLWYĤUþt þLQQRVWtQHERY\XåtYiQt MHMtFKYêVOHGNĤ
SOiQRYDWUR]ViKOpþLQQRVWL WYĤUþtSRYDK\D]tVNiYDW DSOiQRYDW]GURMHSURMHMLFK XVNXWHþQČQt
Y\KRGQRFRYDWQRYpSR]QDWN\ DLGHMHVSĜLKOpGQXWtPN GORXKRGREêPVSROHþHQVNêP GĤVOHGNĤPMHMLFKY\XåtYiQt
$EVROYHQWLVWXGLMQtKRSURJUDPXMVRXSĜLDEVROYRYiQtVFKRSQL
SRXåtWQČNWHUp]iNODGQt Yê]NXPQpSRVWXS\RERUX YUR]VDKXSRWĜHEQpPSUR ĜHãHQtSUREOpPĤYRERUX
Y\KOHGDWXWĜtGLW DLQWHUSUHWRYDWLQIRUPDFH UHOHYDQWQtSURĜHãHQt Y\PH]HQpKRSUREOpPX
_
2EHFQp]SĤVRELORVWL
SOiQRYDWSRGSRURYDWDĜtGLW VY\XåLWtPWHRUHWLFNêFK SR]QDWNĤRERUX]tVNiYiQt GDOãtFKRGERUQêFK]QDORVWt GRYHGQRVWtD]SĤVRELORVWt RVWDWQtFKþOHQĤWêPX
VDPRVWDWQČ]tVNiYDWGDOãt RGERUQp]QDORVWL GRYHGQRVWLD]SĤVRELORVWL QD]iNODGČSĜHGHYãtP SUDNWLFNp]NXãHQRVWL DMHMtKRY\KRGQRFHQt DOHWDNpVDPRVWDWQêP VWXGLHP WHRUHWLFNêFKSR]QDWNĤ RERUX
]tVNiYDWQRYpRGERUQp ]QDORVWLGRYHGQRVWL D]SĤVRELORVWLYODVWQt WYĤUþtþLQQRVWtDRYOLYĖRYDW SRGPtQN\DVRXYLVORVWt Y]GČOiYiQtRVWDWQtFK
MHGQDWYUiPFLVYêFK RGERUQêFK]QDORVWt GRYHGQRVWtD]SĤVRELORVWt YDOHVSRĖMHGQRPFL]tP MD]\FHYþHWQČ~VWQt DStVHPQpSUH]HQWDFH YêVOHGNĤWYĤUþtþLQQRVWL
VWXGLXPYHGRXFtN,,,~URYQLNYDOL¿NDFHGRNWRUVNpVWXGLXP VYêP]DPČĜHQtPQDSĤYRGQtWYĤUþt þLQQRVWVWXGHQWĤUR]YtMtĜDGXVSHFL¿FNêFKNRPSHWHQFtQHSRVWLKQXWHOQêFKREHFQêPVORYQtNHP YêVOHGNĤXþHQt
LQWHUQDFLRQDOL]DFHXPRåQČQiMDNPH]LQiURGQtPSURVWĜHGtPQDGRPiFtY\VRNpãNROHWDN ]DKUDQLþQtPLVWXGLMQtPLþLYê]NXPQêPLQiYãWČYDPLDSRE\W\NWHUiSRGSRUXMHRWHYĜHQê DWROHUDQWQtSĜtVWXSDQDSRPiKiPH]LQiURGQtPXXSODWQČQtMHGQRWOLYFH
RVYRMHQtVSHFL¿FNêFKNXOWXUQtFKKRGQRWVSRMHQêFKVDNDGHPLFNêPSURVWĜHGtP]DORåHQêFKQD VYRERGČGHPRNUDFLLDRWHYĜHQRVWL
Y]WDK\DSURSRMHQtVHVWXGHQW\MDNYODVWQtKRRERUXWDNLGHiOQČUĤ]QêFKRERUĤYHGRXFtNãLUãtPX SRKOHGXMDNQDYODVWQtRGERUQRXWDNLYãHREHFQRXVSROHþHQVNRXSUREOHPDWLNXNWHUpMVRXURYQČå Y\XåLWHOQpYSURIHVQtPXSODWQČQtLPLPRQČM
6WXGHQWLMVRXMDNRSOQRKRGQRWQtþOHQRYpDNDGHPLFNpREFHRYOLYĖRYiQLMHMtVYRERGQRXQH]iYLVORX DGHPRNUDWLFNRXNXOWXURXDWDNpVYêPSĜtPêPþLQHSĜtPêPSRGtOHPQDGDOãtFKþLQQRVWHFKDUROtFK Y\VRNpãNRO\QDGUiPHFY]GČOiYDFtþLQQRVWL6WXGLXPQDY\VRNpãNROHPiSURWRSURVWXGHQW\L SĜtQRV\YQiVOHGXMtFtFKREODVWHFK
MHGQDWYUiPFLVYêFK RGERUQêFK]QDORVWt GRYHGQRVWtD]SĤVRELORVWt YDOHVSRĖMHGQRPFL]tP MD]\FH
MHGQDWYUiPFLVYêFK RGERUQêFK]QDORVWt GRYHGQRVWtD]SĤVRELORVWt YDOHVSRĖMHGQRPFL]tP MD]\FH
6ORYQtNSRMPĥ 'HVNULSWRU\ ± 7HUPtQ\ SRSLVXMtFt RþHNiYDQp YêVOHGN\ XþHQt RGSRYtGDMtFt GDQp NYD OL¿NDþQt~URYQLNWHUpMVRXGH¿QRYDQp]QDORVWPLGRYHGQRVWPLD]SĤVRELORVWPL Dovednosti ± VFKRSQRVW XSODWQLW ]QDORVWL D SRXåtW QDXþHQp SRVWXS\ SĜL SOQČQt ~NROĤ DĜHãHQtSUREOpPĤ (&76±(XURSHDQFUHGLWWUDQVIHUDQGDFFXPXODWLRQV\VWpP6RXþDVQêHYURSVNêNUHGLWQt V\VWpPYHY\VRNRãNROVNpPY]GČOiYiQtY\FKi]t]SĜHGSRNODGXåHMHGQRURþQtSUiFHVWX GHQWDRGSRYtGiãHGHViWLNUHGLWĤP3RþtWiVHWHG\VHVWHMQêPV\VWpPHPYHYãHFK]HPtFK (8DWRSUREDNDOiĜH±NUHGLWĤ LSURPDJLVWUD± GRKURPDG\QHYtFH QHåNUHGLWĤWHG\OHWVWXGLD (4)±///±(YURSVNêUiPHFNYDOL¿NDFtSURFHORåLYRWQtXþHQt.YDOL¿NDþQtUiPHFSUR (YURSVNRXXQLL9]WDKXMHVHQD~URYQtY]GČOiYiQtY\PH]HQêFKYêVOHGN\XþHQtDREVD KXMHWDNpVSROHþQp]iVDG\SUR]DMLãWČQtNYDOLW\ýOHQVNpVWiW\PDMtGRVYêFKNYDOL¿NDþQtFK V\VWpPĤ]DYpVWUHIHUHQFLYĤþL(4)±///VUR]XPLWHOQpY\]QDþHQtSĜtVOXãQRVWLMHGQRWOLYêFK NYDOL¿NDFtNXUþLWp~URYQL(4)±/// NWHUiPĤåHEêWSURYHGHQDWDNpSURVWĜHGQLFWYtP QiURGQtKRNYDOL¿NDþQtKRUiPFH )RUPDWLYQt KRGQRFHQt ± 7på NRUHNWLYQt ]SČWQRYD]HEQt SUĤEČåQp QHER SUDFRYQt -H GtOþtSUĤEČåQpGLDJQRVWLFNpDMHKR~NROHPMH]OHSãLWDNWXiOQtVWDY3RVN\WXMHKRGQRWLFt LQIRUPDFL]SČWQRXYD]EX ]D~þHOHP]OHSãRYiQtYêNRQXQHERþLQQRVWL .YDOL¿NDFH ± SURNi]DQp D IRUPiOQČ QDSĜ Y\VRNRãNROVNêP GLSORPHP SRWYU]HQp YêVOHGN\XþHQt.YDOL¿NDFHVHUR]OLãXMtSRGOH]iNRQHPVWDQRYHQpKRW\SXVWXGLMQtKRSUR JUDPXEDNDOiĜVNêPDJLVWHUVNêGRNWRUVNê XGČORYDQpKRWLWXOXDVSHFL¿NDFHY\SOêYDMtFt ]NRQNUpWQtKRQi]YXVWXGLMQtKRSURJUDPXDRERUXNWHUêQRVLWHONYDOL¿NDFHDEVROYRYDO 1iURGQtVRXVWDYDNYDOL¿NDFt±YHĜHMQêUHJLVWUHYLGXMtFtSRGOH]iNRQDþ6E RRYČĜRYiQtDX]QiYiQtYêVOHGNĤGDOãtKRY]GČOiYiQtNYDOL¿NDFHY\WYiĜHMtFtNYDOL¿NDþQt V\VWpP Y ýHVNp UHSXEOLFH 1iURGQt VRXVWDYD NYDOL¿NDFt ]DEH]SHþXMH SURVWXSQRVW D Qi YD]QRVWSRþiWHþQtKRDGDOãtKRY]GČOiYiQt 4)(+($±5iPHFNYDOL¿NDFtSUR(YURSVNêSURVWRUY\VRNRãNROVNpKRY]GČOiYiQtNWHUê E\OSĜLMDWNRQIHUHQFtPLQLVWUĤRGSRYČGQêFK]DY\VRNpãNROVWYtY%HUJHQXGQH -HGQiVHR]DVWĜHãXMtFtNYDOL¿NDþQtUiPHF%RORĖVNpKRSURFHVX9]WDKXMHVHQDWĜLF\NO\ Y\VRNRãNROVNpKR Y]GČOiYiQt SĜLþHPå SUYQt F\NOXV ]DKUQXMH WDNp W]Y NUiWNê F\NOXV NWHUpMVRXY\PH]HQ\RþHNiYDQêPNUHGLWRYêPUR]VDKHPSRGOH(&76DRGSRYtGDMtFtPL 3RMP\ MVRX þHUSiQ\ Y SUYQt ĜDGČ ] Ä*ORViĜH SUR SRWĜHE\ Y\WYiĜHQt þHVNpKR UiPFH NYDOL¿NDFt³ NWHUê Y]QLNiYUiPFLSURMHNWX(4)1&3.RRUGLQDþQtKRFHQWUD(YURSVNpKRUiPFHNYDOL¿NDFtQD1iURG QtP~VWDYXSURY]GČOiYiQt1Ò9 %\ODY\XåLWDLSXEOLNDFH1DQWO-3ýHUQLNRYVNêDNRO1iURGQt NYDOL¿NDþQtUiPHFWHUFLiUQtKRY]GČOiYiQt'tO1iURGQtGHVNULSWRU\'UXKpUHYLGRYDQpY\GiQt3UDKD 0LQLVWHUVWYRãNROVWYtPOiGHåHDWČORYêFKRY\
_
YêVOHGN\XþHQt6WiW\~þDVWQtFtVH%RORĖVNpKRSURFHVXPDMtSĜLMPRXWQiURGQtNYDOL¿NDþQt UiPHFDSRGVWRXSLWW]YVHEHFHUWL¿NDFLRYČĜXMtFtVRXODGQiURGQtKRNYDOL¿NDþQtKRUiPFH V4)(+($ 5iPHF NYDOL¿NDFt ± 5iPFHP NYDOL¿NDFt VH UR]XPt QiVWURM SUR WĜtGČQt NYDOL¿NDFt GR ~URYQt SRGOH VRXERUX NULWpULt 3OQt IXQNFL NRPXQLNDþQt SRVN\WRYiQt SĜHKOHGX R NYDOL ¿NDþQtP V\VWpPX SRGNODG SUR VURYQiQt V MLQêPL V\VWpP\ D UHJXODWLYQt Y\PH]HQt SRåDGDYNĤQDXGČORYDQpNYDOL¿NDFHVWDQGDUGSURWYRUEXQRYêFKNYDOL¿NDFtSRGNODGSUR KRGQRFHQtY]GČOiYDFtFKþLQQRVWtSĜL]DMLãĢRYiQtNYDOLW\ 9êVOHGN\XþHQt±VRXERU]QDORVWtGRYHGQRVWtD]SĤVRELORVWtNWHUpVLþORYČNRVYRMLO Znalosti ± Wpå YČGRPRVWL =QDORVWL MVRX VRXERUHP LQIRUPDFt SULQFLSĤ WHRULH D SUD[H YGDQpPRERUXVWXGLDSUiFHQHERMLQpOLGVNpþLQQRVWL =SĤVRELORVWL ± Wpå NRPSHWHQFH =SĤVRELORVWPL VH UR]XPt SURND]DWHOQi VFKRSQRVW SR XåtYDW]QDORVWLGRYHGQRVWLDRVREQtVRFLiOQtQHERPHWRGLFNpVFKRSQRVWLSĜLSUiFLDVWXGLX DYSURIHVQtPQHERRVREQtPUR]YRML
_
6H]QDPOLWHUDWXU\ %,**6-&7$1*Ä$SSO\LQJ&RQVWUXFWLYH$OLJQPHQWWR2XWFRPHVEDVHG7HDFK LQJ DQG /HDUQLQJ³ 'RVWXSQp ] KWWSGUMMXLWPHGXP\'5--04$**3$6$SU :KDWLV&$ELJJVWDQJSGI %,**6-&7$1*7HDFKLQJIRU4XDOLW\/HDUQLQJDW8QLYHUVLW\0DLGHQKHDG 2SHQ8QLYHUVLW\3UHVV &5$,.)5/2&.+$57Ä/HYHOVRISURFHVVLQJ$IUDPHZRUNIRUPHPRU\UH VHDUFK³-RXUQDORI9HUEDO/HDUQLQJDQG9HUEDO%HKDYLRU± &5$,. ) (78/9,1* Ä'HSWK RI 3URFHVVLQJ DQG WKH 5HWHQWLRQ RI :RUGV LQ (SLVRGLF0HPRU\³-RXUQDORO([SHULPHQWDO3V\FKRORJ\*HQHUDO (YURSVNi XQLH (&76 8VHUVµ *XLGH /XFHPEXUN 3XEOLNDþQt NDQFHOiĜ (YURSVNp XQLH )5< + 6 .(77(5,'*( 67(9( 6 0$56+$// HGV $ +DQGERRN IRU 7HDFKLQJ DQG /HDUQLQJ LQ +LJKHU (GXFDWLRQ (QKDQFLQJ $FDGHPLF 3UDFWLFH /RQGRQ 5RXWOHGJH *,%%6*,PSURYLQJWKH4XDOLW\RI6WXGHQW/HDUQLQJ%ULVWRO7HFKQLFDODQG(GX FDWLRQDO6HUYLFHV *5h1*675,76&+(5$5&+$16:(,66*XLGHOLQHVIRUWKH'HVFULSWLRQ RI/HDUQLQJ2XWFRPHV:LHQ$XVWULDQ)HGHUDO0LQLVWU\RI(GXFDWLRQ$UWVDQG&XOWXUH +1,/,&$ - 3 3$%,$1 7 +È-.29È HGV 1iURGQt NYDOL¿NDþQt UiPHF WHUFLiUQtKR Y]GČOiYiQt 'tO =NXãHQRVWL D GRSRUXþHQt 3UDKD 0LQLVWHUVWYR ãNROVWYt POiGHåHDWČORYêFKRY\ -$0(65&0&,11,60'(9/,1$VVHVVLQJ/HDUQLQJLQ$XVWUDOLDQ8QLYHU VLWLHV0HOERXUQH&HQWUHIRUWKH6WXG\RI+LJKHU(GXFDWLRQ .(11('<'$+$1'15<$1:ULWLQJDQG8VLQJ/HDUQLQJ2XWFRPHV $SUDFWLFDOJXLGH&RUN4XDOLW\3URPRWLRQ8QLW8&& .1,*+7-+LJK,PSDFW,QVWUXFWLRQ$)UDPHZRUNIRU*UHDW7HDFKLQJ7KRXVDQG 2DNV&RUZLQ 0$5721)56b/-gÄ$SSURDFKHVWROHDUQLQJ´3SLQ)HUHQFH0DUWRQ 'DL-+RXQVHOO1RHO(QWZLVWOHHGV 7KHH[SHULHQFHRIOHDUQLQJLPSOLFDWLRQVIRUWHDFK LQJDQGVWXG\LQJLQKLJKHUHGXFDWLRQ(GLQEXUJK6FRWWLVK$FDGHPLF3UHVV 0â07Ä=NXãHQRVWLDGRSRUXþHQt³3SLQ0â07Ä1iURGQtNYDOL¿NDþQt UiPHFWHUFLiUQtKRY]GČOiYiQtýHVNpUHSXEOLN\³3UDKD0â07 _
0â07Ä-DNUR]YtMHWNYDOLWQtY\VRNRãNROVNpY]GČOiYiQt'RSRUXþHQtSURY\XþXMtFt YHGHQt ãNRO D Y]GČOiYDFt SROLWLNX ³ 3S LQ 0â07 0HWRGLND ,31 .9$/,7$ 3UDKD0â07 1$17/ - 3 ý(51,.296.é D NRO 1iURGQt NYDOL¿NDþQt UiPHF WHUFLiUQtKR Y]GČOiYiQt 'tO 1iURGQt GHVNULSWRU\ 'UXKp UHYLGRYDQp Y\GiQt 3UDKD 0LQLVWHUVWYR ãNROVWYtPOiGHåHDWČORYêFKRY\ 1È52'1ËÒ67$93529='ċ/È9È1Ë1Ò9 *ORViĜSURSRWĜHE\Y\WYiĜHQt þHVNpKRUiPFHNYDOL¿NDFt3UDFRYQtPDWHULiO3UDKD1iURGQt~VWDYSURY]GČOiYiQt 1(=9$/29È'DNRO.RQVWUXNWLYLVPXVDMHKRDSOLNDFHYLQWHJURYDQpPSRMHWt SĜtURGRYČGQpKRY]GČOiYiQt2ORPRXF8QLYHU]LWD3DODFNpKR 3$%,$13Ä-DNVHXþtQDY\VRNêFKãNROiFKYê]NXPQêVPČUµSĜtVWXSĤNXþHQt¶³ $XOD 35266(5050,//$5Ä7KHµ+RZ¶DQGµ:KDW¶RI/HDUQLQJ3K\VLFV³(XUR SHDQ-RXUQDORI3V\FKRORJ\RI(GXFDWLRQ 5$06'(13/HDUQLQJWR7HDFKLQ+LJKHU(GXFDWLRQ/RQGRQ5RXWOHGJH 52+/Ë.29È / 9(-92'29È - 9\XþRYDFt PHWRG\ QD Y\VRNp ãNROH 3UDKD *UDGD3XEOLVKLQJ 6$9,1%$'(103UREOHPEDVHGOHDUQLQJLQKLJKHUHGXFDWLRQXQWROGVWRULHV %XFNLQJKDP65+(DQG2SHQ8QLYHUVLW\3UHVV 75,*:(// . 0 35266(5 Ä5HODWLQJ OHDUQLQJ DSSURDFKHV SHUFHSWLRQV RI FRQWH[WDQGOHDUQLQJRXWFRPHV³+LJKHU(GXFDWLRQ6SHFLDO(GLWLRQRQ6WXGHQW/HDUQLQJ ± 75,*:(// . 0 35266(5 Ä5HODWLQJ DSSURDFKHV WR VWXG\ DQG TXDOLW\ RI OHDUQLQJRXWFRPHVDWWKHFRXUVHOHYHO³%ULWLVK-RXUQDORI(GXFDWLRQDO3V\FKRORJ\ ± 9$1 *((57 3 '\QDPLF V\VWHPV RI GHYHORSPHQW &KDQJH EHWZHHQ FRPSOH[LW\ DQGFKDRV1HZ
_
3R]QiPN\
_
0LQLVWHUVWYRãNROVWYtPOiGHåHDWČORYêFKRY\ .DUPHOLWVNi 3UDKD KWWSZZZPVPWF]
ISBN 978-80-87601-36-5
9 788087 601365